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Course Wrap-up

Course Wrap-up. XMBA 206.1 Summer 2008. Ten Takeaways. 1. Marketing Orientation Successful marketing strategy entails two principles . Designing products, services, and programs that emphasize attributes which: which customers value and connect to.

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Course Wrap-up

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  1. Course Wrap-up XMBA 206.1 Summer 2008

  2. Ten Takeaways 1. Marketing Orientation • Successful marketing strategy entails two principles. Designing products, services, and programs that emphasize attributes which: • which customers value and connect to. • Provide a sustainable differential advantage over competitors. • Market leaders with technologically superior capabilities may suffer from “Marketing Myopia” = do not be mesmerized by your product. 2. Competitive Positioning • Integrated answer to 4 questions: For whom am I? Who am I? Why buy me? and not the competition? • Positioning is not what you do to the product but what you do to the mind of the consumer!

  3. Ten Takeaways 3. Perceptual mapping = positioning in the mind of the consumer • Perceptual maps are about “How our product is perceived by consumers relative to competition?” • Link Segmentation and Positioning. • Two Methods: • Attribute rating and Factor Analysis, • Similarity ratings and Multidimensional scaling. 4. Brand equity and measuring consumer preferences = conjoint analysis • Successful branding creates a “virtuous cycle” • Brands are credibility bonds that companies post. • In technology markets = strategic value for brand equity in changing the power balance in the channel.

  4. Ten Takeaways 5. Pricing Strategy is a critical and creative exercise. • Pricing is a revenue generator, other marketing activities are costs. • Pricing’s impact on profitability is often more significant and more immediate than the impact of other elements of the marketing mix. 6. Product Line design integrates pricing, product and segmentation • Identify the attributes/features that are highly valued by some customer segments yet are of little importance to other customer segments. • Find the best way to reduce cannibalization. 7. Going to Market: • Channel coordination is important for efficient retailer behavior. • Channel decisions go hand in hand with the other elements of the marketing mix. • Channel decisions have greatest the most long-term impact and are the hardest among all marketing strategy to change.

  5. Ten Takeaways 8. Direct Marketing • Direct marketing useful when there are channel inefficiencies and when it is easy to replace retail services. • Key asset is the information about the consumer. • Focus on the lifetime relationship and not the immediate transaction. 9. Advertising and Communication • Positioning  Creative Strategy. Target Segment  Media planning. • How you say it can be as important as what you say. • Traditional advertising follows the hierarchy: Awareness  Interest  Desire  Action. • Nontraditional advertising “leverages the buzz” 10. Always, Always, Always think “Integrated Marketing Strategy.”

  6. Iyer’s Framework for Marketing Analysis Perceptual mapping First mover advantages Company Analysis Marketing Myopia 1. Customer Analysis 2. Competitor Analysis Positioning Segmentation Marketing Orientation 3.Marketing Strategy Branding Product Pricing process (ODI) Pricing and innovation Price Traditional Advertising Promotion Non Traditional advertising and promotions BMW Z3 Place Going to market Goodyear Direct marketing Market

  7. Reading Suggestions • Design and Marketing of New Products, Glen Urban and John Hauser. • Strategy and Tactics of Pricing, Thomas Nagle and Reed Holden. • Advertising Management, R. Batra, J. Myers and D. Aaker. • Marketing Channels, A. Coughlan, E Anderson, L. Stern • Store Wars, M. Corstjens and J. Corstjens. • Positioning, Reis and Trout. • The Loyalty Effect, F. Reichheld • Thinking Strategically, Avinash Dixit • Coopetition, Brandenburger and Nalebuff.

  8. Some Marketing Electives • Marketing Strategy (Markstrat) • Pricing • Marketing Research • Advertising Management • High Technology Marketing Management

  9. Letter to Yourself • Write down two things that you have learnt in this course that you believe will be relevant in your work and which you think you will be applying in your job over the next two years.

  10. That is all folks…

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