MKT 401 at Universität Mannheim

Flashcards and summaries for MKT 401 at the Universität Mannheim

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Study with flashcards and summaries for the course MKT 401 at the Universität Mannheim

Exemplary flashcards for MKT 401 at the Universität Mannheim on StudySmarter:

A) Marketing Strategy: Overview

Exemplary flashcards for MKT 401 at the Universität Mannheim on StudySmarter:

A1) Concetputal foundations of marketing strategy: Marketing strategy involves answers to questions about Where? and How?

Exemplary flashcards for MKT 401 at the Universität Mannheim on StudySmarter:

A1) Where to compete?
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Exemplary flashcards for MKT 401 at the Universität Mannheim on StudySmarter:

A1) How to compete? (1)

Exemplary flashcards for MKT 401 at the Universität Mannheim on StudySmarter:

A1) How to compete? (2)

Exemplary flashcards for MKT 401 at the Universität Mannheim on StudySmarter:

A1) How to compete (3)

Exemplary flashcards for MKT 401 at the Universität Mannheim on StudySmarter:

A1) Devisions about "how" and "where" to compete are influenced by the 3Cs
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Exemplary flashcards for MKT 401 at the Universität Mannheim on StudySmarter:

A1) Corporate strategy and marketing strategy

Exemplary flashcards for MKT 401 at the Universität Mannheim on StudySmarter:

A1) Dominance of marketing strategies variations

Exemplary flashcards for MKT 401 at the Universität Mannheim on StudySmarter:

A1) Marketing - Customer?

Exemplary flashcards for MKT 401 at the Universität Mannheim on StudySmarter:

A1) Market strategy as a market-oriented approach
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Exemplary flashcards for MKT 401 at the Universität Mannheim on StudySmarter:

A1) Essential ingredients for market orientation

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Exemplary flashcards for MKT 401 at the Universität Mannheim on StudySmarter:

MKT 401

A) Marketing Strategy: Overview
A1) Conceptual foundations of marketing strategy A2) The process of strategy development A3) Strategic management of innovations

MKT 401

A1) Concetputal foundations of marketing strategy: Marketing strategy involves answers to questions about Where? and How?
1. Where to compete? -Product-market investments decisions 2. How to compete? - Customer value proposition - Resources and Capabilities - Functional area strategies and programs

MKT 401

A1) Where to compete?
Def: Product market investment decision = scope of business and its dynamics Specifications: - Products offered + products not offered - Market served + markets not served - Competitors attacked + competitors avoided - Level of vertical integration - Products markets to be entered + to be left in upcoming years - Investment patterns Examples: Ikea's well-defined business scope: well-designed furniture at low prices

MKT 401

A1) How to compete? (1)
Def: Customer Value Proposition = perceived benefit provided by offering relative to cost (e.g. learning costs, switching costs) Specifications: - Relevant and meaningful to customer - Reflected in positioning of products and services - Sustainable over time - Differentiated from competition Ex: Henkel, Bosch, Jungfield

MKT 401

A1) How to compete? (2)
Def: Resources = stocks of available factors that are owned or controlled by the firm Capabilities = firm specific capacity to deploy resources Specifications: a) Resources: - Tradable know how (e.g. patents and licenses) - Physical assets (e.g. property and plants) - Human capital b) Capabilities - Manufacturing flexibility - Responsiveness to market trends - Short product development cycles - Customer focus -> What you make out of resources, you have to implement capabilities, they are hard to copy -> extremely important

MKT 401

A1) How to compete (3)
Def: Functional area strategies and programs = supportive set of strategy imperatives Specifications: - Manufacturing strategy - Innovation strategy - Distribution strategy - Brand-building strategy

MKT 401

A1) Devisions about "how" and "where" to compete are influenced by the 3Cs
- Customer - Competitor - Company

MKT 401

A1) Corporate strategy and marketing strategy
Corporate Strategy: Defines the basic orientation of the company with regard to where and how to compete involving a long-term planning horizon Marketing strategy: A market-oriented process, taking into account a constantly changing business environment and the need to deliver superior customer value employing coordinated market-driven actions

MKT 401

A1) Dominance of marketing strategies variations
1) One of several functional strategies - on a par with the other functional strategies - corporate strategy represents the framework for formulating the marketing strategy - concerned with strategic questions regarding the use of marketing instruments 2) Dominant functional strategy - Marketing strategy plays a key role compared to other functional strategies - Marketing area has a central role with respect to strategic issues in the company 3) Corporate strategy - Definition of the company philosophy and strategic objectives constitute main tasks of strategic marketing - Marketing strategy has a very high value for the company

MKT 401

A1) Marketing - Customer?
Marketing strategy is geared towards delivering superior customer value

MKT 401

A1) Market strategy as a market-oriented approach
Def: Market orientation is an organization-wide generation, dissemination and responsiveness to market intelligence Market orientation implies to orientate the organizational culture, organizations structure and organizational processes towards customers and competitors Specifications: Market orientation -> Total company effort (Activities are coordinated and consistent) -> Value Creation Company activities are intended to increase profits and stakeholders value

MKT 401

A1) Essential ingredients for market orientation
1) Market orientation of organizational culture: - The layer of values (= firm's basic objective at high level of abstraction) - The layer of norms (=explicit or implicit rules about behavior) - The layer of artifacts (= symbols and visible behavior of employees) 2) Market orientation of organizational structure: - Consideration of customer-related aspects when dealing with organizational divisions - Prominent hierarchical position of the head of marketing/sales 3) Market orientation of organizational processes: - Generation, cross-functional sharing, and use of market-related information and knowledge - Delegation of decision authority to employees in customer contact - Make processes relative to customer transparent and responsive

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