Marketing Strategy 3rd Edition by Orville Walker, John Mullins, Felix Mavondo, John Gountas, Anton Kriz, Carol Osborne ISBN 174307929X 9781743079294

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ISBN 10: 174307929X
ISBN 13: 9781743079294
Author: Orville Walker, John Mullins, Felix Mavondo, John Gountas, Anton Kriz, Carol Osborne

Marketing Strategy: a decision focused approach moves beyond the traditional “4P” approach in other marketing titles by utilising the broader analytical framework of competitive strategy. The text offers a clear and comprehensive overview of marketing strategy, beginning with analysis of marketing relationships, moving to key steps in the strategic planning process and ultimately the creation and implementation of such strategies. This edition includes 13 new APAC case examples selected for their recognisability to both local and international students. More examples of entrepreneurial companies using strategic tools taps into growing student interest in entrepreneurship while material on the marketing implications of today’s digitally and socially networked world has been completely revamped for relevancy. Marketing Strategy is more pedagogically friendly than ever with new learning objectives tagged against key sections of the text. The case studies with accompanying questions and solutions move students from theory to application while the end-of-chapter exercises facilitate practice of essential marketing planning skills.

Marketing Strategy 3rd Table of contents:

PART 1 – INTRODUCTION TO STRATEGY

CHAPTER 1: Market-oriented perspectives underlie successful corporate, business and marketing strategies

Strategic challenges addressed in chapter 1

Three levels of strategy: similar components but different issues

What is a strategy?

The components of strategy

The hierarchy of strategies

Corporate strategy

Business-level strategy

Marketing strategy

What is marketing’s role in formulating and implementing strategies?

Market-oriented management

Do customers always know what they want?

Does being market-oriented pay?

Factors that mediate marketing’s strategic role

Recent developments affecting the strategic role of marketing

The future role of marketing

Formulating and implementing marketing strategy—an overview of the process

A decision-making focus

Integrating marketing strategy with the company’s other strategies and resources

Market opportunity analysis

Formulating marketing strategies for specific situations

Implementation and control of the marketing strategy

The marketing plan—a blueprint for action

Case study: The BMW Group is facing a changing market landscape

Marketing plan exercise

Discussion questions

CHAPTER 2: Corporate strategy decisions and their marketing implications

Strategic challenges addressed in chapter 2

Corporate scope: defining the business’s mission

Market influences on the corporate mission

Criteria for defining the corporate mission

Social values and ethical principles

Why are ethics important? The marketing implications of ethical standards

Corporate objectives

Enhancing shareholder value: the ultimate objective

The marketing implications of corporate objectives

Gaining a competitive advantage

Corporate growth strategies

Expansion by increasing penetration of current product markets

Expansion by developing new products for current customers

Expansion by selling existing products to new segments or countries

Expansion by diversifying

Expansion by diversifying through organisational relationships or networks

Allocating corporate resources

Portfolio models

The Boston Consulting Group’s growth–share matrix

Resource allocation and strategy implications

Limitations of the growth–share matrix

Alternative portfolio models

Value-based planning

Discounted cash flow model

Using customer equity to estimate the value of alternative marketing actions

Sources of synergy

Knowledge-based synergies

Corporate identity and the corporate brand as a source of synergy

Corporate branding strategy: when does a strong corporate brand make sense?

Synergy from shared resources

Case study: AirAsia’s strategic decisions—short-haul versus long-haul services

Marketing plan exercise

Discussion questions

CHAPTER 3: Business strategies and their marketing implications

Strategic challenges addressed in chapter 3

Strategic decisions at the business-unit level

How should strategic business units be designed?

Business-unit objectives

Allocating resources within the business unit

How do businesses compete?

Generic business-level competitive strategies

Miles and Snow’s four business strategies

Do the same competitive strategies work for single-business businesses and start-ups?

Do the same competitive strategies work for service businesses?

Do the same competitive strategies work for global competitors?

Is the internet changing everything?

How do competitive strategies differ from one another?

Differences in scope

Differences in goals and objectives

Differences in resource deployment

Differences in sources of synergy

Deciding when a strategy is appropriate: the fit between business strategies and the environment

Appropriate conditions for a prospector strategy

Appropriate conditions for an analyser strategy

Appropriate conditions for a defender strategy

How different business strategies influence marketing decisions

Product policies

Pricing policies

Distribution policies

Promotion policies

What if the best marketing program for a product does not fit the business’s competitive strategy?

Case Study: The Voice is a business success for Channel 9

Marketing plan exercise

Discussion questions

PART 2 – OPPORTUNITY ANALYSIS

CHAPTER 4: Understanding market opportunities

Strategic challenges addressed in chapter 4

Markets and industries: what’s the difference?

Assessing market and industry domains at the macro level

Domain 1: market attractiveness at the macro level

The population/demographic environment

The sociocultural environment

The economic environment

The political/legal environment

The technological environment

The ecological/natural environment

Domain 2: industry attractiveness at the macro level

The value chain model and industry attractiveness

Porter’s five competitive forces

A five-forces analysis of the mobile phone service industry

Challenges in macro-level market and industry analysis

Information sources for macro-level analyses

Assessing market demand at the micro level

Domain 3: target segment benefits and attractiveness

Domain 4: sustainable advantage within anindustry

The team domains: the key to the pursuit of attractive opportunities

Domain 5: mission, aspirations and propensity for risk

Domain 6: ability to execute critical success factors

Domain 7: connections within the value chain

Putting the seven domains to work

Anticipating and responding to environmental change

Impact and timing of event

Swimming upstream or downstream: an important strategic choice

Case Study: H&M opens first Australian store in Melbourne

Marketing plan exercise

Discussion questions

CHAPTER 5: Measuring market opportunities: forecasting and market knowledge

Strategic challenges addressed in chapter 5

Forecasting is a challenge

A forecaster’s toolkit: a tool for every forecasting setting

1. Statistical and other quantitative methods

2. Observation

3. Empirical quantitative surveys and qualitative research

4. Analogy

5. Judgment

6. Market tests

Mathematics entailed in forecasting

Rate of diffusion of innovations: another perspective on forecasting

The adoption process

The rate of adoption

New product consumer adopter categories

Implications of diffusion of innovation theory for forecasting sales of new products and new businesses

Cautions and caveats in forecasting

Keys to good forecasting

Common sources of error in forecasting

Why data? Why market knowledge?

Market intelligence and knowledge systems: charting a path towards competitive advantage

Internal marketing information systems

Marketing databases

Competitive intelligence systems

Client contact and sales force automation systems

Marketing research: a foundation for strategic decision making

What users of marketing research should ask

Case study: Lightning Limousines finds it’s all Uber-good in Perth

Marketing plan exercise

Discussion questions

CHAPTER 6: Targeting attractive market segments

Strategic challenges addressed in chapter 6

Do market segmentation and target marketing make sense in today’s global economy?

Most markets are heterogeneous: consumers are fundamentally different

Today’s market realities often make segmentation imperative

How are market segments best defined?

Who they are: demographic segmentation

Where they are: segmenting geographically

Geodemographic segmentation

How they behave: behavioural segmentation

Social class segmentation: combining geodemographic and social values

Innovative segmentation: a key to marketing breakthroughs

Choosing attractive market segments: a five-step process

Step 1: Select market attractiveness and competitive position factors

Step 2: Weight each factor

Step 3: Rate segments on each factor, plot results on matrices

Step 4: Project future position for each segment

Step 5: Choose segments to target, allocate resources

Different targeting strategies suit different opportunities

Niche-market strategy

Mass-market strategy

Growth-market strategy

Global market segmentation

Case study: Targeting attractive market segments: GoPro

Marketing plan exercise

Discussion questions

CHAPTER 7: Differentiation and brand positioning

Strategic challenges addressed in chapter 7

Differentiation: one key to customer preference and competitive advantage

Differentiation among competing brands

Differentiation in business strategies

Differentiation among goods and services

Physical positioning

Limitations of physical positioning

Perceptual positioning

Levers marketers can use to establish positioning

Preparing the foundation for marketing strategies: the brand positioning process

Step 1: Identify a relevant set of competitive products

Step 2: Identify determinant attributes

Step 3: Collect data about customers’ perceptions for products in the competitive set

Step 4: Analyse the current positions of products in the competitive set

Step 5: Determine customers’ most preferred combination of attributes

Step 6: Consider fit of possible positions with customer needs and segment attractiveness

Step 7: Write positioning statement or value proposition to guide development of marketing strategy

Writing a positioning statement or a value proposition

The outcome of effective positioning: building brand equity

Managing brand equity

Positioning decisions in global markets

Some cautions in positioning decision-making

Case study: Differentiation and brand positioning: National Australia Bank (NAB)

Marketing plan exercise

Discussion questions

PART 3 – FORMULATING MARKETING STRATEGIES

CHAPTER 8: Marketing strategies for new market entries

Strategic challenges addressed in chapter 8

Marketing strategies of start-ups and gazelles

Sustaining competitive advantage over the product life cycle

Market and competitive implications of product life cycle stages

Strategic implications of the product life cycle

Limitations of the product life cycle framework

New market entries: how new is new?

Objectives of new product and market development

Market entry strategies: is it better to be a pioneer or a follower?

Pioneer strategy

Not all pioneers capitalise on their potential advantages

Follower strategy

Determinants of success for pioneers and followers

Strategic marketing programs for pioneers

Mass-market penetration

Niche penetration

Skimming and early withdrawal

Marketing program components for a mass-market penetration strategy

Increasing customer awareness and ability to buy

Marketing program components for a niche penetration strategy

Marketing program components for a skimming strategy

Case study: Marketing strategies for new market entries: Airbnb

Marketing plan exercise

Discussion questions

CHAPTER 9: Strategies for growth markets

Strategic challenges addressed in chapter 9

Opportunities and risks in growth markets

Gaining share is easier

Share gains are worth more

Price competition is likely to be less intense

Early entry is necessary to maintain technical expertise

Growth-market strategies for market leaders

Marketing objectives for share leaders

Marketing actions and strategies to achieve share-maintenance objectives

Fortress strategy or position defence strategy

Flanker strategy

Confrontation strategy

Market expansion strategy

Contraction strategy or strategic withdrawal strategy

Share-growth strategies for followers

Marketing actions and strategies to achieve share growth

Deciding who to attack

Frontal attack strategy

Leapfrog strategy

Flanking and encirclement strategies

Guerrilla attack

Supporting evidence

Case study: Singapore taps growth market in Australia

Marketing plan exercise

Discussion questions

CHAPTER 10: Strategies for mature and declining markets

Strategic challenges addressed in chapter 10

Challenges in mature markets

Challenges in declining markets

Shake-out: the transition from market growth to maturity

Characteristics of the transition period

Strategic traps during the transition

Strategic choices in mature markets

Strategies for maintaining competitive advantage

Methods of maintaining a low-cost position

Customers’ satisfaction and loyalty are crucial for maximising their lifetime value

Marketing strategies for mature markets

Strategies for maintaining current market share

Strategies for extending volume growth

Strategies for declining markets

Relative attractiveness of declining markets

Divestment or liquidation

Marketing strategies for remaining competitors

Case study: ‘Ahh-llianz’ branding in a competitive market

Marketing plan exercise

Discussion questions

CHAPTER 11: Marketing strategies for the digital economy

Strategic challenges addressed in chapter 11

The ‘new economy’

Typical new economy priorities and responses for marketers

Threats or opportunities? The inherent advantages and disadvantages of the digital world for marketers

Transitioning business to the digital economy

Where digital readiness meets better marketing strategy

Advancing a new integrated digital business model

Incorporating key marketing elements into a new integrated offline–online business model

Powering the digital economy: why broadband and fast speeds matter

Connectivity

Service and digital-dominant logic (S&DDL) marketing

Digital economy and interfacing with customers

How do we look online? The customer interface

The web as an industry transformer: not just another channel

Privacy and security in the digital world

Developing a digital economy marketing strategy: a decision framework

Digital economy applications: what’s next?

The new email: packaging, using and communicating multiple streams of information

Web 3.0, Web 4.0, quantum computing and the cloud

Researching full online markets and groups

Can we digitise any or all of the necessary flows at each stage in the consumer experience process?

How many versions of you will be out there?

The ongoing digital marketing revolution

Case Study: Marketing strategies for the digital economy: Money Vault: disrupting traditional wealth management business models

Marketing plan exercise

Discussion questions

PART 4 – IMPLEMENTATION AND CONTROL

CHAPTER 12: Organising and planning for effective implementation

Strategic challenges addressed in chapter 12

Designing appropriate administrative relationships for the implementation of different competitive strategies

Business-unit autonomy

Shared programs and facilities

Evaluation and reward systems

Designing appropriate organisational structures and processes for implementing different strategies

Functional competencies and resource allocation

Additional considerations for service organisations

Organisational structures

Recent trends in organisational design

Organisational adjustments as firms grow and markets change

Organisational designs for selling in global markets

Marketing plans: the foundation for implementing marketing actions

The situation analysis

Key issues

Objectives

Marketing strategy

Action plans

Projected profit-and-loss statement

Contingency plans

Case study: Capital Radio’s 6IX dances up a winner with Jukebox Saturday Night

Marketing plan exercise

Discussion questions

CHAPTER 13: Measuring and delivering marketing performance

Strategic challenges addressed in chapter 13

Designing marketing metrics step by step

Setting standards of performance

Specifying and obtaining feedback data

Evaluating feedback data

Taking corrective action

Design decisions for strategic monitoring systems

Identifying key variables

Tracking and monitoring

Strategy reassessment

Design decisions for marketing metrics

Who needs what information?

When and how often is the information needed?

In what media and in what format(s) or levels of aggregation should the information be provided?

Does your system of marketing metrics measure up?

What contingencies should be planned for?

Global marketing control

A tool for periodic assessment of marketing performance: the marketing audit

Types of audits

Measuring and delivering marketing performance

Case study: Royal Aero Club spreads its wings in 2011

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