Marketing Strategy: Based on First Principles and Data Analytics, 2nd Edition
- Length: 382 pages
- Edition: 2
- Language: English
- Publisher: Red Globe Press
- Publication Date: 2021-02-05
- ISBN-10: 1352011468
- ISBN-13: 9781352011463
- Sales Rank: #536216 (See Top 100 Books)
Marketing Strategy offers a unique and dynamic approach based on four underlying principles that underpin marketing today: All customers differ; All customers change; All competitors react; and All resources are limited. The structured framework of this acclaimed textbook allows marketers to develop effective and flexible strategies to deal with diverse marketing problems under varying circumstances. Uniquely integrating marketing analytics and data driven techniques with fundamental strategic pillars the book exemplifies a contemporary, evidence-based approach. This base toolkit will support students’ decision-making processes and equip them for a world driven by big data. The second edition builds on the first’s successful core foundation, with additional pedagogy and key updates.
Research-based, action-oriented, and authored by world-leading experts, Marketing Strategy is the ideal resource for advanced undergraduate, MBA, and EMBA students of marketing, and executives looking to bring a more systematic approach to corporate marketing strategies.
BRIEF CONTENTS LONG CONTENTS LIST OF FIGURES LIST OF TABLES LIST OF EXAMPLES LIST OF DATA ANALYTICS TECHNIQUES AND WORKED EXAMPLES LIST OF ANALYTICS DRIVEN CASES AND CASE EXERCISES LIST OF ABBREVIATIONS AUTHOR BIOGRAPHIES ACKNOWLEDGMENTS PREFACE AIM OF THE BOOK IMPROVEMENT IN THE SECOND EDITIONb FIRST PRINCIPLES APPROACH TO MARKETING STRATEGY INTEGRATED DATA ANALYTICS STRUCTURE OF THE BOOK UNIQUE FEATURES FOR INSTRUCTORS Features in the Book and on its Companion Website Diverse Examples Broad Analytics Driven Cases Unsolved Analytics Driven Case Exercises Data Analytics Techniques (DATs) and Worked Examples Rich and Detailed Instructor Materials Compatibility with External Resources Integration with Marketing Simulation Software USING MARKSTRAT SIMULATION AS A TOOL FOR PRACTICING THE FIRST PRINCIPLE APPROACH TO MARKETING STRATEGY Description When to Use How it Works PUTTING IT TOGETHER: SYLLABI FOR MARKETING STRATEGY AND MARKETING ANALYTICS CLASSES Marketing Strategy/Marketing Management Class TAKEAWAYS FOR STUDENTS AND INSTRUCTORS Key Benefits for Instructors: Key Benefits for Students/Working Professionals: OVERVIEW OF FIRST PRINCIPLES OF MARKETING STRATEGY MP 1: ALL CUSTOMERS DIFFER . MANAGING CUSTOMER HETEROGENEITY MP 2: ALL CUSTOMERS CHANGE . MANAGING CUSTOMER DYNAMICS MP 3: ALL COMPETITORS REACT . MANAGING SUSTAINABLE COMPETITIVE ADVANTAGE MP 4: ALL RESOURCES ARE LIMITED . MANAGING RESOURCE TRADE-OFFS TOUR OF THE BOOK Data Analytics Technique Learning Objectives Glossary Key Points Tables and Figures In-Class Student Exercise Companion Website International Examples Analytics Driven Cases and Case Exercises Takeaways Worked Examples of Data Analytics Techniques References TOUR OF THE WEBSITE Chapter 1 MARKETING STRATEGY: A FIRST PRINCIPLES APPROACH LEARNING OBJECTIVES INTRODUCTION Brief History and Definition of Marketing Strategy How Marketing Strategy Differs from Corporate Strategy Importance of Marketing Strategy The Logic for a First Principle Approach to Marketing Strategy MP 1: ALL CUSTOMERS DIFFER MANAGING CUSTOMER HETEROGENEITY First Principle: All Customers Differ Marketing Challenge: Managing Customer Heterogeneity Input–Output Framework for Managing Customer Heterogeneity Summary of Marketing Principle 1 MP 2: ALL CUSTOMERS CHANGE MANAGING CUSTOMER DYNAMICS First Principle: All Customers Change Marketing Challenge: Managing Customer Dynamics Input–Output Framework for Managing Customer Dynamics Summary of Marketing Principle 2 MP 3: ALL COMPETITORS REACT MANAGING SUSTAINABLE COMPETITIVE ADVANTAGE First Principle: All Competitors React Marketing Challenge: Managing Sustainable Competitive Advantage Input–Output Framework for Managing Sustainable Competitive Advantage Summary of Marketing Principle 3 MP 4: ALL RESOURCES ARE LIMITED MANAGING RESOURCE TRADE-OFFS First Principle: All Resources Are Limited Marketing Challenge: Managing Resource Trade-Offs Input–Output Framework for Managing Resource Trade-Offs Summary of Marketing Principle 4 IMPLEMENTING THE FOUR MARKETING PRINCIPLES Integrating the Four Marketing Principles Building Marketing Analytics Capabilities Continuously Iterating and Improving SUMMARY TAKEAWAYS COMPANION WEBSITE Part 1 ALL CUSTOMERS DIFFER Chapter 2 MARKETING PRINCIPLE 1: ALL CUSTOMERS DIFFER . MANAGING CUSTOMER HETEROGENEITY LEARNING OBJECTIVES INTRODUCTION All Customers Differ Sources of Customer Heterogeneity Customer Heterogeneity: A Fundamental Assumption of Marketing Strategy APPROACHES FOR MANAGING CUSTOMER HETEROGENEITY Evolution of Approaches for Managing Customer Heterogeneity Mass Marketing Era Niche Marketing Era One-to-One Marketing Era Segmenting, Targeting, and Positioning (STP) Approach Segmenting Data Analytics Technique 2.1 Description When to Use It How It Works Example Targeting Positioning Data Analytics Technique 2.2 Description When to Use It How It Works Example 1 Example 2 Worked Example of Data Analytics Technique 2.2 Customer-Centric Alignment FRAMEWORK FOR MANAGING CUSTOMER HETEROGENEITY Inputs to the Managing Customer Heterogeneity Framework Data Analytics Technique 2.3 Description When to Use It Inputs Example Outputs of Managing Customer Heterogeneity Framework Data Analytics Technique 2.4 Description When to Use It How It Works Example Process for Managing Customer Heterogeneity Step 1: Segmenting Step 2: Targeting Step 3: Positioning Step 4: Building Customer Centricity SUMMARY TAKEAWAYS OVERVIEW OF ANALYTICS DRIVEN CASES COMPANION WEBSITE Analytics Driven Case: MANAGING CUSTOMER HETEROGENEITY AT DENTMAX CASE OVERVIEW PROBLEM BACKGROUND PROBLEM STATEMENT DATA INDUSTRY SEGMENTATION EXERCISE Cluster Analysis Overview Number of Clusters Description of Clusters TARGETING AND POSITIONING FOR COMPETITIVE ADVANTAGE Loyalists Switchables Generalists Apathetics SUMMARY OF SOLUTION APPENDIX A: DENTMAX DATASET DESCRIPTION General Description of the Data Description of Variables in the Data Analytics Driven Case Exercise: SEGMENTING THE SMARTWATCH MARKET SEGMENTING THE SMARTWATCH MARKET PROBLEM BACKGROUND PROBLEM STATEMENT DATA CASE EXERCISES AND QUESTIONS APPENDIX B: SURVEY Part 2 ALL CUSTOMERS CHANGE Chapter 3 MARKETING PRINCIPLE 2: ALL CUSTOMERS CHANGE . MANAGING CUSTOMER DYNAMICS LEARNING OBJECTIVES INTRODUCTION All Customers Change Sources of Customer Dynamics Customer Dynamics: A Fundamental Assumption of Marketing Strategy APPROACHES TO MANAGING CUSTOMER DYNAMICS Evolution of Approaches to Managing Customer Dynamics Lifecycle Approach Customer Dynamic Segmentation Approach Hidden Markov Model Analysis Data Analytics Technique 3.1 Description When to Use It How It Works Example Lost Customer Analysis Data Analytics Technique 3.2 Description When to Use It How It Works Data Analytics Technique 3.3 Description When to Use It How It Works Example FRAMEWORK FOR MANAGING CUSTOMER DYNAMICS Inputs to the Customer Dynamics Framework Outputs of the Customer Dynamics Framework Process for Managing Customer Dynamics Step 1: Dynamic Segmentation Step 2: Migration Paths and Triggers Step 3: Customer Lifetime Value of Segments and Migrations Step 4: AER Positioning Statements Step 5: AER Strategies MANAGING CUSTOMER DYNAMICS EXAMPLES Dynamic Segmentation Hotel Example Markstrat Simulation: Making Decisions when Dealing with Customer Dynamics SUMMARY TAKEAWAYS OVERVIEW OF ANALYTICS DRIVEN CASES COMPANION WEBSITE Analytics Driven Case:PREEMPTING AND PREVENTING CUSTOMER CHURN AT TKL OVERVIEW PROBLEM BACKGROUND PROBLEM STATEMENT Dynamic Segmentation of Customers in the Acquisition and Expansion Stages DATAa DYNAMIC SEGMENTATION EXERCISE Acquisition Model Results Expansion Model Results TARGETING AND POSITIONING FOR COMPETITIVE ADVANTAGE Segmenting on Acquisition Probability Segmenting on Expansion Probability IMPLEMENTING DIFFERENT ACQUISITION AND EXPANSION TARGETING EFFORTS SUMMARY OF SOLUTION APPENDIX: DATASET DESCRIPTION General Description of the Data Description of Variables in the Data Analytics Driven Case Exercise:ACQUIRING NEW CUSTOMERS IN THE HOSPITALITY INDUSTRYb PROBLEM BACKGROUND PROBLEM STATEMENT DATA Traveler Data Host Data CASE EXERCISE AND QUESTIONS Part 3 ALL COMPETITORS REACT Chapter 4 MARKETING PRINCIPLE 3: ALL COMPETITORS REACT . MANAGING SUSTAINABLE COMPETITIVE ADVANTAGE LEARNING OBJECTIVES INTRODUCTION All Competitors React Sustainable Competitive Advantage (SCA) Marketing-Based Sources of Sustainable Competitive Advantage Competitive Reactions: A Fundamental Assumption of Marketing Strategy Can You Name this US Firm? APPROACHES FOR MANAGING SUSTAINABLE COMPETITIVE ADVANTAGE Evolution of Sustainable Competitive Advantage in Marketing Customer Equity Perspective Data Analytics Technique 4.1 Description How It Works When to Use It Example Worked Example of Data Analytics Technique 4.1 FRAMEWORK FOR MANAGING SUSTAINABLE COMPETITIVE ADVANTAGE Inputs to the Sustainable Competitive Advantage Framework Outputs of the Sustainable Competitive Advantage Framework Process for Managing Sustainable Competitive Advantage SUMMARY TAKEAWAYS OVERVIEW OF ANALYTICS DRIVEN CASES COMPANION WEBSITE Analytics Driven Case:FIGHTING COMPETITIVE ATTACK AT EXTERIORS INC. CASE OVERVIEW PROBLEM BACKGROUND PROBLEM STATEMENT DATAa Survey Conjoint Model Partworth Results Willingness to Pay Results MODIFYING BOR STRATEGIES TO THWART COMPETITIVE ATTACK SUMMARY OF SOLUTION APPENDIX: DATASET DESCRIPTION General Description of the Data Description of Variables in the Data PROBLEM BACKGROUND Analytics Driven Case Exercise:NEW PRODUCT DEVELOPMENT WITH CONJOINT ANALYSIS ATMOBILMAX INC.c PROBLEM BACKGROUND PROBLEM STATEMENT DATA CASE EXERCISES AND QUESTIONS Chapter 5 MARKETING PRINCIPLE 3: MANAGING BRAND-BASED SUSTAINABLE COMPETITIVE ADVANTAGE LEARNING OBJECTIVES INTRODUCTION Brand Basics Brands as SCA Associative Network Memory Model of Brand Equity Benefits of Brand Equity BRAND STRATEGIES Brand Positioning Brand Architecture Brand Extensions MANAGING BRAND-BASED SCA Three Steps to Building Brand Equity Integrated Marketing Communications Research Approaches to Understanding and Measuring Brand Equity Data Analytics Technique 5.1 Description When to Use It Designing a Survey Brand Audit Example Survey Brand Image Brand Mystery Brand Sensuality Brand Intimacy Results SUMMARY TAKEAWAYS OVERVIEW OF ANALYTICS DRIVEN CASE COMPANION WEBSITE Analytics Driven Case Exercise:BACK TO BASICS: FINDING THE RIGHT BRAND IDENTITY FOR ENERGAID PROBLEM BACKGROUND PROBLEM STATEMENT Building Sustainable Competitive Advantage Through BOR Strategies CASE EXERCISE AND QUESTIONS Chapter 6 MARKETING PRINCIPLE 3: MANAGING OFFERING-BASED SUSTAINABLE COMPETITIVE ADVANTAGE LEARNING OBJECTIVES INTRODUCTION Offering and Innovation Basics Offerings and Innovation as SCA Innovation Radar Benefits of Offering Equity OFFERING AND INNOVATION STRATEGIES Developing Innovative Offerings The Stage-Gate Approach Repositioning Strategies New Technology-Based Innovation Strategies Launching and Diffusing Innovative Offerings People-Based Factors that Influence Innovation Diffusion Product-Based Factors that Influence Innovation Diffusion MANAGING OFFERING-BASED SUSTAINABLE COMPETITIVE ADVANTAGE Steps to Building Offering Equity Research Approaches for Designing and Launching New Offerings Data Analytics Technique 6.1 Conjoint Analysis Description When to Use It How It Works Example SUMMARY TAKEAWAYS OVERVIEW OF ANALYTICS DRIVEN CASE COMPANION WEBSITE Analytics Driven Case Exercise: MAKING FREE DRILL SELECTOR APPS PAY OFF AT MHG CASE OVERVIEW PROBLEM BACKGROUND PROBLEM STATEMENT DATA CASE EXERCISE AND QUESTIONS Chapter 7 MARKETING PRINCIPLE 3: MANAGING RELATIONSHIPBASED SUSTAINABLE COMPETITIVE ADVANTAGE LEARNING OBJECTIVES INTRODUCTION Relationship Marketing Basics Relationships as SCA Relationship Marketing Theory Benefits from Relationship Equity RELATIONSHIP MARKETING STRATEGY Building and Maintaining Relationships Building Relationships Maintaining Relationships Targeting and Adapting Relationship Marketing Strategies Factors that Affect Customers’ Desire for Relationships Aligning Relationship Marketing Strategies with Customers’ Relationship Orientation Factors that Leverage Relationship Marketing Delivery Effectiveness Relationship Dynamics and Lifecycle Stages MANAGING RELATIONSHIP-BASED SUSTAINABLE COMPETITIVE ADVANTAGE Building Relationship Equity Step 1: Developing a Strong Relationship Foundation Step 2: Implementing Targeted Relationship Marketing and Loyalty Programs Measuring Relationship Equity Data Analytics Technique 7.1 Multivariate Regression Analysis Description When to Use It How It Works Example Worked Example of Data Analytics Technique 7.1 ANALYTICS ASSIGNMENT SUMMARY TAKEAWAYS OVERVIEW OF ANALYTICS DRIVEN CASE COMPANION WEBSITE Analytics Driven Case Exercise: MANAGING CUSTOMER RELATIONSHIPS AT AIRCO CASE OVERVIEW PROBLEM BACKGROUND PROBLEM STATEMENT DATA CASE EXERCISE AND QUESTIONS Part 4 ALL RESOURCES ARE LIMITED Chapter 8 MARKETING PRINCIPLE 4: ALL RESOURCES ARE LIMITED . MANAGING RESOURCE TRADE-OFFS LEARNING OBJECTIVES INTRODUCTION All Resources Are Limited Sources of Resource Trade-Offs All Resources Are Limited: A Fundamental Assumption of Marketing Strategy APPROACHES FOR MANAGING RESOURCE TRADE-OFFS Evolution of Approaches for Managing Resource Trade-Offs Heuristics Era Data-Driven Decision-Support Era (Data Era) Anchoring and Adjustment Heuristics Approach Attribution Approach Experimental Attribution Response Model Attribution Data Analytics Technique 8.1 Description When to Use It How It Works Example FRAMEWORK FOR MANAGING RESOURCE TRADE-OFFS Inputs to the Managing Resource Trade-Offs Framework Outputs of the Managing Resource Trade-Offs Framework Process for Managing Resource Trade-Offs Step 1: Identify Strategically Relevant Metrics Step 2: Assess the Relationship between Metrics and Marketing Resources Step 3: Assess the Optimality of the Resource Allocation Decisions Step 4: Finalize Resource Allocation Decisions Step 5: Integrate Across Different Marketing Activities SUMMARY TAKEAWAYS OVERVIEW OF ANALYTICS DRIVEN CASES COMPANION WEBSITE Analytics Driven Case: Allocating Dollars Wisely at BRT Tribunea PROBLEM BACKGROUND NEWSPAPER INDUSTRY BRT TRIBUNE’S TROUBLES PROBLEM STATEMENT DATA AND RESPONSE MODEL RESULTS Sales Response Model Graphs Allocation Decisions SUMMARY OF SOLUTION APPENDIX: DATASET DESCRIPTION General Description Description of Variables Analytics Driven Case Exercise: A RESOURCE ALLOCATION DILEMMA AT KREYERS FROYO PROBLEM BACKGROUND PROBLEM STATEMENT Resource Allocation Dilemma DATA CASE EXERCISES AND QUESTIONS Chapter 9 MARKETING STRATEGY: IMPLEMENTING MARKETING PRINCIPLES AND DATA ANALYTICS LEARNING OBJECTIVES INTRODUCTION TRENDS INCREASING THE IMPORTANCE OF THE FIRST PRINCIPLES APPROACH TO MARKETING STRATEGY OVERVIEW OF THE FOUR MARKETING PRINCIPLES: PROBLEMS AND SOLUTIONS MP 1: All Customers Differ . Managing Customer Heterogeneity Problem Solution MP 2: All Customers Change . Managing Customer Dynamics Problem Solution MP 3: All Competitors React . Managing Sustainable Competitive Advantage Problem Solution MP 4: All Resources Are Limited . Managing Resource Trade-Offs Problem Solution SYNERGISTIC INTEGRATION OF THE FOUR MARKETING PRINCIPLES Temporal Interconnections Micro–Macro Duality BUILDING MARKETING ANALYTICS CAPABILITIES Data Capabilities Methodological Capabilities Data Analytics Technique 9.1 MEXL: Using Data Analytics to Implement the Four Marketing Principles Description When to Use It How It Works EXECUTING MARKETING STRATEGIES Customer-Centric Approach Continuously Iterating and Improving Executing a Marketing Strategy Using Marketing Principles and Data Analytics SUMMARY TAKEAWAYS COMPANION WEBSITE REFERENCES CHAPTER 1: MARKETING STRATEGY: A FIRST PRINCIPLES APPROACH CHAPTER 2: MARKETING PRINCIPLE 1: ALL CUSTOMERS DIFFER MANAGING CUSTOMER HETEROGENEITY CHAPTER 3: MARKETING PRINCIPLE 2: ALL CUSTOMERS CHANGE MANAGING CUSTOMER DYNAMICS CHAPTER 4: MARKETING PRINCIPLE 3: ALL COMPETITORS REACT MANAGING SUSTAINABLE COMPETITIVE ADVANTAGE CHAPTER 5: MARKETING PRINCIPLE 3: MANAGING BRAND-BASED SUSTAINABLE COMPETITIVE ADVANTAGE CHAPTER 6: MARKETING PRINCIPLE 3: MANAGING OFFERING-BASED SUSTAINABLE COMPETITIVE ADVANTAGE CHAPTER 7: MARKETING PRINCIPLE 3: MANAGING RELATIONSHIP-BASED SUSTAINABLE COMPETITIVE ADVANTAGE CHAPTER 8: MARKETING PRINCIPLE 4: ALL RESOURCES ARE LIMITED MANAGING RESOURCE TRADE-OFFS CHAPTER 9: MARKETING STRATEGY: IMPLEMENTING MARKETING PRINCIPLES AND DATA ANALYTICS INDEX
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