斯隆管理學(xué)院04年?duì)I銷策略PPT02

1、15.834 Marketing StrategyCases and lecturesLetter of Complaint1ObjectivesIdentify, evaluate, and develop marketing strategiesEvaluate a firms opportunitiesAnticipate competitive dynamicsEvaluate the sustainability of competitive advantages2Target AudienceConsultantsInvestment AnalystsEntrepreneursPr

2、oduct Managers3I What Is Marketing Strategy?What is Marketing Strategy?Finding Profit OpportunitiesCreating Competitive AdvantageChallenging Competitive AdvantageCreating Corporate Advantage4Question:How can a firm earn sustained, superior returns?1. Create value2. Capture value3. Continue to do thi

3、sA Marketing Strategy is an integrated set of choices about how we will create and capture value, over long periods of time.5A good marketing strategy meets three testsExternal consistencyInternal consistencyDynamic consistency6External fit: Finding Profit OpportunitiesMarketingStrategyTechnologySup

4、pliersCustomersCompetitorsComplementorsEnd User PreferencesThe Environment shapes, and is shaped by, Marketing Strategy.7Value Creation: Some DefinitionsValue created:Customer willingness to pay- supplier opportunity costValue created by a firm= Value created by all- Value created by all othersA pla

5、yer is your competitor if- customers value your product less when they have hers as well- suppliers value your business less when they have hers as wellA player is your complementor if- customers value your product more when they have his as well- suppliers value your business more when they have hi

6、s as well8Internal Fit: Creating Competitive AdvantageSupplier Opportunity CostMarketingStrategyFirm ResourcesCompetitor ResourcesResource InvestmentsCustomer Willingness to PayGood marketing strategies are based on resource advantages and the latter are created by speed or gambles; often in areas w

7、here resources are not priced out directly or in the cover of competitor ignorance.9Dynamic Fit: Challenging Competitive AdvantageUpset the industry and resource fits of established competitors.New Technologies, New SuppliersNew ResourcesNew Marketing StrategiesNew Needs, New Customers10Corporate Ad

8、vantage adds value to multiple businesses.Corporate ResourcesCorporate Marketing StrategiesBusiness 1Business 211II Finding Profit OpportunitiesWhat is Marketing Strategy?Finding Profit OpportunitiesCreating Competitive AdvantageChallenging Competitive AdvantageCreating Corporate AdvantageLobstersDi

9、sneyComputer gamesBrowsers12to decide on entry/exitto assess the effect of a major changeto position your firm to succeed in a given environmentto shape the environmentTo craft an effective marketing strategy, you must take account of the environmentBut the environment is enormously complexYou need

10、structured ways of thinking about it to capture the richness but separate signal from noise13Some Complementary ApproachesClassical Economics (Supply and Demand)“Old” Industrial Organization Economics (5 forces)Non cooperative Game Theory (Oligopoly equilibrium)Cooperative Game Theory (Value net)14F

11、rom Supply/Demand to 5 ForcesWhat determines the long run supply/demand balance? (entry/exit barriers)What determines the effect of a temporary imbalance on profitability? (price wars/bargaining powers)We need to know the determinants of the position and shape of the 2 curves.15Using the 5 ForcesIde

12、ntify long-run industry profitabilityIdentify pressures on profitsIdentify ways to alter industry structureIdentify attractive positions16From 5 Forces to Non Cooperative Game TheoryIf you are so smart why arent others?What would you pay to get into an attractive industry?We need to know what the en

13、try barriers are, and who will get over them.Game TheoryRBV17Using Non-Cooperative Game TheoryForecast industry evolutionDecide on entry/exitIdentify critical competitorsDecide which game you want to play18Horizontal Trading Relationships: Forecasting Industry Evolution with Increasing ReturnsIncrea

14、sing returns are the tendency for that which is ahead to get further ahead, and for that which loses advantage to lose further advantagesmall differences in initial conditions can cause large differences in long-run outcomesex: Network effects can dwarf product effects. “Better” products can lose ou

15、t to products that “fit better”.19For Vertical Trading Relationships: From Non-Cooperative to Cooperative Game TheoryWhich game do we all want to play?How can we avoid killing each other?In the long run we would expect the most efficient industry structure -that which creates most value in total. Sp

16、litting the pie is another question.20Cooperative Game Theory and Marketing StrategyProduct designAllocation of manufacturing tasksSeller efforts at information supplyBuyer efforts at information acquisitionExpected value creation is largest when the following are chosen optimally21III Creating Comp

17、etitive AdvantageWhat is Marketing Strategy?Finding Profit OpportunitiesCreating Competitive AdvantageChallenging Competitive AdvantageCreating Corporate AdvantageCT ScannersAspertameFlight SafetyWal-MartMarks and Spencer22Todays OverviewIndustry, firm, corporate effectsGeneric strategiesDisaggregat

18、ing value creationResources and inimitability23Firms perform very differently. The variance decomposes roughly like thisIndustry effects(i)15%SBU effects(fi)37.5%Corporate effects(f)2.5%Noise45%24Ways to Create More Value Than the Industry AverageDifferentiation: wtp , soc (Goldman)Cost Leader: wtp

19、, soc (Enterprise)Dual Advantage: wtp , soc (McDonalds)Valuewtpsoc25Two Simple, But Critical, Pointsyour strategy should be based on the strengths that differentiate you from competitors, your resources.to decide on a strategy, you therefore need to identify those resources.It may not be necessary t

20、o worry about creating more, or new, resources.26What Are We Good At?Diagnosis: Disaggregating Value Creationwtp= u1a1+ u2a2soc = c1i1+ c2i2u varies by target segment measured by market researcha given by product design measured by market researchc varies by details of procurement measured from acco

21、unting datai given by production process design measured from accounting data27Realized Vale per Potential Customer = F(m,s) (wtp soc) m s= F(m,s) u(a(i) c(i) m s F = Fraction buyingm = Seller Marketing costsS = Buyer search costs28You create value when you do what no one else can doIn most cases ot

22、her players can pick segments (u), product designs (a), suppliers (c), and inputs (i) from the same menu as you can.Most differences are in the a(i) and F(m) functions.29Reasons for Competitive AdvantageWhy would it be cheaper for P&G to launch a new product?Reputation with retailersLeverage brand n

23、amesWhy would it be cheaper for P&G to design a new product?Established set of routinesAlready have designed similar productsWhy would P&G have lower manufacturing costs?They have a patentThey can gain economics of scope in transport30ResourcesWhy competitors cant/wont get themUnique and owned by yo

24、upatentUnique and cant be soldSmith and JonesNot clear how to create itcultureNot clear what it isgood at XPreemptive first mover advantagesawarenessDynamic return to scaleexperience31From Leveraging to Building Competitive AdvantageIf several identical competitors have symmetric information, the ex

25、pected return to investments in resources is zero (ex ante).Resources are created in three waysbased on existing resource asymmetriesas results of lucky outcomesby taking advantage of slow or sleeping competitors32Productive Social NetworksHard toUnderstandPlanImitategrow33Complex ResourcesNot enoug

26、h to be good at one thingComponents + coordination34Resources that cannot be purchased directlyIf the value is vand competitors bid p1, p2, etc., the winning bidder will not make money.If the bids are valued at p1 + e1, p2 + e2, etc. and the es are random variables, the winner may do quite well.Ex m

27、achines vs. brand awareness35IV Challenging Competitive AdvantageWhat is Marketing Strategy?Finding Profit OpportunitiesCreating Competitive AdvantageChallenging Competitive AdvantageCreating Corporate AdvantageSouthwest AirHead SkiComplaintsSASTV NetworksBrokerage36A start-up needs to use its initi

28、al resources to build a new set of resources thatcan be leveragedare sustainable37Resources of start-upsSmall social networksIdeasManagement skills38Todays OverviewWays to AttackTimes to AttackVulnerability of Incumbents39The Two Principal Ways to Challenge Competitive Advantage AreResource Imitatio

29、nResource Substitution40Imitation of Leader Resourceswont make you a by winneroften requires mass and size to succeedoccasionally you can imitate in a new nicheis always an option41Development of Substitute Resourcesin either case you would like to do this in such a way that it is hard for the leade

30、r or third parties to imitate youthe problem is that you need ideasoffer customer a different set of attributesuse new technology to produce current attributes42Turbulence in the Environment -Needs, Customers, Suppliers, Technology -may open the Door for Attack by Upsetting the Resource-Strategy-Env

31、ironment Fit of LeadersThe key is toread the change better than otherstake advantage of it fasteracquire new resources cheaply43Competitive Advantages tend to be long, but not infinitely, livedExcess profits may have a half life of 10 yearsApparently strong leaders often develop serious weaknesses.4

32、4Ceterus Paribus, One would prefer Resources that have more flexible Applicationscan select best usemay be able to put to more usesrobust to changes in environment45In practice, many resources can only create value under a narrow set of circumstances.Such resources are cheaper to createfewer competi

33、tors have a chance to develop such resources less competitioncommitment and preemption requires narrowness46When the environment changes, some resources turn into handicapsExplicit contractsImplicit contractsCultureReputationBrand namesLeader may be fat and lazy47NO ONE IS IMMUNE FROM ATTACK IT IS A

34、 QUESTION OF TIMING48V Creating Corporate AdvantageWhat is Marketing Strategy?Finding Profit OpportunitiesCreating Competitive AdvantageChallenging Competitive AdvantageCreating Corporate AdvantageCostcoNewell49Todays OverviewBasic questions and factsValue and diversityCosts of making it happenWhat

35、does corporate strategy mean for marketing strategy50QuestionsWhat is the appropriate scope of this firm?How does the corporation create value through its multi-market activities?How should the company be organized to make this happen?51Stylized FactsThere are very few single product firms.Firms tha

36、t are very diversified have lower average returns on capital.Most companies share very general resources: legal, control systems, capital budgeting systems, etc.More specific resources are rarely shared across industries.More diversified companies most often participate in “simple” industries52A giv

37、en resource confers different levels of advantage in different markets.BestSecond4th3rd5th53Some resources confer relatively large advantages in relatively few markets.Others confer smaller advantages in more markets.54There are administrative costs associated with sharing or transferring of resourc

38、es.The size of headquarters reflect part of these costs.If the resource confers small advantages, it has to be cheap to transfer.55Corporate Marketing Strategyumbrella branding, logosother reputation with buyerslogistics -sharing truckscross-selling -sharing sales forcesinformation about customerspr

39、ocess skills, e.g. npd.In most large companies, there is significant corporate involvement in marketing strategy56Making It Happenwhat each resource ishow it is benefiting each businesshow the application is implementedIt is important to be very clear about57VI Marketing Strategy -Course Wrap UpWhat

40、 is Marketing Strategy?Finding Profit OpportunitiesCreating Competitive AdvantageChallenging Competitive AdvantageCreating Corporate AdvantageWe are here!58Marketing Strategy -1960s StyleIdentifying customer needsDesigning products to satisfy needsChoose 4 Ps for monopoly advantage59Marketing Strategy -2000+Identifying needs and resourcesDesigning products to create valueChoose efficient selling formats60Important Concepts and FrameworksResource-Based AnalysisDiagnosis through costs and market researchLeverage!Creation in the cover of darkSustainabilitySub