Expert answer:Discuss how an organization’s marketing informat
Answer & Explanation:IMPORTANT NOTE: The questions must
be addressed in its full context. These questions are an opportunity to go
outside the box to demonstrate your analytical, integrative, problem- solving
and critical thinking skills using the knowledge acquired in your readings. As
a result, it is very important to pay close attention to the questions and be
able to conduct your discussions in the context of your question. – Please
keep this in mind when you complete this assignment.
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your ideas further. Analysis must be deep and very instructive.
ANSWER THE
FOLLOWING QUESTIONS. Each question should be answered in at least 300
words. Quality of content and use of course and
outside-of-course resources to support your position or analysis. The
answers should not be in the form of essay, just straight to the point- Work
must be original and cite your sources.
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to answer the question completely but specifically in well-written complete
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Use the attachments to
help you answer these questions, and conduct your own research: chap05.pptx chap06.pptx marketing lecture2.docx
Chapter 5 – Capabilities for Learning about Customers and
Markets
Discuss how an organization’s marketing information skills and resources
contribute to its distinctive capabilities.
Chapter 6 – Marketing Targeting and Strategic Positioning
Discuss why it may be necessary for an
organization to alter its targeting strategy over time.chap05.pptx
chap05.pptx
chap05.pptx
chap06.pptx
marketing_lecture2.docx
Unformatted Attachment Preview
Chapter 05
• Market-driven strategy, market sensing and
learning processes
• Marketing information and knowledge
resources
• Marketing intelligence and knowledge
management
• Ethical issues in collecting and using
information
• Market-sensing processes
• Learning organizations
• Market-driven firms are characterized by
their ability to sense and respond to events
and trends in their markets
• Market sensing – A key capability of the
market-driven organization
•
•
•
•
•
•
Building open-minded inquiry processes
Analyzing competitors’ actions
Listening to front – line employees
Searching for latent customer needs
Scanning the periphery of the market
Encouraging experimentation
• Organizations share several important
characteristics
• Relevant to superior market sensing capabilities
• Continuing research promises to further
expand our knowledge about complex and
relevant organizational processes
• Advantage gained from learning is that the
organization is able to:
• Quickly and effectively respond to opportunities
and threats
• Satisfy customers’ needs with new products and
improved services
• Learning capabilities and skills are central to
business agility
• Include a sequence of activities:
•
•
•
•
Objective inquiry
Information distribution for synergy
Mutually informed interpretations
Accessible memory
• In some situations learning processes may be
ineffective
• Managers reject new insights/information
• Rigid organizational structures and inflexible
information systems
• Politics favor the status quo
• Overwhelming pressure of existing business
operations
• Tendency to “active inertia”
• Scanning processes
• Specific marketing research studies
• Internal and external marketing information
resources
• Existing marketing information sources
• Creating new marketing information
• Marketing and management information
systems
• Must balance the need to provide executives
with relevant intelligence
• At the same time not attempt to:
• Report everything that happens in a market
• Overload executives with information
• May require watching for new opportunities
outside the existing core markets
• Organizing scanning involves a number of
initiatives:
• Making existing functional groups responsible for
scanning
• Create ad hoc issue groups
• A high-level lookout
• New initiatives
• Investing in start-ups
• Outsource
Marketing Research
• The systematic gathering, recording, processing, and
analyzing of marketing data, which will help the marketing
executive to uncover opportunities and to reduce risks in
decision making
• Strategies for obtaining marketing research
information include:
• Collecting existing information
• Using standardized research services
• Conducting special research studies
• Marketing information resources exist:
• Internal to the company
• Being collected from external source
• Internal information system of the firm
affects the extent and ease of the collecting
existing information
• Nature and scope varies greatly from firm to
firm
• External marketing information resources
include:
• Open source resources
• Information services
• Specific studies undertaken by marketing research
agencies
• Consultants
• Considerations when deciding whether to
undertake a special marketing research study
and when interpreting the results:
•
•
•
•
•
•
Defining the problem
Understanding the limitations of the research
Quality of the research
Costs
Evaluating and selecting suppliers
Research methods
•
•
•
•
In-company resources
Open source resources
Internet resources
Research agency resources
• The requirement may be to collect new
information when
• Executives’ research needs are not addressed
• Approaches:
• Observation and ethnographic studies
• Research surveys
• Internet-based research
• Technology capabilities have led many
companies to invest in formalized
information systems
• Important issues include:
• Establishment of:
• Specialized marketing information systems
• More general management information systems
• Potentials for marketing decision support systems
and expert systems
•
•
•
•
Marketing intelligence
Knowledge management
Role of the chief knowledge officer
Leveraging customer knowledge
• Intelligence can come from:
Published materials in trade and scientific journals
Salesperson visit reports
Programs of customer visits by executives
Social contacts
Feedback from trade exhibitions and personal
contacts
• Rumor in the marketplace
•
•
•
•
•
• Formal marketing intelligence gathering
activities an important element of the
scanning processes
• Knowledge about customers should be
managed as a strategic asset
• Because competitive advantage can be created by:
• Possessing current market information
• Knowing how to use it
• In the market-driven company
• Market knowledge is inextricably linked to:
• Organizational learning
• Market orientation
• Improves an organization’s knowledge
management and learning processes
• Knowledge management – Concerned with
knowledge (information) collection and linking
information within the organization
• Is a link between knowledge management
and continuous learning about markets
• Methods employed by companies to improve
the availability and use of customer
knowledge
• Creating “customer knowledge development
dialogues”
• Operating enterprise-wide “customer knowledge
communities”
• Capturing customer knowledge at the point of
customer contact
• Management commitment to customer knowledge
• Invasion of customer privacy
• Information and ethics
• Dramatic increase in use of databases has
generated concerns
• This will continue as sophistication of
communications technology and software continues
to develop
• The price an organization has to pay for the
cost of preparing the proposal
• Other issues relate to:
• Ways in which information is collected
• From whom it is collected
• Information shared with suppliers,
contractors, partners, and merger prospects
is confidential
• Attention to the appropriateness of behavior
in information generation, collection, and
application is a growing concern
Chapter 05
• Market-driven strategy, market sensing and
learning processes
• Marketing information and knowledge
resources
• Marketing intelligence and knowledge
management
• Ethical issues in collecting and using
information
• Market-sensing processes
• Learning organizations
• Market-driven firms are characterized by
their ability to sense and respond to events
and trends in their markets
• Market sensing – A key capability of the
market-driven organization
•
•
•
•
•
•
Building open-minded inquiry processes
Analyzing competitors’ actions
Listening to front – line employees
Searching for latent customer needs
Scanning the periphery of the market
Encouraging experimentation
• Organizations share several important
characteristics
• Relevant to superior market sensing capabilities
• Continuing research promises to further
expand our knowledge about complex and
relevant organizational processes
• Advantage gained from learning is that the
organization is able to:
• Quickly and effectively respond to opportunities
and threats
• Satisfy customers’ needs with new products and
improved services
• Learning capabilities and skills are central to
business agility
• Include a sequence of activities:
•
•
•
•
Objective inquiry
Information distribution for synergy
Mutually informed interpretations
Accessible memory
• In some situations learning processes may be
ineffective
• Managers reject new insights/information
• Rigid organizational structures and inflexible
information systems
• Politics favor the status quo
• Overwhelming pressure of existing business
operations
• Tendency to “active inertia”
• Scanning processes
• Specific marketing research studies
• Internal and external marketing information
resources
• Existing marketing information sources
• Creating new marketing information
• Marketing and management information
systems
• Must balance the need to provide executives
with relevant intelligence
• At the same time not attempt to:
• Report everything that happens in a market
• Overload executives with information
• May require watching for new opportunities
outside the existing core markets
• Organizing scanning involves a number of
initiatives:
• Making existing functional groups responsible for
scanning
• Create ad hoc issue groups
• A high-level lookout
• New initiatives
• Investing in start-ups
• Outsource
Marketing Research
• The systematic gathering, recording, processing, and
analyzing of marketing data, which will help the marketing
executive to uncover opportunities and to reduce risks in
decision making
• Strategies for obtaining marketing research
information include:
• Collecting existing information
• Using standardized research services
• Conducting special research studies
• Marketing information resources exist:
• Internal to the company
• Being collected from external source
• Internal information system of the firm
affects the extent and ease of the collecting
existing information
• Nature and scope varies greatly from firm to
firm
• External marketing information resources
include:
• Open source resources
• Information services
• Specific studies undertaken by marketing research
agencies
• Consultants
• Considerations when deciding whether to
undertake a special marketing research study
and when interpreting the results:
•
•
•
•
•
•
Defining the problem
Understanding the limitations of the research
Quality of the research
Costs
Evaluating and selecting suppliers
Research methods
•
•
•
•
In-company resources
Open source resources
Internet resources
Research agency resources
• The requirement may be to collect new
information when
• Executives’ research needs are not addressed
• Approaches:
• Observation and ethnographic studies
• Research surveys
• Internet-based research
• Technology capabilities have led many
companies to invest in formalized
information systems
• Important issues include:
• Establishment of:
• Specialized marketing information systems
• More general management information systems
• Potentials for marketing decision support systems
and expert systems
•
•
•
•
Marketing intelligence
Knowledge management
Role of the chief knowledge officer
Leveraging customer knowledge
• Intelligence can come from:
Published materials in trade and scientific journals
Salesperson visit reports
Programs of customer visits by executives
Social contacts
Feedback from trade exhibitions and personal
contacts
• Rumor in the marketplace
•
•
•
•
•
• Formal marketing intelligence gathering
activities an important element of the
scanning processes
• Knowledge about customers should be
managed as a strategic asset
• Because competitive advantage can be created by:
• Possessing current market information
• Knowing how to use it
• In the market-driven company
• Market knowledge is inextricably linked to:
• Organizational learning
• Market orientation
• Improves an organization’s knowledge
management and learning processes
• Knowledge management – Concerned with
knowledge (information) collection and linking
information within the organization
• Is a link between knowledge management
and continuous learning about markets
• Methods employed by companies to improve
the availability and use of customer
knowledge
• Creating “customer knowledge development
dialogues”
• Operating enterprise-wide “customer knowledge
communities”
• Capturing customer knowledge at the point of
customer contact
• Management commitment to customer knowledge
• Invasion of customer privacy
• Information and ethics
• Dramatic increase in use of databases has
generated concerns
• This will continue as sophistication of
communications technology and software continues
to develop
• The price an organization has to pay for the
cost of preparing the proposal
• Other issues relate to:
• Ways in which information is collected
• From whom it is collected
• Information shared with suppliers,
contractors, partners, and merger prospects
is confidential
• Attention to the appropriateness of behavior
in information generation, collection, and
application is a growing concern
Part 3 – Designing MarketDriven Strategies
Chapter 06
•
•
•
•
•
Market targeting strategy
Targeting in different market environments
Positioning strategy
Developing the positioning strategy
Determining positioning effectiveness
• Targeting alternatives
• Factors influencing targeting decisions
• Targeting and positioning strategies consist
of:
• Identifying and analyzing the segments in a
product-market
• Deciding which segment(s) to target
• Designing and implementing a positioning strategy
for each target
• The targeting decision determines which
customer group(s) the organization will serve
• Market targeting fall into two major
categories:
• Segment targeting when segments are clearly
defined
• Targeting based on product differentiation
• Stage of product-market maturity
• Extent of diversity in buyer value
requirements
• Industry structure
• The firm’s capabilities and resources
• Opportunities for gaining competitive
advantage
•
•
•
•
Emerging markets
Growth markets
Mature markets
Global markets
• Product-market environment is influenced by:
• The extent of concentration of competing firms
• The stage of maturity
• Exposure to international competition
• Four life cycle stages include:
•
•
•
•
Emerging
Growing
Mature
Declining
• Two types of emerging markets:
• A totally new product-market
• A new product technology entering an existing
product-market
• Buyer diversity
• Segmentation limited due to similarity of buyers’
preferences
• Product-market structure
• Small new organizations
• Limited access to resources
• First-mover advantage
• Capabilities and resources
• Unique benefit strategy rather than low-cost
• Targeting strategy
• Focus on a preference or use situation
• Product-market structure
• Numerous competitors
• Lack of financial or organizational skills
• Capabilities and resources
• Possible strategies
• Pursuit of a market leadership strategy
• Follow very selective targeting and positioning
strategies
• Targeting strategy
• Extensive market coverage by firms with
established businesses in related markets
• Selective targeting by firms with diversified product
portfolios
• Very focused targeting strategies by small
organizations serving one or a few market
segments
• Buyer diversity
• Identification and evaluation of market segments
necessary to select targets that offer each firm a
competitive advantage
• Product-market structure
• Intense competition for market share
• Emphasis on cost and service, and pressures on
profits
• Capabilities and resources
• Management’s objectives – Cost reduction, selective
targeting, product differentiation
• Targeting
• Deciding which segment to serve
• Firms pursuing extensive targeting strategies may
decide to exit from certain segments
• Two primary options for consideration in
selecting strategies for global markets:
• The advantages of global integration
• The advantages of local responsiveness
• Global integration
• Extent to which standardized products and other
strategy elements can be designed to compete on a
global basis
• Local responsiveness
• Important segmentation variables: Climate,
language group, media habits, and income
• Targeting
• Strategies:
• Targeting a single country
• Regional targeting
• Targeting on a global basis
• Indicates management’s desired positioning of the product
(brand) in the eyes and minds of the targeted buyers
• The combination of marketing program (mix) strategies
used to portray the positioning desired by management to
the targeted buyers
• Considers how well management’s positioning objectives
are being achieved in the market target
• Positioning concepts:
• Should be linked to buyers’ value requirements
• Focus of the concept may be:
• Functional
• Symbolic
• Experimental
• Positioning decision
• Determine the preferred (ideal) position of the
buyers in each market segment of interest
• Then compare this preferred position with the
actual positions of competing brands
• Scope of positioning strategy
• Marketing program decisions
• The positioning strategy integrates:
• Marketing program components into a coordinated
set of initiatives designed to achieve the firm’s
positioning objective(s)
• Developing the positioning strategy includes:
• Determining the activities and results
• Choosing the amount to spend on each program
component
• Deciding how much to spend on the entire program
• Positioning strategy is usually centered on:
• A single brand
• A line of related products for a specific market
target
• The strategy is:
• Brand-specific
• Greater in scope
• This depends on factors as:
•
•
•
•
Size of the product-market
Characteristics of the good or service
Number of products involved
Product interrelationships in the consumer’s use
situation
•
•
•
•
•
•
•
Product strategy
Value chain strategy
Pricing strategy
Promotion strategy
Competitive advantage
Designing the positioning strategy
Cross-functional relationships
•
•
•
•
•
Customer and competitor research
Test marketing
Analytical positioning techniques
Determining positioning effectiveness
Positioning and targeting strategies
• Positioning evaluation should include:
• Customer analysis
• Competitor analysis
• Internal analysis
• Customer and competitor research
• Research Studies
• Preference Maps
• Multivariate data analysis
• Test marketing
• Generates information about
• Commercial feasibility and marketing program
• New positioning strategies for new products
• Analytical positioning techniques: Includes
management judgment along with
• Obtaining information about customers and
prospects
• Analyzing it
• Developing strategies based on the information
• When customers have only vague ideas about the company and its
products and do not perceive anything distinctive about them
• When customers have too narrow an understanding of the
company, product, or brand
• When frequent changes and contradictory messages confuse
customers regarding the positioning of the brand
• When the claims made for the product or brand are not regarded
as credible by the customer
• Positioning strategies become challenging
when:
• Management decides to target several segments
• Objective:
• Develop an effective positioning strategy for each
targeted segment
• One way of focusing a positioning strategy:
• Use of a different brand for each targeted segment
Chapter 5 – Capabilities for Learning about Customers and
Markets
The challenge is increasingly one of knowledge management to build company-wide understanding of the
marketplace and responsiveness, rather than simply collecting information.
This unit, we will explore how continuous learning about markets improves competitive advantage. We
will explain the relationship between market orientation and organizational learning. Several important
issues are highlighted concerning the collection and use of in …
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