Strategic Market Management, 8th Edition.pdf
Ilana Crumley
Strategic Market Management helps managers identify, implement, prioritize, and adapt market-driven business strategies in dynamic markets. The text provides decision makers with concepts, methods, and procedures by which they can improve the quality of their strategic decision-making.
The 11th Edition provides students in strategic marketing, policy, planning, and entrepreneurship courses with the critical knowledge and skills for successful market management, including strategic analysis, innovation, working across business units, and developing sustainable advantages.
This workbook is designed to help firms and individuals become more familiar with the implications of a strategic marketing management program for their businesses. The workbook provides a basic introduction to marketing and strategic marketing management. Readers will learn the basics of a marketing plan and why they need one. Included is a detailed introduction to performing an analysis of the customer, the company, the competition, and the industry as a whole. A major portion of the workbook is devoted to carrying out an effective Strengths, Weaknesses, Opportunities, and Threats (also known as "SWOT") analysis. This workbook illustrates how analysis can be used to form an effective strategic marketing plan that could increase efficiency and profitability.
Truly strategic managers have the ability to capture essential messages that are constantly being delivered by the extremely important, yet largely uncontrollable external forces in the market and using this information as the basis for altering the important controllable internal factors of the business to strategically and effectively position the firm for future success.
This workbook is designed to help producers become more familiar with how to construct a strategic marketing management program for their business. Originally used at the Grapefruit Economic Workshop, this material was presented by the Florida Cooperative Extension Service and the Indian River Citrus League. The purpose of the workshop was to allow individual producers an opportunity to focus on grapefruit marketing and production strategies. The following workbook has been modified to apply to a wide range of producer groups. The workbook provides a basic introduction to marketing and strategic marketing management. Readers will learn the basics of a marketing plan and why they need one.
The presenters of this workshop challenged producers to consider what their individual firm's marketing strategy was and to identify alternative strategies. Are producers willing and able to change the way they market to improve the profitability of their businesses? Included is a detailed introduction to performing an analysis of the customer, the company, the competition, and the industry as a whole. This workbook shows how these analyses can be used to form an effective strategic marketing plan that could increase efficiency and profitability.
A marketing plan is a written document containing the guidelines for the organization's marketing programs and allocations over the planning period (Cohen 2001). Please note that a strategic marketing management plan is a written document, not just an idea. Prior successes or failures are incorporated into the marketing plan. That is, effective marketing managers learn from past mistakes. A marketing plan requires communication across different functional areas of the firm such as operations, human resources, sales, shipping, and administration. Finally, marketing promotes accountability for achieving results by a specified date. Just like an effective goal, an effective marketing plan will be measurable, specific, and attainable.
Reality-based accomplishments are shaped by the level of understanding decision makers have regarding the external factors outside of their control and the internal factors under their control. Proper use of this newly acquired knowledge of internal and external factors will lead to more effective business strategies. Strategy, by definition, means decision makers must make choices, and that means setting priorities for operational change. Conducting a strategic marketing management planning exercise should be more than just an exercise. Therefore, the goal of effective marketing management is to improve a firm's performance.
Figure 1 illustrates the strategic marketing management model that is discussed in this workbook. The model is divided into three levels: external/self analysis, strategic posture, and market planning. External/self analysis will receive the majority of attention in this workbook, while strategic posture and market planning will be given a brief overview.
Customer analysis involves the examination of customer segmentation, motivations, and unmet needs (Aaker 1995). One could argue that the material presented in this section belongs under the market planning portion of the strategic marketing management model. The following components of customer analysis are discussed here as part of the "external" analysis component of the model:
How many components of the Five Forces did you assess as opportunities? How many as threats? Later in this strategic marketing management workbook, we compare internal strengths to external opportunities and internal weaknesses to external threats to establish areas of competitive advantage and competitive disadvantage, respectively.
Having completed a detailed external analysis, now look internally for an understanding of aspects within your organization that are of strategic importance. Components of this part of the self-analysis include assessing the internal strengths and weaknesses of your organization, as well as identifying strategic problems, organizational capabilities, and constraints your firm brings to the strategic marketing management process (Aaker 1995).
To summarize, SWOT analysis generally follows a four-step process. Please note that steps one and two are interchangeable. That is, you can begin the analysis on either an external or internal focus. The key point is that both external and internal analyses need to be done for effective strategic marketing management to take place. This process is listed below:
The final part of this workbook introduces motivations for some consumer behavior characteristics and then examines the relationship between a strategic marketing plan and management using three critical marketing concepts. While these topics will only be given superficial treatment in this workbook, additional publications in this series will explore these concepts in greater detail.
It is important to understand the changing needs of consumers when designing your strategic marketing management plan. For each of the following changing consumer needs, please consider their potential impact (positive or negative) on your firm (Lehmann and Winer 1994).
"Segment, Target, and Position" (STP) is one of the basic building blocks of modern marketing (US Small Business Administration 1980). STP strategies should complement a firm's overall generic strategies, consisting of a primary competitive strategy, competitive role strategy, strategic initiative, and vertical coordination strategy.
We hope you found value considering the strategic marketing management process as identified in this workbook. Please remember that the strategic marketing management process is not meant to be used once every five years, only to collect dust on some manager's shelf. To be effective, this process requires the support of upper management and the involvement and commitment of the entire company.
This module deals with two key financial aspects: first, how to price products and services strategically, and second, understanding critical topics in financial management from a marketing point of view. The module will equip you with the pricing and financial skills required to become effective marketers and future business leaders, improve cross-functional role and communication skills, and maximise strategic influence within the firm.
Equipped with the skills to formulate and execute market-relevant and financially sound strategies for an organisation, you will be able to take an overall view of its future direction and the potential hurdles it faces. Case studies will help to sharpen your skills in identifying strategic challenges for a range of different companies, and to evaluate the options open to senior marketing managers in these contexts.
Emerging technologies such as Virtual Reality, Augmented Reality, Artificial Intelligence and the Internet of Things offer businesses the unique opportunity to differentiate in a highly competitive brand market by creating immersive experiences for their customers and becoming influencer in their industry. This module will give an overview of the current trends and technologies that are likely to affect the marketing world and delve into tools and techniques that can be used to utilise them within the core development of strategic marketing of the business.
This module will focus on the key strategic marketing issues facing organisations. Through this module, you will refresh and deepen your awareness of key marketing tenets, acquire an advanced knowledge of strategic marketing, develop analytical skills, be able to think critically about strategic marketing, and be able to make strategic decisions to deal with specific business situations.
This module develops a general management viewpoint in planning and evaluating sustainable marketing decisions, from both strategic and tactical perspectives. By appraising the global challenges for sustainable products and corporate actions, you will develop the skills to create and launch a sustainability marketing plan.
The Applied Strategic Marketing Report is a 5,000-word unsupervised report on a relevant strategic marketing topic. You will be able to choose from a number of report titles that reflect marketing issues and trends discussed throughout the programme.
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