Strategic Marketing: An Introduction

[Pages:337]STRATEGIC

MARKETING

This exciting new introductory text examines the nature of competitive marketing strategy and points to the need to adopt new marketing practices in order to meet the demands of business opportunities in the twenty-first century. By taking a fresh approach to a previously covered subject area, this work will not only be of assistance to students of marketing but also practising managers. Subjects covered include: ? marketing strategy ? analysing the business environment ? the customer in the market place ? targeting and positioning ? marketing mix strategy Using case studies, case histories and thought-provoking questions, Strategic Marketing. An Introduction is a valuable resource for all those involved in this important area. Tony Proctor is Visiting Professor in Marketing at Chester Business School and also contributes to postgraduate programmes at Lancaster University and The Queen's University, Belfast, as well as to courses run by Hull University and Lincoln Business School in conjunction with CIM and MDC consultants.

STRATEGIC

MARKETING

AN INTRODUCTION

Tony Proctor

LONDON & NEW YORK

First published 2000 by Routledge 11 New Fetter Lane, London EC4P 4EE

Simultaneously published in the USA and Canada by Routledge 29 West 35th Street, New York, NY 10001

Routledge is an imprint of the Taylor & Francis Group

This edition published in the Taylor & Francis e-Library, 2002.

? 2000 Tony Proctor

All rights reserved. No part of this book may be reprinted or reproduced or utilized in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers.

British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library

Library of Congress Cataloging in Publication Data

Proctor, Tony. Strategic marketing: an introduction/Tony Proctor. p. cm. Includes index. 1. Marketing--Decision making. 2. Marketing--Management. I. Title.

HF5415.135 .P76 2000 658.8?02--dc21

99?087270

ISBN 0-203-46005-7 Master e-book ISBN

ISBN 0-203-76829-9 (Adobe eReader Format) ISBN 0-415-20810-6 (hbk) ISBN 0-415-20811-4 (pbk)

Contents

List of figures

xi

List of exhibits

xiii

Preface

xv

1 Marketing strategy: introduction and overview

1

Introduction

1

Market drivers

3

Impact of competition

3

Strategic windows

6

Evolving markets and strategic windows

8

Opportunities and threats presented by the opening and

closing of strategic windows

9

Nature of competitive strategy

11

The classic approach to the formulation of strategy

12

Process for formulating a competitive strategy

14

Strategy identification and selection

15

Strategic market management

16

Questions

17

Case studies: Mirela Fashions

17

Koji

19

2 Portfolio analysis

21

Introduction

21

The product life cycle

22

vi

CONTENTS

Product life cycle stages

24

The product/service portfolio

26

Portfolio models

26

Questions

36

Case studies: Acme (A)

36

Acme (B)

38

3 Analysis of the business enterprise

41

Introduction

41

Marketing competencies

42

Resource-based view of the firm

43

Value chain analysis

44

Shareholder value analysis

45

Financial performance--sales and profitability

46

Other kinds of performance measurement

46

Customer satisfaction and brand loyalty

47

Product and service quality

47

Brand or firm associations

47

Relative cost

49

Manager/employee capability and performance

49

Other performance factors

50

Determinants of strategic options

50

Creativity

51

How creative thinking may be used in marketing

53

The need to be ready for change

54

Mindset

54

Barriers to individual's creativity

55

Blocks to creative thinking in organizations

57

Elements of creative organizations

58

Questions

59

Case studies: Barrington Breweries

59

Avila Batteries

60

4 Industry analysis

62

Introduction

62

Industry life cycles

63

Analysis of emerging and developing industries

63

Analysis of maturing industries

65

Implications of the transition to maturity

67

Analysis of declining markets

68

Hostile markets

72

Analysis of fragmented industries

72

Strategic groups

75

SPACE analysis

75

The competitive advantage matrix

77

Questions

78

CONTENTS

Case studies: DACO Agribus

5 Market analysis Introduction Dimensions of market analysis Actual and potential market size Market growth Forecasting methods Longer-term forecasting Market profitability analysis Cost structure Distribution systems Key success factors--bases of competition Risks in high growth markets Questions Case studies: Cometex Ecoprods

6 Analysing competition Introduction Nature of competition and identification of an organization's competitors Strategy typologies Competition research Understanding competitors' strategies Identifying competitors Sources of information about competitors Benchmarking Market signals Types of market signals Questions Case studes: Cyproswim Ltd Cartech

7 Analysing the business environment Introduction Changing patterns and changing strategies The changing nature of social and cultural aspects of consumers The influence of political, fiscal and economic policies The influence of technology Changes in distribution patterns How firms are responding to environmental change Green marketing The legal environment and its influence on marketing activities

vii

78 80

82 82 83 84 84 87 92 94 96 96 97 97 99 99 100

102 102

103 107 109 109 110 110 111 112 112 115 116 119

121 121 122

123 126 129 130 130 131

132

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