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KU Marketing Management Course Overview

  • Course: MKTG 810 Marketing Management

  • Semester: FS 2024

  • Instructor: Prof. Murali Mantrala

  • Test Date: November 26, 2024

Markstrat Challenge Introduction

  • Objective: Develop and position brands effectively in a competitive environment.

  • Focus Areas:

    • Brand development via R&D and advertising.

    • Understanding consumer perceptions and their impact on purchases.

Brand Positioning Strategies

  • Successful branding hinges on:

    • Positioning through R&D: Innovate product characteristics to meet consumer needs.

    • Positioning through Advertising: Craft messaging to shape consumer perceptions.

Perceptual Mapping

  • Purpose: Visual tool for understanding brand positioning in relation to consumer needs.

  • Methods:

    • Attribute Rating Method: Measuring customers' perception of brand attributes.

    • Overall Similarity Method: Utilizing MDS Maps for broader brand positioning insights.

Consumer Perceptual Influences

  • Decision-Making: Driven by consumers' perceptions of products, which differ from firm perceptions.

    • Brands are assessed based on multiple attributes (e.g., economy, performance).

Long-term Positioning Strategies

  • Need for Adaptation: Brands must evolve with changing consumer behaviors and market forces.

  • Repositioning Techniques: Can be achieved through R&D modifications or advertising to reshape brand perceptions.

R&D in Marketing Strategy

  • R&D Importance: Critical for:

    • Launching new brands in emerging markets or segments.

    • Revamping existing brands based on consumer feedback and market trends.

  • Cost-Reduction Projects: Should consider experience curve effects for sustainable profit.

Conjoint Analysis in Marketing Strategy

  • Purpose: Analyze and understand consumer preferences for product attributes.

    • Utility Measurement: Higher utility corresponds with increased consumer satisfaction.

  • Implementation: Identify critical characteristics for product features that drive purchasing decisions.

Challenges in Direct Customer Feedback

  • Direct questioning may yield trivial insights due to inherent bias (e.g., preference for low-cost options).

Marginal Analysis for Resource Allocation

  • Budgeting Strategies:

    • Use marketing budget rules of thumb cautiously (e.g., percentage of sales).

    • Apply marginal analysis to determine optimal advertising spend based on diminishing returns.

Response Functions in Marketing

  • Types:

    • Concave-Downward Response Curve: Reflects diminishing returns in sales with increased advertising.

    • S-Shaped Response Function: Shows varying effectiveness based on the volume and context of marketing efforts.

Strategic Framework for Marketing

  • Business Definition: Understand and position your market strategy using the 5 C's (Company, Customers, Competitors, Collaborators, Context).

  • Implementation: Focus on shaping customer acquisition and retention through effective go-to-market strategies.

Competitive Analysis Framework

  • Identifying Competitors: Use buyer-oriented and supplier-oriented frameworks to analyze existing competitive structures.

  • Strategic Group Dynamics: Understand that competition is more intense within strategic groups rather than between them.

Game Theory in Competitive Analysis

  • Nash Equilibrium: Anticipate competitor behavior in reaction to pricing or product changes.

  • Example: Analyze profit outcomes based on different market scenarios.

Final Summary Notes

  • Effective marketing is not just about spending more but about spending wisely.

  • Understanding market dynamics, consumer perceptions, and competitive actions is critical for making informed marketing strategies.