CHAPTER-6.2-MDS
Course Overview
Institution: UoTAS
Course Title: Marketing and Digital Strategy/BSMK4101
Chapter: 6.2
Semester: 1 AY 2022 - 2023
Course Learning Outcomes
6: Apply monitoring results and adapt marketing plans for continuous improvement.
6.2: Create an effective continuous improvement plan.
Indicative Content
Theories and Frameworks
Purpose: Position products for consumer perception and maximize sales.
Consumer Understanding: Organizations learn about needs, motivations, and objectives through marketing theories.
Examples of Marketing Theories: Various theories aid in the preparation and improvement of marketing plans.
Key Theories and Frameworks for Continuous Improvement
Theorized Frameworks
Ansoff Matrix: Strategic options for business growth.
Balanced Scorecard: Performance management tool by Kaplan and Norton.
Marketing Mix: Consider product, price, place, promotion for marketing strategies.
SWOT Analysis: Assess organizational Strengths, Weaknesses, Opportunities, Threats.
Porter's Five Forces: Competitive analysis model describing industry attractiveness.
PESTEL Analysis: Analyze Political, Economic, Social, Technological, Environmental, and Legal factors for strategy.
Ansoff Matrix Details
Overview
Developed by Igor Ansoff in 1965.
Allows managers to evaluate four growth strategies:
Market Penetration: Increase share in existing markets.
Market Development: Enter new markets with existing products.
Product Development: Offer new products to existing markets.
Diversification: Introduce new products in new markets (riskiest strategy).
Balanced Scorecard Perspectives
Overview
Strategy planning and performance monitor across four perspectives:
Education and Growth: Assess staff training and knowledge enhancement.
Internal Processes: Evaluate product/service delivery effectiveness.
Customer Relationship: Focus on customer satisfaction and retention.
Financials: Monitor financial metrics like ROI and cash flow.
Stakeholder Mapping
Importance of Stakeholders
Stakeholders: Individuals or groups impacted by organizational decisions.
Types of Stakeholders:
Internal: Employees, managers, directors.
Connected: Customers, shareholders, suppliers.
External: Communities, government agencies, media.
Mendelow's Matrix
Tool for analyzing stakeholders based on power and interest:
High Power, High Interest: Manage closely.
High Power, Low Interest: Keep satisfied.
Low Power, High Interest: Keep informed.
Low Power, Low Interest: Monitor (low priority).
Market Responsiveness and Productivity
Key Issues
Cost and Profit Impact: Marketing expenses include fixed and variable costs.
Production's Role: Align marketing and production for timely product delivery.
Market Responsiveness: Organizations must adapt to market changes and consumer behaviors.
Impact of Customer and Employee Satisfaction
Service-Profit Chain: Emphasizes the correlation between employee satisfaction, customer satisfaction, and overall business performance.
Issues Related to Strategic Drift
Explanation
Strategic Drift Phases:
Incremental Change
Strategic Drift
Flux
Transformational Change
Consequences
Failing to adapt leads to loss of competitive advantage and market relevance.
Social Behavior and Digital Strategy
Concepts
Social Marketing: Aim to change behaviors through understanding target audiences.
Sentiment Analysis: Evaluates public perception of brands/products through digital mentions.
Search and Site Behavior: Analysis of consumer online interaction for better marketing strategies.
Practical Applications in Tracking Consumer Behavior
Methods
Analytics: Employ AI to derive insights into consumer behavior.
Community Forums: Build engagement and loyalty.
Omnichannel Marketing: Understand customer journey across platforms.
Data Collection Strategies
Conduct customer feedback reviews.
Utilize tools such as Google Surveys and QR codes for insights.
Optimize SEO for enhanced online visibility.