Marketing Strategy lectures, obligatory articles and knowledge clips summary | Msc. Marketing Vu
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Course
Marketing Strategy (E_MKT_MSTRAT)
Institution
Vrije Universiteit Amsterdam (VU)
This is a summary of the course Marketing Strategy from the Msc. Marketing (VU). This document contains a summary of all the knowledge clips, live lectures and all the obligatory academic articles. The findings of the articles are explained. The summary includes practice exam questions.
Table of Contents
Lecture 1 & 2: What is marketing strategy? .............................................................................. 2
Reading: Olson Eric M., Stanley F. Slater, and G. Tomas M. Hult (2005), “The Performance
Implications of Fit Among Business Strategy, Marketing Organization Structure, and Strategic
Behavior,” Journal of Marketing, 69 (1), 49-65. ............................................................................... 16
Knowledge clip: the playing field ............................................................................................. 19
Knowledge clips: price leadership ............................................................................................ 28
Lecture 3: Live session the playing field and price leadership ......................................................... 38
Reading: price leadership: Hamilton, Ryan, and Alexander Chernev (2013), “Low Prices Are
Just the Beginning: Price Image in Retail Management,” Journal of Marketing, 77 (5), 1-20........ 38
Knowledge clips: Quality leadership ........................................................................................ 42
Lecture 4: Live session quality leadership ........................................................................................ 46
Reading: Binken, Jeroen L. G., and Stefan Stremersch (2009), “The Effect of Superstar Software on
Hardware sales in System Markets,” Journal of Marketing, 73(2), 88-104...................................... 46
Knowledge clip: Hybrid strategies/ quality strategies and being “stuck in the middle” ......... 50
Knowledge clips: Time leadership ............................................................................................ 52
Lecture 6: Time leadership Live session ........................................................................................... 60
Reading: Wichmann, Julian R.K., Nico Wiegand, and Werner J. Reinartz (2021), “The
Platformization of Brands”, Journal of Marketing............................................................................ 60
Knowledge clip: the rules of the game ..................................................................................... 63
Knowledge clip: the value proposition ..................................................................................... 66
Lecture 7: live session value proposition.......................................................................................... 70
Reading: McGrath (2013), “Transient Competitive Advantage,” Harvard Business Review, 91 (6),
62-70. ................................................................................................................................................ 70
Lecture 8: Guest lecture Entrepreneurship .............................................................................. 72
Knowledge clips: Ethics ............................................................................................................ 78
Lecture 9: Live session ethics and marketing strategy ..................................................................... 82
Reading: Sandel, M. (2013), “Market Reasoning as Moral Reasoning: Why Economists Should Re-
engage with Political Philosophy,” The Journal of Economic Perspectives, 27(4), 121- 140. .......... 83
Practice questions .................................................................................................................... 86
1
,Lecture 1 & 2: What is marketing strategy?
What the hell is marketing strategy? (part 1)
What is strategy?
Strategy as the connection between goals and actions.
(1) Goals
Operationalization
2
,(1) Goals
Goals can be set on different organization levels
SBU: strategic business unit
Example: Philips with health care and lighting, which both have different goals.
What is strategy?
Strategy as the connection between goals and actions.
(2) Strategy
Strategy in sports as a game plan – but beyond the single game. If you do something for one
game than it is a tactic.
3
,Strategies can be implemented on three levels
Synergy, selection of markets, brand identity and brand reputation is the corporate level.
Volkswagen as a corporation with different SBUs
4
,Skoda was close to the VW brand. Repositioning of Skoda:
2010: actual position ≠ target position
(too much premium, not enough "entry models")
Siemens had a lot of business units. Some performed well and some did not. Strategy: focus
on the ones that are profitable and clean up portfolio.
On the SBU level
5
,Siemen’s health SBU
Example BVB
Example Netflix
Strategies can be implemented on three levels
6
,Example Siemens: functional strategies
Give people more freedom to customize the problem.
Strategy needs to be flexible
“Everybody has a plan until they get punched in the face. Mike Tyson
“No plan [strategy] survives contact with the enemy. Helmuth von Moltke the Elder
So, what is strategy now?
Strategy definition: recap
A Strategy provides a medium- to long-term (flexible) plan for future actions. Strategy
represents the connection between goals and (operative) actions.
Goals are therefore not part of the strategy, but its normative reference point. Actions are
taken to translate the strategic guidelines into concrete results.
Strategies are not fixed but need to be adaptable to changing environmental conditions.
What is strategy?
Strategy as the connection between goals and actions
7
, (3) Actions
Example BVB
Example Netflix
What the hell is marketing strategy (part 2)
Strategy + Marketing = marketing strategy
8
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