Part I: Introduce yourself to your classmates with your name, location, current employment, and future goals. Part II: Provide an example of your interpretation of a business strategy and how it is us

MBA 5841, Strategic Marketing 1 Cou rse Learning Outcomes for Unit I Upon completion of this unit, students should be able to: 1. Analyze an organization’s strategic marketing goals that align with its mission. 1.1 Determine a company’s profitability analysis for its business strategy based on a case scenario. 1.2 Analyze a company’s business strategy to accomplish its marketing goal. Course/Unit Learning Outcomes Learning Activity 1.1 Unit I Lesson Chapter s 1 and 4 Unit I Case Study 1.2 Unit I Lesson Chapters 1 and 4 Unit I Case Study Reading Assignment Chapter 1: Strategic Market Management — An Introduction and Overview Chapter 4: Market/Submarket Analysis Unit Lesson Companies create plan s to determine how they may create offerings to customers. The result of an effective business strategy is one where there is strong alignment between customers’ sati sfied needs and wants, the capabilities of the firm to provide offerings addressed to its customers’ needs and wants, and the firm’s developed strategic competitive advantages (SCA s) to address its targeted customers’ needs and wants better than its compet ition . This strategy is found within a dynamic , ever -changing, and competitive marketplace. In other words, the firm’s business strategy centers on its ability to create customer value , which is the difference between the benefits customers perceive they a re getting from an offering minus the perceived cost of obtaining these benefits (Aaker & Moorman, 2018). For their offerings to effectively compete in an ever -changing marketplace, companies must provide superior perceived benefits while demonstrating min imal perceived costs and perceived risks to their customers. This is, in part, how customers determine an off ering’s level of value to them. The Value of Planning and Creating a Superior Business Strategy A company’s mission statement is the first step in creating this alignment. It is the company’s statement that informs the public of its purpose and what it represents —a statement it wishes to be known by . Its vision statement demonstrates the kind of company it wishes to be in the future. A critical ex amination that the company conducts on itself and its competitive marketplace is called a SWOT analysis. SWOT stands for strengths ( internal) , weaknesses ( internal) , opportunities ( external) , and threats ( external). The results of this important, self -reve aling analysis , which is usually conducted across the organization and across its market environment , provide the firm with the business strategy for where it may compete and how it may com pete. An example of a company that maximized its strengths to tak e advantage of opportunities in a new, early 20 th-century technology was that of a very old 19 th-century button manufacturer in Scranton, Pennsylvania . The factory retained its competitive advantage with its shellac button coating technology , which was dev eloped in the 19 th century , but adapted it to the then -new industry opportunity requirements for pressing phonograph records. As its traditional button markets shifted and became more competitive, it used its UNIT I STUDY GUIDE Creating Marketing Strategies That Align with the Company’s Mission and the Market MBA 5841, Strategic Marketing 2 UNIT x STUDY GUIDE Title sustained competitive advantage developed in th e making and coating of buttons to press and coat a newly developed recording industry technology required in the manufacture of phonograph records. This shift in strategy enabled the company to continue prospering for many decades (“In The Lurch ,” 2017). Strategic market management is a process designed to help management create, change , or retain a business strategy and to create new strategies for the future. A marketing strategy is a subset of business strategy that involves the same four strategy com ponents , although , the scope is restricted to marketing. It includes decision and budgets related to product market activities, customer value proposition, marketing assets and competencies, and different functional areas within marketing . (Aaker & Moorman , 2018, p. 10) Creating Marketing Strategies Traditionally, most of a firm’s key functional departments were focused internally in managing and controlling its production and manufacturing efforts. Marketing was one of the few departments that spent more time and effort focused externally —first on customers and then on industry competition. Now, however, with ever - changing markets driven by rapid technological changes, no department in the firm has the luxury of only focusing inward. Marketing is more imp ortant than ever , maintaining its focus on what the customer needs or wants. The following illustration is an overview of strategic management as shown in Figure 1.3 in the textbook . Finally, the firm engages in implementing the s trategy and producing a f irm value (Aaker, & Moorman, 2018). In order to be competitive, the company must develop and create the following five management task competencies: strategic analysis, innovation, getting control of multiple business units, developing SCA s, and develo ping growth platforms (Aaker & Moorman, 2018). Implementing Strategy One of the most difficult aspects of the strategic market strategy planning process is implementing the strategy itself. It is at this point that the implemented strategy takes on a lif e of its own. One of the greatest reasons most strategic plans fail is that the planners underestima te challenges , perceiv ing them as insignificant challenges that ultimately end up being major implementation stumbling blocks. (Aaker & Moorman, 2018) MBA 5841, Strategic Marketing 3 UNIT x STUDY GUIDE Title An example might be a firm producing a much -needed and helpful product that is shown through its market research to be ideally suited for and desired by its target market. The product fulfilment and customer service departments need to work harmoniously with the marketing department to ensure that the newly launched product’s promise and its performance attributes are perceived and enjoyed at the same levels by customers. This way , the implemented marketing strategy will achieve the initial success that the planners had expected. Companies all too often assume other key internal departments tasked with supporting the marketing strategy implementation effort automatically know what is required of them in their role of achieving implementation success. It is up to the marketing depart ment during its planning stages to ensure these key internal departments are all aware and trained to the levels necessary in order to reach or surpass the marketing strategy planners’ set goals. The customer service and product fulfillment departments, fo r example, must convey the same levels of confidence and enthusiasm about the newly launched products to their customers as the marketing department did in selling the products in the first place. The promise versus performance gap perceived by the custome r must remain positively aligned. If it does not, customers can be left with high expectations that cannot be met. This can cause needless customer frustration. In the end, not only does the marketing strat egy suffer, but the potential for the brand to suf fer is a real possibility. There are ways to avoid marketing strategy implementation failure. One way is for firms, during the market planning process, to coordinate better internally . The marketing department has the responsibility to take the lead in r eaching out to support departments in order to make them more aware of how the marketing value proposition is intended to be communicated to potential customers. It is through this interaction that these internal support departments can visualize how they will contribute to the market strategy success. It also provides an opportunity for challenges to be raised that might impede plan implementation. Something that the marketing department believes should be simple for a functional internal department to ach ieve may not be simple at all. The level of automation that may be a key customer service requirement may not be working as well as previously thought by the market strategy planners. This would have a negative effect on how well the company could respond to its customers during the product strategy implementation phase. At this point, a short -term fix could be addressed, such as adding and training additional customer service representatives with the long -term goal of better developing the necessary automa tion initially required by the plan. Product launch schedules and e xpected plan revenue targets could still be met. The additional short -term labor costs that were not planned would have a much lower overall impact as a result. To the customer, it would be met as a desired product that would now be available to them. The customers’ experience with the product would create an experience that would be supported , uniformly , by the company in order for the buyers to receive the best value at the best price. T he targeted customers’ experience with the company and its support for its product and brand would be a seamless and positive event. Market Analysis In a highly competitive environment, it is good to assume that all markets are dynamic. Firms must be ab le to differentiate between competitive market activity and potential emerging submarkets as discussed in Chapter 4 of the textbook . Figure 4.1 shows the s ix criteria by which markets and submarkets can be evaluated: submarkets, size and growth, profitabil ity, cost structure, distribution systems, market trends, and key success factors (KSF s) (Aaker & Moorman, 2018). When analyzing emerging submarkets, firms ’ activities during the planning stage need to determine the potential size and profitability of the identified market. The goal for the firm, using its SCAs , is to effectively compete and earn above -standard industry profits on its products offered in the emerging submarket. This can be achieved through implementing Porter’s five -factor model of market profitability. In this model, which was developed by Harvard professor Michael Porter, firms can measure the long -term return on investment by comparing it against five factors , which are listed below :  the intensity of competition among existing competit ors ,  the existence of potential competitors who will enter if profits are high ,  substitute products that will attract customers if prices become high ,  the bargaining power of customers ,  the bargaining power of suppliers (as cited in Aaker & Moorman, 2018). MBA 5841, Strategic Marketing 4 UNIT x STUDY GUIDE Title During a firm’s strategy planning analysis of an emerging submarket, KSF s are considered and identified. A KSF is either a strategic necessity or a strategic strength. Interestingly, if the former is missing , it can be a sign of significant weakness. It s presence, though, does not indicate a significant strength. It may not be readily recognized, but it can negatively impact a company’s market strategy success if overlooked . Strategic strengths are distinctive competencies that a company does much better than its competitors , enabling the firm to compete better. During a firm’s planning process, the evidence of emerging markets can create opportunities or demonstrate the current relevance of the firm’s current strategic market plan. References Aaker, D . A., & Moorman, C. (2018). Strategic market management (11th ed.). Hoboken, NJ: Wiley . In the lurch; left -behind places. (2017, Oct ober 21). The Economist , 425 , 19. Retrieved from https://search - proquest -com.libraryresources.columbiasouthern.edu/docview/ 1953984747?accountid=33337 Suggested Reading In order to access the following resource, click the link below. The followin g article offers interesting information on online retailers using specific business strategies for customers. Rowley, J. (2009). Online branding strategies of UK fashion retailers. Internet Research , 19 (3), 348 –369. Retr ieved from https://search -proquest - com.libraryresources.columbiasouthern.edu/abicomplete/docview/219845414/F6E45664556D4946P Q/9?accountid=3333 7 Learning Activities (Nong raded) Nongraded Learning Activities are provided to aid students in their course of study. You do not have to submit them. If you have questions, contact your instructor for further guidance and information. Chapter 1 Knowl edge Check Complete the Chapter 1 Knowledge Check below to gain a better understanding of the lesson . Click here to access the Chapter 1 Knowledge Check. Chapter 4 Flash Cards The following interactive presentation on Chapter 4 will assist you in bet ter understand ing the lesson . Click here to access the Chapter 4 Flash Cards pres entation . (Click here to access a PDF version.) Chapter 4 “For Discussion ” Questions Review the Chapter 4 “For Discussion” questions on page 75 in your textbook , and answer one to two questions. Submit your responses to your instructor for relevant feed back.