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Advanced Marketing (Subject) / McKinsey 5 S (Lesson)
- Needs for good Marketing marketing objective: understanding needs of consumer better than competitionmarketing strategy: follow the steps of strategic marketing and operational marketing BUT NO CHANGE IN THE MARKETING STRATEGY
- Strategic marketing 1. Situation analysis l AUDIT External analysis: consumers, markets, competitors => 5 Forces Internal analysis l company => SWOT 2. Segmentation l Selection of segmentation criteria Identify bases for segmenting the market l criteria: demographic, psychographic, geographic, behavior-oriented, price sensitivity, media usage, hybrid => Cluster analysis, factor analysis 3. Targeting l Attractiveness and competitiveness analysis to select target segments Strategies for reaching target markets: Mass marketing (Undifferentiated Marketing) Differentiated marketing strategy Concentrated marketing Or Niche marketing Direct marketing 4. Positioning l Unique differentiation in each segment Develop marketing mix for each segment Operational Marketing l 4 Ps
- Science Data modelling + analysis allow precise measurement/ management of customer decisions + more targeted spending Marshal big data for insights into choices along decision journey Use data from sensors and video that track in-store behavior to improve merchandising
- Substance Harness consumer desires and needs to provide functional benefits - from auto safety to shopping convenience Make the case for customer care initiatives and for consistency in the customer experience Marketers can directly shape the business by evolving the customer experience and the development of products and service.
- Story Continual development on how to tell stories => richer digital interactions and more powerful communication tools Relinquish (aufgeben) control of stories => customers interpret and modify them on social media Understand how to best access creativity given talent scarcity and evolving relationships with advertising agencies
- Speed Consumer preferences, market dynamics, PLC change with stunning velocity in digital economy - management skills and organization to quickly bring cross funtional teams together - a shared vision with product developers => quick response to market changes
- Simplicity Reduce or eliminate hierarchies, silos, communications gaps and redundancies within the organization Simplify working relationships with advertising and other media agencies Complexity is the enemy of speed and learning marketers are seeking greater simplicity
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