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Market sensing and learning strategy: Competitive strength through knowing more Lecture 5.

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Presentation on theme: "Market sensing and learning strategy: Competitive strength through knowing more Lecture 5."— Presentation transcript:

1 Market sensing and learning strategy: Competitive strength through knowing more Lecture 5

2 A route-map for market- led strategic change Value-based marketing strategy New marketing meets old marketing Strategic thinking and thinking strategically Customer value strategy and positioning The strategic pathway Strategic market choices and targets Market sensing and learning strategy Strategic relationships and networks Change strategy Strategic gaps Organization and processes for change Implementation process and internal marketing Part I Customer value imperatives Part II Developing a value-based marketing strategy Part III Processes for managing strategic transformation The Customer is always right-handed

3 The strategic pathway Developing a value-based marketing strategy –Market sensing and learning strategy –Strategic market choices and targets –Customer value strategy and positioning –Strategic relationships and networks

4 The strategic pathway Market sensing and learning strategy Strategic market choices and targets Customer value strategy and positioning Strategic relationships and networks Strategic thinking and thinking strategically Strategic transformation and strategy implementation

5 Agenda Understanding customers and markets Black swans and white swans From market research to market sensing New cross-over tools for management understanding Marketing intelligence Interpretation Lessons in learning Enhancing sensing capabilities

6 Understanding customers and markets Companies have little understanding of why their customers behave the way they do Executives looks at averages and ignore market granularity Agile, fast-moving businesses show high knowledge-intensity The goal is to raise a companys Market IQ Crunch question = what do you know that every rival does not also know?

7 Black swans and white swans The black swan analogy underlines the limitations to our learning and the fragility of our knowledge Black swan events are the unknown unknowns Market sensing demands open-minded inquiry and experimentation not probabilistic estimates and sampling

8 From market research to market sensing What is the difference between market sensing and marketing research? –marketing research involves techniques of data collection and processing –market sensing is a process of management understanding

9 Marketing research versus market sensing Management information systems Marketing research Cross-over tools Marketing intelligence Market sensing capabilities Market understanding Internal records CRM data Databases Surveys Observation Market tests Ethnography Internet Futurology Scanning Trends Clues Interpretation Sources of marketing knowledge Processes of management understanding

10 From market research to market sensing Limitations of conventional market research –unreasonable expectations –the limits of questions –the right results –we dont believe it –excuses

11 From market research to market sensing The elephant in the market Strategic and non-strategic marketing information

12 Importance of information Urgency of information High Low High Low Priorities Short-term dilemmas Strategic Time wasters

13 New cross-over tools for management understanding Ethnography –hidden in plain sight –neuromarketing Internet sensing –the wisdom of crowds –blogs –virtual reality –social networks

14 New cross-over tools for management understanding Futurology –careful examination of what is going on around us –scenario building – how things may unfold –visioning – working out what is likely to happen and what we want to happen

15 Marketing intelligence Trends and clues –trendspotting –new identity groups –the quest for cool –looking for clues –deep mining But play nicely and dont be naughty Managing customer knowledge

16 Interpretation Link between information, sensing and management understanding relies on processes of interpretation Integration of multiple information sources central to evidence-based management Goal is sustaining learning to create competitive advantage

17 Lessons in learning Storytelling Watching customers Meeting customers Customer days Building customer scenarios Listening not evaluating Studying complainers

18 Enhancing sensing capabilities A structure for market sensing

19 A framework for market sensing Probability of the event occurring Effect of the event on the company* HighLowMedium * 1=Disaster, 2=Very bad, 3=Bad, 4=Neutral, 5=Good, 6=Very good, 7=Ideal Utopia Field of dreams Things to watch Danger Future risks

20 Enhancing sensing capabilities Managing the market sensing process –choosing the environment –sub-dividing the environment to focus attention –identifying the impact of external changes –interpreting the model for strategy building –Linking market sensing to plans –providing information as a stimulus to thinking –consider who should be consulted and involved

21 Enhancing sensing capabilities A note of caution –market sensing and new learning may be disruptive inside an organization


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