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Market sensing and learning strategy: Competitive strength through knowing more Lecture 5 A route-map for marketled strategic change Part I Customer value imperatives Part II Developing a value-based marketing strategy The strategic pathway Market sensing and learning strategy The Customer is always right-handed New marketing meets old marketing Value-based marketing strategy Strategic thinking and thinking strategically Strategic market choices and targets Customer value strategy and positioning Strategic relationships and networks Part III Processes for managing strategic transformation Change strategy Strategic gaps Organization and processes for change Implementation process and internal marketing 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 The strategic pathway Strategic thinking and thinking strategically Market sensing and learning strategy Strategic market choices and targets Customer value Strategic strategy relationships and and positioning networks Strategic transformation and strategy implementation 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 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 company’s “Market IQ” • Crunch question = what do you know that every rival does not also know? 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 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 Marketing research versus market sensing Sources of marketing knowledge Internal records Management information CRM data systems Databases Surveys Observation Market tests Processes of management understanding Interpretation Marketing research Market sensing capabilities Ethnography Internet Futurology Cross-over tools Scanning Trends Clues Marketing intelligence Market understanding From market research to market sensing • Limitations of conventional market research – unreasonable expectations – the limits of questions – the “right” results – we don’t believe it – excuses From market research to market sensing • The elephant in the market • Strategic and non-strategic marketing information Strategic and nonstrategic marketing information Importance of information High Low High Priorities Short-term dilemmas Strategic Time wasters Urgency of information Low New cross-over tools for management understanding • Ethnography – hidden in plain sight – neuromarketing • Internet sensing – the wisdom of crowds – blogs – virtual reality – social networks 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 Marketing intelligence • Trends and clues – trendspotting – new identity groups – the quest for cool – looking for clues – deep mining • But play nicely and don’t be naughty • Managing customer knowledge 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 Lessons in learning • • • • • • • Storytelling Watching customers Meeting customers Customer days Building customer scenarios Listening not evaluating Studying complainers Enhancing sensing capabilities • A structure for market sensing A framework for market sensing Probability of the event occurring High Medium Low 7 6 Effect of the event on the company* Field of dreams Utopia 5 Things to watch 4 3 2 Danger Future risks 1 * 1=Disaster, 2=Very bad, 3=Bad, 4=Neutral, 5=Good, 6=Very good, 7=Ideal 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 Enhancing sensing capabilities • A note of caution – market sensing and new learning may be disruptive inside an organization