Chapter 2.class.notes

Chapter 2.class.notes - Chapter 2: Developing Successful...

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Chapter 2: Developing Successful Marketing and Corporate Strategies “A crisis is a terrible thing to waste”, someone once famously said. So is an opportunity, if you think about it. Emus and kangaroos – their symbolic meaning to a particular nation Strategy – a Greek word, at its root. Originally used to describe a “military commander.” o This makes sense, because successful marketing strategy is often similar to a successful military strategy Famous Historical Quotes that relate to Strategy and are also relevant to marketing strategy: Failing to plan is like planning to fail – Wooden o You want to assure failure, don’t plan. Plans are nothing, but planning is everything – Eisenhower o Plans rarely work out the way they are supposed to on paper, because circumstances change. If you don’t know where you are going, any road will get you there – anonymous. o View strategies as maps to desirable destinations But first you need to know the destination. That is where goals come into play. When absolute superiority is not attainable, produce a relative one at the decisive point by making skillful use of the resources you have – Clauswitz o Attack your competitor at its weakest point with your strengths. o Also means, firms should focus on doing what they do best, i.e., focus on their competencies or strategic advantages. If you don’t have (or cannot create) a competitive advantage, don’t compete – Jack Welch o If you cannot be sufficiently creative to create a real or perceived advantage, get out the game. Chance favored the prepared mind – Pasteur (implication) o – to be ready, to stay ready, as opportunities and threats arise. Dig wells before you are thirsty – o Chinese Proverb (implication , don’t wait to plan or initiate a necessary action) Luck is where opportunity and preparation meet 1
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o Michael Phelps is 6.4, weights 186, has hands and feet bigger than flippers, and a torso featuring short legs and a long up here – his body type gifted him with the opportunity o He also trained his a** off for over ten years, i.e., he prepared Was he lucky to win? The man who chases two rabbits rarely captures either – Chinese Proverb o Focus, focus, focus on the 1, 2 or 3 things that necessarily must be done well for you to do well. I skate to where the puck is going to be – The Great One (Wayne Gretsky) Problems denied and solutions delayed will result in a powerful day of reckoning – WSJ If you want to make God laugh, tell Him your plans – Anonymous When it comes to strategy …begin with the end in mind – Strutton Allow me to add one more critical thought: In the future, it will not be the big that eat the small. Instead, it will be the fast that kill the slow. Planning helps your firm move more quickly. In creating or executing plans, firms (and people) should focus on their strengths
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This note was uploaded on 03/12/2011 for the course MKTG 3650 taught by Professor Thompson during the Spring '08 term at North Texas.

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Chapter 2.class.notes - Chapter 2: Developing Successful...

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