2.1 What is Marketing Strategy?

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Do curso por Yonsei University

Intro to International Marketing

194 classificações

Yonsei University

Intro to International Marketing

194 classificações

Curso 1 de 6 em Specialization International Marketing & Cross Industry Growth

About this Course This course brings together two key subjects, International Marketing and Cross Industry Innovation. It will provide the basic foundations of international marketing and then explain how companies can grow by going abroad or sourcing ideas/expanding into other countries or industries. This is summarized as CCCI: Cross-Country and Cross-Industry Innovation, a term and analytical platform used throughout not only this course but others in the specialization. As an introductory course, we keep the concepts short and simple in order to ease learners into the wonderful world of international marketing. More specific operational aspects such as managing the product, price, place and promotion as well as targeting and positioning will be provided in the second course of the specialization. After you successfully complete this course learners will obtain the following outcomes: (1) an understanding of the core meaning of marketing and international marketing. (2) learn that international marketing is about striking the right balance between maximizing the similarities across cultures (Etic approach) and customizing marketing (Emic approach) to important local differences. (3) learn about how to source or expand into other industries at home or abroad via cross industry innovation. (4) obtain a solid foundation for subsequent courses such as course 2 (International Marketing Entry and Execution) and the industry-specific courses in the specialization.

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What is Marketing Strategy?

After completing Video 2.1 successfully, you will be able to explain marketing strategy basics and avoid marketing myopia. You will also be able to use the VSA framework tool in order to find weak signals and help your company survive market tsunamis. Next, in Video 2.3 you will learn a key concept called "Transing" which is a strategy for coping with change in the corporate environment. We apply "Transing" not only to brands, such as Starbucks, but also to individuals, such as Professor Dae Ryun Chang to illustrate how we can transition when aspiring for loftier long term goals. Transing then sets you up for Video 2.4 and the core concept of Cross Industry Innovation -how companies can source ideas or expand into different industries. In the last two videos, you are given the opportunity to hear from two experts in the field: (1) Mr. Siwan Ryu discusses how Mosquito Away, a major new product was developed at LG Electronics with cross-disciplinary collaboration and (2) Ms. Hye-Won Lee talks about how Swarovski's new product ideas such as wearable jewelry was sourced from other industries.

2.1 What is Marketing Strategy?13:30

2.3 Transing11:16

2.4 Cross Industry Innovation12:02

2.5 LG Interview (Siwan Ryu)9:07

2.6 Luxury Marketing Interview H. Lee1:33

Conheça os instrutores

Dae Ryun Chang
Professor of Marketing
School of Business

Do you see what I see?

I see dinosaurs, monkeys, even cockroaches.

Maybe you can't see them because you're standing too close.

But to see it, you have to step back.

That is the essence of strategy.

Stepping back so that we can see farther away.

Welcome to the segment on marketing strategy.

Here we will learn what strategy means and I'll keep it really, really simple.

I'll talk about mostly animals.

Through these animals, I'll talk about why that stepping back,

creating that distance, is another form of myopia.

It's not so much a matter of height, but it's much more about distance.

And it helps us to understand why this is definition and

doing it properly matters so

much, especially in the international marketing context.

So, let's get started.

Okay, let me ask by giving you rhetorical

question about who is stronger?

So in the left corner,

I present T-Rex weighing in at 9 tons.

In the right corner, we have a common

cockroach weighing in at 9 grams.

So on the face of it, it's no contest because one is so

much bigger, the one is almost invisible.

And yet, it depends on what we mean by strong

because size sometimes does not matter as much.

In fact, we'll learn that size can sometimes get in the way of you winning.

So ultimately, it is about winning.

And that's where this word strategy comes from, it comes from Greek for generals.

Even though it's usually in the past mentioned as

about winning wars, here it's about another type of war.

It's about marketing wars, and

it's about long term, who is the last man or animal standing.

In other words survival.

And that's where hands down, the cockroach is much, much stronger.

Because we know what happened.

They're still around, like it or not.

I think most people don't like it.

Whereas, dinosaurs have become extinct.

They became extinct because of their inability to adapt to

the changing environment.

So survival, avoiding becoming extinct.

That's not just a problem for dinosaurs.

Not just for animals.

It happens to companies.

So this table, which is just a summary of the top ten.

But if we include the top 500 Fortune companies from

back in 55, and compare them to recently.

Amazingly, almost 90% are gone, are gone.

So the ice age, that's not just a problem for, again, animals.

It can happen to companies, and that window for

change is becoming much shorter.

Okay, so why do companies become dinosaur-like?

It's a combination of reasons.

I'll get into the details later,

but it's a function of size and related to that and maybe success.

And really, part and parcel of that is how we define our Industry.

Okay.

So, what is the issue with size?

Well, size in and of itself is not a problem, but it could proxy for

other much more fundamental problems.

Such as bureaucracy.

Such as how we think about change.

How we maybe lose focus on what we need to do to survive.

Here in Asia, we have a lot of companies.

A lot of them large companies.

Here is Korea, Japan, and India as well.

And when we combine even just two or three companies, we're

talking about millions of people effected.

That is why sometimes change or innovation can be very slow.

Because you have to again, encourage all of these people to change as well.

So it's not just a handful of people needing to change, but

ultimately the whole organization has to change.

It's like that aircraft carrier which needs a couple of

kilometers to turn course.

Well, companies can be like that too, so the message here is clean.

Even if you're big, at least act more innovative,

act or even think very small.

Okay, what's the problem with success?

Well, I talked about maybe standing too close, so

I won't go up to the camera again.

But, sometimes success breeds myopia.

So we can look at the monkey and especially,

the monkey trap and how monkeys were caught.

A lot of people are very surprised when they see that,

by their unwillingness to just let go.

Let go.

And I think as monkeys, or even as companies and

as people, especially when we're faced with risk.

Imminent risk that could effect life or

death, we have to let it go.

So even though we are saying, we are thinking, oh poor monkey.

That monkey could be you.

That's how you may be perceived from other people's eye level.

They're myopia.

Okay, so success can breed myopia, which is a physical condition.

And there's this landmark paper written by Theodore Levitt on marketing Myopia.

And what she talks about how companies and

industries because Myopic, and

how this lead to their demise.

And so success again, like size in and of itself is not a bad thing,

but we need to separate results and process.

And we have to really understand why we're successful.

And also, really carefully, especially from the consumer

at noon looking standpoint, define our business well.

In terms of what our end benefit is, what our value proposition is.

And we have to be able to separate short term gain from long term risks.

And when that long term risk is greater than our short term gain,

again we just simply have to let it go.

Okay so, issues with Business Definition.

I have an example here.

So [SOUND], this is a drill.

So, this is actually a very famous B2B question.

Which asks, what business are they in?

And you my have answered, oh, they're in the drill business.

No. The answer is they're in

the [SOUND] hole business.

Because from the consumer standpoint, that's what they want.

Again, the new niche of the consumer is that they're buying holes and

not the drill.

And holes can be made with many other products such as an awl.

So we can do it with an awl.

We can do it with a computer, numerically controlled machines.

We can even do it with a laser, so let's assume that this is a laser.

So, we can again make holes with different kinds of technologies.

But companies that are myopic and

limit themselves to just what they pleasantly produce.

They close their eye, they put blinders

on as to what potential competition may be.

Future competition that are better, that are cheaper.

That are maybe, more global.

Than you are.

Maybe you don't have that competition at home, but

lurking behind the scenes somewhere else may in fact be that competitor.

So we have to learn from even maybe

either I'll say this very quietly.

Cockroach-like organisms or other adaptive organisms, because they're able to trans.

So we'll learn about transing in a different segment.

And cockroaches, I've learned,

are able to even adjust.

Their evaluation serve functions,

and so we know of the cockroach trance where

they lure them with the sugar coated bait.

And some cockroaches apparently have learned to think

that even though it's sweet, that it's bitter.

So again they are adjusting a new niche, believe it or not.

I maybe that is for the kind of risk oriented

evaluation method, keep for performance index.

That companies need to adapt.

Even though again like that monkey, that melon seed now may

seem rewarding, but that should maybe throw a red light.

A red signal that it can actually be quite dangerous.

So called low hanging fruit, might ultimately be very dangerous to companies.

And we have to add more functions that enable us to assess that.

From the international marketing standpoint, again,

I think we tend to look, many companies do, at only the domestic market.

But these kinds of threats may actually lie well beyond that.

So don't be like that frog in the well,

where you isolate yourself into thinking that you're safe.

Whereas, the reality may be very different.

And as we saw with the grill, you have to go beyond the product focus.

You have to go beyond defining what is your competition.

And also realign the organization accordingly.

So this isn't just a marketing issue, it could be related to finance.

It could be related to production.

It could be related to an HPAR.

Okay, so wrapping up, we learn that survival is looking far,

in terms of what we need to survive.

And we survive the adapting to the changing environment.

And to do that, we have to open our minds.

We need to broaden not only our height adjustment, but

also distance adjustment in terms of how we look at the market.

How we look at the consumer.

How we look at the competition.

And all of this will help us to ultimately become a survivor.

And we have to adopt that sense in international marketing as well.

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