In this third article in our Sloan Management Review series, we share three key insights emerging from the MADStrat research – the proportion of companies for which change in magnitude vs. activity vs. direction are appropriate; the need to be both relevant and distinctive; and the requirement to consider the interests of multiple stakeholders in order to develop truly sustainable strategies.
In our second article in the “strategic management of change” series in Sloan Management Review, we identify how traditional approaches to strategy development embody two assumptions (industry stability; and shareholder primacy) that limit their usefulness now that a dynamic, multi-stakeholder approach is required. We describe how a focus on fit to purpose and relative advantage provides the key to identifying what form of change is appropriate to the specific context of a business.
The word “change” covers a broad spectrum of possibilities – in the first of our three articles on this topic in Sloan Management Review, we identify the three major forms that change can take: magnitude, activity or direction.
In 1995, Royal Caribbean Cruises Ltd. acquired Celebrity Cruises Inc., an award-winning pioneer in premium cruise travel. Over the next five years, RCCL poured over a billion dollars into new vessels and advertising to support Celebrity, which seemed like the perfect complement to RCCL’s Royal Caribbean brand.
It’s time to retool the 4 P’s of marketing for today’s B2B reality. As a framework for fine-tuning the marketing mix, the P’s—product, place, price, and promotion— have served consumer marketers well for half a century.
Marketing is the business discipline focused on how a company interacts with its markets. Although the fundamental purpose of marketing remains constant over time – namely, to support the business’ goal of creating customers – the activities of marketing change to reflect whatever is most critical to acquiring and retaining customers at any given time.
This means that, among all the business disciplines, marketing is the most sensitive to changes in technologies that affect how customers discover, evaluate and purchase products and services. Marketing is therefore the most context-dependent of all the business disciplines.
It is therefore to be expected that marketing should have been through a number of “eras” since it first emerged as a business discipline at the beginning of the twentieth century. The goal of this report is to analyze the changes in technology that give rise to each era in order to understand how marketing should respond to the latest technologies – digitization, the Internet of Things, and personalization.
Our conclusion is that a focus on customer outcomes is what is required to ensure that marketing continues to meet its purpose of acquiring and retaining customers.
T2’s research reports represent the distillation of our thinking on important business topics. In order to enable us to build communities of common interest around these topics, we ask that you share some details about yourself and the basis for your interest. Please note that we only respond to professional email addresses, not personal ones.