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marketing_strategy

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Business-Finance

Published on January 8, 2009

Author: aSGuest9611

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Marketing Strategy: Marketing Strategy Segmentation, Targeting and Positioning The Tools of Marketing: Business Strategy Marketing Strategy Who to Serve How to Serve the “Offering” Marketing Tactics and Programs Pricing Policy List prices Discounts and promotions Credit terms Etc. Product Policy Length and depth of line Quality Associated services Packaging/labeling Design Etc. Place/Distribution Policy Intensity Terms Service Etc. Promotional Policy Communication Mix Elements The Tools of Marketing Mission SBUs STP Business Strategy: Business Strategy A Business has customer groups (i.e. markets), customer needs, core offering Three generic business strategies (Porter): 1. Overall cost leadership 2. Differentiation 3. Focus Business Growth Strategies: Business Growth Strategies Existing Markets New Markets Existing Products Market Penetration Market Development New Products Product Development Diversification Marketing Strategy (STP): Marketing Strategy (STP) Segmentation of customer groups (markets) Selection of specific Target Markets Positioning of core offering to each target market The Environments: The Environments FACTORS SHAPING PRIMARY DEMAND Cultural, Social and Demographic Environment Major effect is on people’s and organization’s willingness to buy certain kinds of products and services Economic and Technological Environments Impacts on people’s and organization’s ability to buy Political and Legal Environments Impacts on the nature of practices used to drive primary and selective demand May also shape primary demand for goods and services needed to comply with regulations The Environments: The Environments FACTORS SHAPING SELECTIVE DEMAND Competitive Environment Impacts on whether we can meet buyer needs better than anyone else Includes substitutes Major effect is on people’s and organization’s choice of brands other than yours Customer Environment Major effect is on people’s and organization’s choice of brands Current Marketing Situation (i.e. the internal environment) Major effect is on people’s and organization’s choice of your brand over others Competitive Assessment: Competitive Assessment Marketing Strategy Target Market(s) Business Strategy Generic Strategy Market Share Key Success Factors Share of Mind Competitive Advantage (Positioning) Marketing Mix Elements Core Offering(s) Product/Service Quality Pricing Communication Media Personal Selling Methods Distribution Methods Location Post-sales service For Each Competitor, Assess the following: Segmentation Scheme: Segmentation Scheme Level 1 - Base Level 2 - Base Typical Bases: Demographic Geographic Behavioral Psychographic A Sample: A Sample The Segmentation Grid Consumer Profiling: The Segmentation Grid Consumer Profiling Contents: Who buys… What Where When Why How Assessment of Current Marketing Situation: Assessment of Current Marketing Situation Current marketing strategy assessment Segmentation strategy Target Markets Positioning & Branding Marketing Mix Elements Sources of competitive advantage Constraints Budget Technology Human factors Channels Suppliers Management, etc. SMART Objectives: SMART Objectives S pecific M easurable A chievable R ealistic T imeline Overall Plan Objectives Individual Segment Objectives Positioning Objectives Tactical Objectives: Product Objectives Pricing Objectives Place Objectives Promotion Objectives The Marketing Plan A Hierarchy of Objectives Integrating Analysis with Planning: ASSESS MARKET-COMPANY FIT Define Quality and Identify Segments You Can Serve (Targeting) ASSESS PRODUCT-COMPANY FIT Evaluate Relative Quality and Identify Competitors You Can Beat (Targeting & Positioning) CUSTOMER ANALYSIS Who BUYS What, Where, When, How and Why Determine Basis of Segmentation COMPETITOR ANALYSIS Who OFFERS What, Where, When, How and Why Determine Basis of Differentiation COMPANY ANALYSIS Given your objectives and resources … what can you do, for whom, where and when? Integrating Analysis with Planning Alternatives Segmentation Strategy: Alternatives Segmentation Strategy Mass Market Segment A Segment A Segment B Segment B Segment B Segment C Segment C Segment C Niche A2 Niche A1 Niche A3 Niche A2 Niche A1 Niche A3 Multi- Segment Strategy Single Segment Strategy Segment Niche Strategy Mass Customization Strategy Segment C Segment B Targeting Decision Matrix: Targeting Decision Matrix Criteria (Fit) Weight Target Segment A Target Segment B Target Segment C Attractive? ** Fit with growth and profit objectives? ** Fit with Mission? ** Competitive Advantage Company Resources Constraints? Fit with Trends – elements affecting Primary Demand Profitable? Total Positioning: Positioning The “definition”, “place”, or “identity” of a product in the minds of consumers, relative to competitive offerings. Assumes Differentiation A positioning statement To defined target segment X is the brand of defined category That unique selling proposition Positioning Competitively: Alternative Positioning Strategies: Positioning Competitively: Alternative Positioning Strategies Product attributes Benefits offered Usage occasions Classes of users Directly on competitor Around competitor Against product class Positioning: The Unifying Theme for Marketing Efforts: Positioning: The Unifying Theme for Marketing Efforts Positioning Reflects Key Elements of Strategy How we think the customer views the product How we want the customer to think about us Who the customer sees as a substitute for us What we feel we can do better than the competition Positioning Shapes Customer Expectations A “promise” to potential customers The reason they give us trial; the standard we must meet All Marketing Elements Must Reinforce the Positioning Positioning embodies the principle of market FOCUS Focus requires a concentration on a specific type of customer Inconsistencies between marketing tools leads to a loss of efficiency and effectiveness What the Customer Gets What the Customer Wants Associated services Packaging Features Brand identity Image Level of quality Warranty Credit Delivery Installation Pre-sales services Back-office services Creating a Value Proposition (Positioning): Creating a Value Proposition (Positioning) Part 1: What We Do For the target market Who want the “consumption problem” (what “need” do you serve?) Our product is our portion of the “solution” (when do they think about your class of product in connection with that need?) That features key benefit provided (what’s the one or two things you want them to remember about you?) As measured by how the customer infers quality Part 2: Why We Will Win Unlike our main competitors Our product provides key point(s) of difference As supported by what makes our difference possible (why they should believe us…TODAY) And protected by why the competition cannot easily overcome it (why they should believe us…TOMORROW) The role of the marketing mix: The role of the marketing mix Product Price Place Promotion Physical Evidence Process People Partnering Target Customers Positioning Marketing Strategy Decisions Tactical Implementation Customer Effects Some Decision Areas Organized by the Four Ps: Product Objectives Physical Goods Service Features Quality Level Accessories Installation Instructions Warranty Product Lines Packaging Branding Place Objectives Channel Type Market Exposure Kinds of Middleman Kinds and Locations of Stores How to Handle Transporting and Storing Service Levels Recruiting Middlemen Managing Channels Promotion Objectives Blend Salespeople - Kind - Number - Selection - Training - Motivation Advertising - Targets - Kinds of Ads - Media Type - Copy Thrust - Who Prepares? Sales Promotion Publicity Price Objectives Flexibility Level over Product Life Cycle Geographic Terms Discounts Allowances Some Decision Areas Organized by the Four Ps Some Decision Areas Organized by the other Ps: Phys. Evidence Objectives Facility Design Equipment Signage Employee Dress Other tangibles - Reports - Bus. Cards - Statements - Guarantees Process Objectives Flow of activities Customer involvement Number of steps Queuing Payment methods People Objectives HR activities Customer training Customer education Partnering Objectives Loyalty programs Incentive programs Alliances Networking Some Decision Areas Organized by the other Ps Marketing Mix : Marketing Mix Target Segment A Target Segment B Positioning Statement To Target Market A, X is the differentiated brand of category that offers….. Product Objectives for Product Mix Items Product Tactics to augment offering to fit with positioning Price Objectives for pricing Pricing tactics to fit with positioning Promotion Objectives for promotion Promotion tactics to fit with positioning Place Objectives for channels/place Tactics Partnering Objectives and tactics Physical Evidence* Process* People * Implementation: Implementation Implementation Task People Money Time Control/Evaluation Place full page advertisement in CIO magazine Marketing Manager $10,000 September, 2003 Track telephone calls and website visits pre- and post-advertisement Re-arrange waiting area, purchase couches, Office Manager $15,000 for new furniture and other chattels October 2003 Review regular customer surveys to check satisfaction with waiting area Reduce price of Widget inventory to eliminate excess stock Store Managers $300 for new price tags November 2003 Store managers to review inventory weekly to determine if further price changes are needed Budget: Budget Projections of sales Include and note implementation costs Sensitivity analysis Controls: Controls Overall Plan Objectives Individual Segment Objectives The Marketing Plan A Hierarchy of Objectives Metrics Method of Evaluation Timing and frequency of Evaluation Reaction Plans Contingencies The Report: The Report Introduction (Background) Case Problem(s), Issue(s) Objectives/Decision Criteria Analysis Current marketing situation Identification and analysis of alternatives Marketing Strategy/ Recommendations Implementation Plan (Marketing Mix) Sources: Sources Dr. S. Armstrong, Wharton Dr. M. Cunningham, Queen’s Mr. K. Wong, Queen’s Dr. S. Taylor, Queen’s Kotler and Keller (2007), A Framework for Marketing Management – 3 rd Edition , Pearson/Prentice Hall Zeithaml, Bitner, and Gremler (2005), Services Marketing – 4 th Edition , McGraw-Hill The 2201 Team – S. Myrden, D. Stapleton, T. Jones

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