Marketing Strategy And Plan
Chapter 2Marketing strategy andplan
Today Define a marketing strategy. Describe the elements of a marketing plan. Analyze a marketing situation using SWOT analyses. Describe how a firm chooses which consumer group(s) topursue with its marketing efforts. Outline the implementation of the marketing mix as ameans to increase customer value. Evaluate marketing performance. Describe how firms grow their business.2
Marketing strategyWhat is a Marketing Strategy?1. Identifies a firm’s target markets2. Identifies a related marketing mix (4 Ps)3. Identifies bases on which to build asustainable competitive advantage3
Marketing strategyWhat is a Marketing Strategy?1. Identifies a firm’s target markets2. Identifies a related marketing mix (4 Ps)3. Identifies bases on which to build asustainable competitive advantageCan you name some firmsthat have a good competitiveadvantage?4
Competitive AdvantageAdvantage over the competition thatcannot be easily nalytics5
Customer ExcellenceValue-based strategies to:1. Retain customers2. Provide outstanding customer service6
Operational ExcellenceAchieved through:1. Efficient operations2. Excellent supply chain Reduce costs Have the right stockGOAL: Provide what customerswant, when they want, and at theright price7
Product ExcellenceCreate products with high perceived value8
Product ExcellenceCreate products with high perceived value9
Location Excellence“The three most important things inretailing are location, location, location.” Located on campus Target students Located in malls Target families10
Data AnalyticsUse data to:Predict consumers needsPersonalized targetingImprove the company product/service11
Marketing PlanStep 1: Businessmission &objectivesPlanningPhaseStep 2: SituationanalysisSWOTStep 3: Identify tingstrategyImplementationPhaseStep 4: Implement marketing mixProductControlPhasePricePlacePromotionStep 5: Evaluateperformanceusing marketing metrics12
Step 1: Define the Mission Nike's mission statement is "To bringinspiration and innovation to everyathlete* in the world."* "If you have a body, you are an athlete.”-- Bill Bowerman13
Step 2: SWOT AnalysisConduct a Situation Analysis Using SWOTExample: When McDonald’s entered the specialty coffee market:14
Step 3: STPSegmentation15
Step 3: STPTargeting16
Step 3: STPTargeting17
Step 3: STPPositioning18
Step 4: Implement 4PsApple MacBookProductValue CreationPriceValue CapturePlaceValue DeliveryPromotionValueCommunicationThrough extensive marketing research, Apple knows what you look for in a laptop, howmuch you are willing to pay for the features you want, where you will shop, etc.19
Step 5: Evaluate Performance Using marketing metrics, e.g.,– Market share à % of market accounted by aspecific company– Market growth rate (of the market in which theproduct competes)20
Growth Strategies(Sales, promotions, ads)Highest Risk!!21
Growth Strategy22
Growth Strategy23
Define a marketing strategy. Describe the elements of a marketing plan. Analyze a marketing situation using SWOT analyses. Describe how a firm chooses which consumer group(s) to pursue with its marketing efforts. Outline the implementation of the marketing mix as a means to increase customer value. Evaluate marketing .
1. Understand what a marketing manager does. 2. Know what marketing strategy planning is—and why it is the focus of this book. 3. Understand target marketing. 4. Be familiar with the four Ps in a marketing mix. 5. Know the difference between a marketing strategy, a marketing plan, and a marketing program. 2–2
Know what marketing strategy planning is— and why it will be the focus of the book. 3. Understand target marketing. 4. Be familiar with the four Ps in a marketing mix. 5. Know the difference between a marketing strategy, a marketing plan, and a marketing program. 6. Understand what customer equity is and why marketing strategy planners seek to
Building a marketing plan 7 marketing strategy #1: improving the Value equation for solar 8 marketing strategy #2: reinforcing the reliability of solar technology 12 marketing strategy #3: reducing the Complexity of solar 17 marketing strategy #4: overcoming Customer inertia 20 marketing strategy #5: Finding the right message 22
May 05, 2011 · 3022 Broadway . Uris Hall, Room 604 . New York, NY 10027 . dn75@columbia.edu . May 5, 2011 . Abstract . We review accounting principles related to the reporting of marketing activities and evaluate their implications for marketing research and practice. Based on our review, we argue thatFile Size: 393KBPage Count: 50Explore further(PDF) Strategic Marketing and Marketing Strategy: Domain .www.researchgate.net(PDF) Marketing Management - ResearchGatewww.researchgate.net5 Marketing Management Orientationscommercemates.com5 Marketing Concepts: Marketing Management Philosophieswww.iedunote.comBasic Marketing Principles - Mercer Universityfaculty.mercer.eduRecommended to you b
the marketing plan. B2B MARKETING WORLD Step #1 - Define marketing aims Step #2 - Analyze the status quo Step #3 - Define your target group and buying center personas (BCP) Step #4 - Describe the customer journey. Your B2B Marketing Tactic. The 6 steps to create a marketing strategy in B2B are: The marketing aims are derived from the .
MARKETING IMPROVE YOUR STRATEGY Develop Your Marketing Plan Once you've conducted a situational analysis for your brand and gathered marketing research data, it's time to start developing a marketing plan. Whether you're completely reformulating your marketing strategy or hoping to improve an existing plan, your approach should be the same.
Unit-V Generic competitive strategy:- Generic vs. competitive strategy, the five generic competitive strategy, competitive marketing strategy option, offensive vs. defensive strategy, Corporate strategy:- Concept of corporate strategy , offensive strategy, defensive strategy, scope and significance of corporate strategy
Marketing Plan Workbook for Independent Professionals Publishing Info 2 Welcome 3 Table of Contents 4 The Eight Marketing Principles 5 1. The Game of Marketing 6 2. Marketing Mindset 10 3. Marketing Messages 16 4. Marketing Conversations 19 5. Marketing Currency 22 6. Marketing Strategies 25 .
