MARKETING-STRATEGY

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Presentation Description

An organization's strategy combines all of its trade goals into one complete plan. A good marketing strategy should be pinched from market research and focus on the result mix in order to achieve the maximum gain and assist the business. The marketing strategy is the base of a marketing plan.

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Presentation Transcript

MARKETING STRATEGY:

MARKETING STRATEGY Agenda Review of Hierarchy of Objectives Common Elements of Objectives The Process of Marketing Strategy Development BIO-BREAK The Evaluation of Opportunities Target Market Selection The Structure of Marketing Mix Strategies BIO-BREAK Generic Marketing Strategies Product Strategies Market Position Strategies

Marketing Strategy:

Marketing Strategy Hierarchy of goals and objectives Organizational Goals and Objectives Marketing Goals and Objectives Marketing Mix Goals and Objectives Marketing Mix Element Goals and Objectives

Marketing Strategy:

Marketing Strategy What business are you in? Mission statement Statement of marketing strategy Indicates product, market scope Shows growth factor Shows differential advantage Shows management orientation

Marketing Strategy:

Marketing Strategy Elements of Objectives An effect Benchmark + effect = Desired Outcome Effect has to be measureable Should be realistic Timeframe for evaluation Evaluation and effect should be related

Marketing Strategy:

Marketing Strategy Marketing Strategy Development Recognize and evaluate an opportunity Market size and potential Key competitors Choose target market Develop Objectives for each opportunity Develop Marketing Mix Strategy for each opportunity Choose Marketing mix elements

Marketing Strategy:

Marketing Strategy Opportunity Evaluation Review of the Rule of 3 Review of Requirements for Market Size Review of Relevant Competitive Set

Marketing Strategy:

Marketing Strategy Target Market Selection Introduction to Market Segmentation Review of the Strategic Options Equivalent Behaviors as the Critical Variable

Marketing Strategy:

Marketing Strategy Structure of Marketing Mix Strategies Are all Mix elements equally important? Product as the key Example using Product Life Cycle

Marketing Strategy:

Marketing Strategy Generic Marketing Strategies Cost Leadership Lower costs of production and distribution Product Differentiation Unique product or brand Focus Focus on customer needs in a few segments

Marketing Strategy:

Marketing Strategy Product Strategies Product Mix Strategies Market penetration versus market skimming Quality High Medium Low Price High Medium Low Premium Goods Penetra- tion Super Bargain Over- Pricing Average Quality Bargain Hit and Run Shoddy Goods Cheap Goods

Marketing Strategy:

Marketing Strategy Product Strategies Product Market Growth Strategies Market Penetration (increase usage) Product Development (new uses) Market Development (new users) Diversification (new users, new uses) Markets Products Old Old New New

Marketing Strategy:

Marketing Strategy Product Strategies Boston Consulting Group Strategy: Relative Market Share Market Growth Rate Problems with BCG Approach Difficult to estimate relative market share in rapidly growing markets

Marketing Strategy:

Marketing Strategy BCG Matrix: Stars Some cash use Future cash cow Cash Cows Generate cash for ?, Stars Dogs Low or no cash use When to divest ? High cash use ? Is to build or not Relative Market Share 10x 1.5x .1x (log scale) Market Growth Rate 22% 10% 0%

Marketing Strategy:

Marketing Strategy Market Position Strategies Market Follower Strategies Conscious Parallelism Similar products, prices Avoid unprofitable segments Market Niche Specialize in a very small group of customers Concentrated segmentation strategy……

Marketing Strategy:

Marketing Strategy Market Position Strategies Market Leader Strategies Increase Size of Total Market Product-Market Growth Strategies Protect Market Share Fortification Assortment of brands, sizes Innovation Best defense is a good offense Counteroffensive Increase Market Share BCG Antitrust constraints

Marketing Strategy:

Marketing Strategy Market Position Strategies Market Challenger Strategies Frontal Attack Out-innovate leader Tough to do, easier to defend Flanking/Bypass Attack Attack where leader is not looking Find a new market segment Price Discount Strategy Buyers are sensitive to price Works if leader does not cut price Cheaper Goods Strategy Lower quality but much lower price Vulnerable to still cheaper goods Prestige Goods Strategy Increase both quality and price

Marketing Strategy:

Marketing Strategy Market Challenger Strategies (cont.) Cheaper Goods Strategy Lower quality but much lower price Vulnerable to still cheaper goods Prestige Goods Strategy Increase both quality and price

Marketing Strategy:

Marketing Strategy Attacker (smaller) Defender (bigger) Position Defense Preemptive Defense Counteroffensive Contraction Defense Flanking Defense Mobile Defense Flank Attack Frontal Attack Encirclement Bypass Guerilla Attack

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