Marketing Applications & Practices

MMS II Semester 2.9 Marketing Applications & Practices

Strategic Marketing Principles

Marketing promotes your business and all that your

business offers to your customers, brings customers to your business, and makes your business stand out in the crowd.

A solid Marketing Strategy brings consistent traffic and a

constant flow of customers to your business.

MMS II Semester 2.9 Marketing Applications & Practices

Strategic Marketing Principles The Do Approach

MMS II Semester 2.9 Marketing Applications & Practices

Principle No. 1 Know your Target Group

An Effective Marketing Campaign will be directly focused

on selling to your specific niche. Different groups of people are looking for different concepts. When you present your product to a specific niche, you increase the buyer interest exponentially, creating an opportunity for greater marketing success.

MMS II Semester 2.9 Marketing Applications & Practices

Principle No. 2 Share your Genuine Passion

When you feel strongly about your product or service, the

passion and enthusiasm you generate creates momentum that will ultimately sell your product or service.
Your buyer will assume the same passion and begin to

promote your product expanding your potential market with word of mouth marketing.

MMS II Semester 2.9 Marketing Applications & Practices

Principle No. 3 Dare to be Different & Unique

In a black and white world, wear RED and stand out in the

crowd.
Being different exemplifies quality, value, and

independence within your market.

When you present your business as Unique and

Differentiate between yourself and others you Brand your business with Integrity and Independence.

MMS II Semester 2.9 Marketing Applications & Practices

Principle No. 4 Understand the Law of Success

Know that Success is the natural response to Marketing. Once you understand that Success is the Natural Response

to Marketing it's easy to accept a "No" with sincere grace and move on to the next customer.
When you realize that making a sale is a direct result of

having a product or service to sell, you can smile and walk away graciously when someone doesn't buy with confidence that they just don't need what you have to offer.
MMS II Semester 2.9 Marketing Applications & Practices

Principle No. 5 Know your Business Purpose

When you understand that your purpose in business is to

make sales and market your product or services, then you begin to present your product and services in everything you do.
Your website promotes your business, because it sells your

products and services.

Your business card, your letterhead, you copy, your

mannerisms sell your business because that's the purpose and goal of your Business.
MMS II Semester 2.9 Marketing Applications & Practices

Principle No. 6 Find Results Oriented Solutions

Once your efforts are focused on solutions your business

expands to encompass the process, developing new ways and concepts to offer solutions to your specific market.
Your customers begin turning to you for all their solutions

in your field and your company produces more and more solutions.
The result of high quality business solutions is success.

MMS II Semester 2.9 Marketing Applications & Practices

Principle No. 7 Never Give Up

Failure is part of success. When you realize that every failure you experience brings

you that much closer to success, and every failure you experience is a lesson bringing you closer to success, you encounter more opportunities for success.
Learn from mistakes and make consistent strides to

improve your Business Marketing Strategies.

MMS II Semester 2.9 Marketing Applications & Practices

Strategic Marketing Principles The Purpose

MMS II Semester 2.9 Marketing Applications & Practices

Purpose 1
Facilitate a Business Achieve Competitive Advantage: The purpose of marketing strategy is to facilitate a business achieve and sustain a competitive advantage in the marketplace.

Assumption: Achieving and sustaining a competitive advantage is the means to achieving marketplace performance objectives (e.g., market share, sales, market share growth, sales growth) and financial performance objectives (e.g. return on investment, earnings growth).

MMS II Semester 2.9 Marketing Applications & Practices

Purpose 2
Create Market-based Assets: The purpose of marketing strategy is to create market-based relational assets and market-based intellectual assets. Representative market-based relational assets include brand equity, customer base and customer relationship equity, channel members and channel relationship equity, and marketing alliance partners and alliance relationship equity. Representative market based intellectual assets include market knowledge and marketing knowledge

MMS II Semester 2.9 Marketing Applications & Practices

Purpose 3
Consumer and Customer Behavior Modification: The purpose of marketing strategy is to shape the behaviors of customers and consumers in ways that are conducive to their acquisition, possession and/or consumption of the firms product offerings. Among the avenues available to firms to achieve consumer and customer behavior modification are: persuasive communication, branding, positioning, product innovation, packaging, distribution and pricing.

MMS II Semester 2.9 Marketing Applications & Practices

Purpose 4
Enhance Salience of Non-Price Criteria in Buyers Choice Decisions: The purpose of marketing strategy is to enhance the salience of non-price criteria vis--vis price in buyers choice decisions. Assumptions and Premises 1. Two broad sets of criteria -- price and non-price criteria -influence the buying decisions (e.g., brand choice decisions) of individuals and organizations.

MMS II Semester 2.9 Marketing Applications & Practices

Purpose 4
2. Through pursuit of a strategy of differentiation of a business product offering from the generic product, firms can enhance the importance of non-price criteria relative to price in the buyers brand choice decision process, and thereby command a price premium in the marketplace relative to the generic product. 3. Through pursuit of a strategy of differentiation of a business product offerings from its competitors product offerings, firms can enhance the importance of non-price criteria relative to price in the buyers brand choice decision process.
MMS II Semester 2.9 Marketing Applications & Practices

Purpose 4
4. The range of options available to a business for pursuing a strategy of differentiation encompasses all non-price criteria that buyers either currently factor into the brand choice decision process or can be persuaded to factor into the brand choice decision process. 5. A business incurs certain costs in differentiating its product offering from its competitors product offerings and/or the generic product.

MMS II Semester 2.9 Marketing Applications & Practices

Purpose 4
6. All else being equal, a strategy of differentiation will enable a business to enhance its financial performance, when the incremental cost of differentiation per unit is lower than the price premium that a unit of the differentiated product is able to command in the marketplace. 7. Holding all other factors constant, those dimensions of differentiation for which the incremental cost of differentiation is lower than the incremental price premium that such differentiation is likely to command in the marketplace constitute feasible avenues for differentiation.
MMS II Semester 2.9 Marketing Applications & Practices

Purpose 5
5. Enhancing Strategy Effectiveness through Segmentation, Differentiation and Positioning: Segmenting the market into homogenous subgroups, developing differentiated offerings responsive to the needs of individual market segments, and distinctively positioning the offerings is generally conducive to enhancing the effectiveness of a business marketing strategy. Assumptions and Premises The effectiveness of a strategy of differentiation is contingent uponheterogeneity of demand.
MMS II Semester 2.9 Marketing Applications & Practices

Purpose 5
Heterogeneity of demand can either be a pre-existing state of the marketplace, or a consequence of heterogeneity of supply and the marketing efforts of competing businesses to stimulate demand heterogeneity. Differentiation implies heterogeneity of supply. Differentiation encompasses positioning. Positioning implies differentiation.

MMS II Semester 2.9 Marketing Applications & Practices