Strategic marketing:

Taking marketing mix to succeed

Develop your marketing strategy
Helps identify marketing mix for product/service/niche
Helps focus on where we develop sustainable competitive advantages over competition

Hey, fellow marketers, Professor Wolters here. And today I want to talk about is
strategic marketing or, or marketing strategy. And a lot of people ask, what is
marketing strategy? What is any strategy, it's your plan. It's your plan of attack,
it's your plan to win. It's your plan to reach out to customers. That's your plan to
figure out where we're going to sell your stuff. It's your plan, how you're going to
communicate with those customers. It's us taking that marketing mix, and figuring
out our plan to succeed. So if we're trying to figure out how we're going to succeed
with a product. We're going to try to succeed how to work in a certain niche of an
industry. That's our marketing strategy. We're gonna figure out how we're going to
win in these different areas. And so if we look at it, in terms of our product, what's
our marketing strategy for our product? We're going to think about what products or
services should we offer to our clients that are going to find value. And they're going
to find value in it, they're going to buy it right. But we got to think of those things
right. Then, if we look at in terms of price, we can determine the value that that target
market has about those products, about those services. We have to figure that out.
That's going to be part of our strategy. But also, we might want to have a strategy in
order to get the value across to them. Because they might not realize why our
product is going to be perfect for them. Why is it that a burger McDonald's is $1? But
a burger at a bar is like 10
bucks. What's the difference? Where's that in there? Like,
it's part of your strategy is going to be explained why the
price is different? What more Are you getting out of it? And
then if you look at the place side of things, right, your best
locations? If I'm coming out with a new computer, do I want
to have it at Walmart? Because it can be in more stores? Or do
you want to have it at Best Buy? Because then it's going to be
perceived to be a fancier, more advanced computer? Because is
that Best Buy versus Walmart? I mean, these are things you're
going to be thinking about, what's your strategy? Where do
we release it for movies? Okay, our part of our strategy is our
release date, right? Are we going to release it at the
beginning of the summer? So they have all summer to watch it? Or
do we do it right before the winter holiday. So people can
watch it while they're home for the winter holidays? Or they put
it on a random October because it's a horror movie. These are
things you're going to think about. These are things that
you're going to- your marketing team is going to strategize
around. And thing is, you're going to take a lot of things
into consideration: your customers, your competition, the
industry in general. We have to think about that, right? And of
course, you're going to look at your communication strategy. How
are we going to let people know about our new product? How are
we going to let them know about our pricing? Why-what's our
value? Why we're so great? Why we're so better than everybody else? Or
at least better than them? Or why they should buy us instead,
all these things go into your marketing strategy. Because what
we want to do is we want to use our marketing strategy to help
us figure out a way where we should focus, right? Where
should we focus so we can develop a competitive advantage,
and hopefully a sustainable competitive advantage. So we can
constantly stay in forever competition. And so what you're
looking for. If you look about this in like mobile phones,
right? If you think about marketing strategy here. First
off, the company has to identify: well, what market are
we going for? Are you going for the Oh, the personal phone? Are
you going for the business phone? Are you going for the
like little kid phone? Are you going for the home phone
substitute? Each one of these markets you go for it might have
something different they're looking for? Because you think
about if I'm going for the business market. If I'm AT&T,
what can I do? How can I get business to sign up with us
like. Well, I tell you what, if you let us be your official
phone company, we'll give all of your workers 15% off their AT&T
bill. Well, heck, we can get this deal and our employees
gonna benefit. That might be something we look at, right? So
you look at that, or maybe you're looking at professional
phones, phones that are tailored for a certain market. You know,
you'll see people have their OtterBox you know, in case their
phone falls and crashes. Well, there's some businesses and
industries that that's really common with they fall and crash and,
get smashed. Maybe we have the super tough phone industry,
right? And so we want to be out to help them. I mean, that's
what OtterBox does. That's their whole industry. And when we
start to do is with our strategy, we start to figure
out. What's our niche gonna be? You know, back in the day,
blackberries were all about. You know, we are the business phone.
We've got the actual physical type, keyboard kind of thing. We
have our own servers we have on encryption, we're doing all
these things to make it so business can be run safe, and
that was their niche. That's what they went for. Everything
was about that. But then everybody had, or everybody has
smartphones then and, and that specialty has kind of faded
away. And so what happens is you have to change your strategy.
Look, I mean, Apple with their iPhone came out as Hey, look,
we're the mp3 phone camera replacement. They didn't go for
the business market right away, but businesses eventually went
over to them because they said look, we can use apple, it's
fine. The iPhone works just as well. We'll just do that. And
blackberry needed a straight change their strategy like look, how do we keep that
business core niche right? Because your business strategy isn't set. It's not like
you're making in cement. It gives you a rough idea. It's kind of like your GPS, it gives
you an idea of how to get there. But along the way, you might have an accident or
there might be a detour that you had to take, and you got to be ready for that. So
developing your marketing strategies, you really have to think is what happens if my
competitors do this? What if our suppliers can't deliver on that? We have to think
about those things and put it all together. And that gives us our strategy.

Okay, so just think of it. It's your plan of attack to win, whether you're looking at your
marketing mix, or product, price, place, promotion, but also the people that are
involved, all this kind of stuff, the markets involved. You're taking that all together,
and we have a ton of videos on different marketing strategy models from big, hairy
audacious goals to SWOT analysis to the five forces to something more simple, like,
do you want to grow or do you want to shrink, right?

Defining a market-oriented mission (mission statement)

Many firms develop formal mission statement which answer questions.
Mission statement: organisation’s purpose – what it wants to accomplish in larger
environment. Clear statement is an ‘invisible hand’ guiding people in organisation.

Statements should be: meaningful and specific but motivating. Emphasise organisation’s
strengths in marketplace. Often are written for public relations purposes and lack specific,
workable guidelines.

Example:

Finally: not be stated as making more sales or profits – profit merely reward for creating
value for customers. Instead, focus on customers and their experience which firm wants to
create.
Marketing objectives
Most commercial marketing firms share goals of profit, market share growth and customer
retention.

Social marketers vary from commercial marketers with behaviour change as their main
objective
1. Monetary objectives

2. Market share growth

Market share growth linked with profit, but not mistaken for same thing. Successful firms
are lone term entities and operate with view to sustainable operation. Hence business might
want to sacrifice profit to establish market share.

Example: to establish 16% market sharei n SE Asian in next 24 months.

3. Customer retention
 4. Societal objectives

NOTE:
S – SMART
M – Measurable
A – Achievable/Attainable/Actionable
R – realistic/ relevant
T – time bound / timely/ time based