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MARKETING STRATEGY

Marketing strategy is the basic approach that the business unit will use to attain its goals and which comprises of elaborate decisions (strategies) on largest markets, market positioning and mix and marketing expenditure allocation. Moreover, the marketer should take care of the other two strategic aspects, viz., expected environment and competitive conditions while determining the marketing strategy

MARKETING STRATEGY

ELEMENTS OF MARKETING STRATEGY 1. Marketing Mix The marketing mix decisions of a firm are strategic

decisions with long-term goals and long

-term

framework. All the same, they have to be modified and manipulated, based on short-term requirements.

MARKETING STRATEGY

ELEMENTS OF MARKETING STRATEGY 2. Resources of the Firm Mere ambition will not bring about a marketing mix;

only resources in terms of money, materials and men


can make it.

MARKETING STRATEGY

ELEMENTS OF MARKETING STRATEGY 3. Edge over competition It is competition that necessitates strategy or more

precisely, coping with competition is the main aim of


strategy.

MARKETING STRATEGY

ESSENTIALS OF MARKETING STRATEGY 1. Consistent A marketing strategy to be effective is to be consistent

with the overall and specific objectives and policies and


with other strategies and tactics of the marketing organization

MARKETING STRATEGY

ESSENTIALS OF MARKETING STRATEGY 2. Workable Any strategy however worthy is meaningless unless it is

able to meet the ever-changing needs of a situation

MARKETING STRATEGY

ESSENTIALS OF MARKETING STRATEGY 3. Suitable A strategy is emergent of situations or environment.

Any strategy not suiting to the environment can


impound the marketing organization in the compounds of danger and frustration

MARKETING STRATEGY

ESSENTIALS OF MARKETING STRATEGY 4. Non Risky Any strategy involves risks as uncertainty is certain;

what is important is that the extent of the risk involved


or associated with strategy is reasonably low as compared to its pay-off or returns.

MARKETING STRATEGY

ESSENTIALS OF MARKETING STRATEGY 5. Resource Based A strategic decision needs commitment of right amount

of resources to the opportunity and reservation of


sufficient resources for an anticipated or pass though errors in such demands of resources

MARKETING STRATEGY

ESSENTIALS OF MARKETING STRATEGY 6. Time Horizon A sound strategy is time bound. The time should be

long enough to permit the organization to make


adjustments and maintain the consistency of a strategy.

KEY DRIVERS OF MARKETING STRATEGY 1. Competition Most firms face four types of competition, as follows:

1. Brand Competition: they are market products with


similar features and benefits to the same customers at

similar prices

KEY DRIVERS OF MARKETING STRATEGY

1. Competition
2. Product competitors: they compete in same produce

class but with products that are different in features,


benefits and price 3. Generic Competitors: they market very different products that solve the same problem or satisfy the

same basic customer need

KEY DRIVERS OF MARKETING STRATEGY

1. Competition

4. Total Budget Competitors: they compete for the limited financial resources of the same customers

KEY DRIVERS OF MARKETING STRATEGY

2. Economic Growth and Stability


A thorough examination of economic factors requires marketing managers to gauge and anticipate the general economic conditions of the nation, region, sate

and local area in which they operate

KEY DRIVERS OF MARKETING STRATEGY

3. Political and Regulatory Issues


Organizations should track political trends and attempt to maintain good relations with elected officials Eg. Problem for Reliance Retail in UP, TATA Nano singur,

etc.

KEY DRIVERS OF MARKETING STRATEGY

4. Legal and Regulatory Issues


The marketing managers should carefully examine recent court decisions to better understand the law or regulations in question and then formulate marketing

strategy

KEY DRIVERS OF MARKETING STRATEGY

5. Technological Advancement
Technology actually refers to the way that anyone accomplished specific tasks or the processes

Eg. Advanced computer technology in warehouse


operations and delivery system

KEY DRIVERS OF MARKETING STRATEGY

6. Socio Cultural Trends


Sociocultural factors are those social an cultural influences that cause changes in attitudes, beliefs, norms, customs and lifestyles.

FORMULATING MARKETING STRATEGY


1. Segmenting the Market A market segment is thus a group of consumers in a

market who have similar needs. Each segment will


have people with different needs and expectations

FORMULATING MARKETING STRATEGY


2. Selecting the target market There are may be segments assuring immediate profits,

there may be segments demanding heavy investments


by way of market development target market identifies and make use of the opportunities in a fruitful manner

FORMULATING MARKETING STRATEGY


3. Positioning the offer The firm has to clarify what it proposes to do with its

offering, how it wants the offer to be perceived by the


customer, what position it seeks and what image it proposes to build for its offer

FORMULATING MARKETING STRATEGY


4. Assembling the marketing mix Assembling the marketing mix simply means

assembling the 4Ps of marketing in the right


combination.

STRATEGIES FOR INDUSTRIAL MARKETING


Business marketing is also known as the industrial marketing or B2B marketing.

Business marketing may be defined as the marketing of products, services, and solutions to organization such

as being enterprises, government departments and


institutions.

STRATEGIES FOR INDUSTRIAL MARKETING


B2B Branding
Product, People, Pricing, business/Industrial Advertising, Trade Shows, Place

B2B marketing communication


methodologies
Positioning Statement, Developing the message, Building a campaign plan, Briefing an agency, Measuring results

STRATEGIES FOR INDUSTRIAL MARKETING B2B Branding 1. Product The cost saving or revenue producing benefits of

products and services are important to factor in


throughout the product development and marketing cycles

STRATEGIES FOR INDUSTRIAL MARKETING B2B Branding 2. People (target market) The target market for a business product or service is

smaller and has more specialized needs reflective of a


specific industry or niche

STRATEGIES FOR INDUSTRIAL MARKETING B2B Branding 3. Pricing The business market can be convinced to pay premium

prices more often than the consumer market if


individual know how to structure the pricing and payment terms well

STRATEGIES FOR INDUSTRIAL MARKETING B2B Branding 4. Business/Industrial Advertising Industrial advertising is the strategy of attracting the

attention of another business and convincing that


company to purchase the goods and services offered by another business

STRATEGIES FOR INDUSTRIAL MARKETING B2B Branding 5. Trade Shows Trade shows are designed to let exhibitors meet many

potential customers face-to-face in a brief period of


time inexpensively

STRATEGIES FOR INDUSTRIAL MARKETING B2B Branding 6. Place (sales and distribution) The success of the marketer is highly depended on the

success of the sales force in delivering the product at


right time

STRATEGIES FOR INDUSTRIAL MARKETING B2B Marketing Communications Methodologies

The purpose is to support the organizations sales effort


and improve company profitability. It includes,

advertising, public relations, direct mail, trade show support, sales collateral and branding.

STRATEGIES FOR INDUSTRIAL MARKETING B2B Marketing Communications Methodologies 1. Positioning statement This is the statement of what any individual do and

how they do it differently and better and more


efficiently than the competitors

STRATEGIES FOR INDUSTRIAL MARKETING B2B Marketing Communications Methodologies 2. Developing the message The message should convey the consumers what the

company offers and how the consumers will be


benefited by the offer

STRATEGIES FOR INDUSTRIAL MARKETING B2B Marketing Communications Methodologies 3. Building a campaign plan Includes building a comprehensive plan to target

resources where customers believe they will deliver


the best return on investment

STRATEGIES FOR INDUSTRIAL MARKETING B2B Marketing Communications Methodologies 4. Briefing an agency A standard briefing consisting of the objectives, target

market,

target

audience,

product,

campaign

description, etc., given to the agency

STRATEGIES FOR INDUSTRIAL MARKETING B2B Marketing Communications Methodologies 5. Measuring results The real value in results measurement is in tying the

marketing campaign back to business results