Module 1 marketing strategy

1. Marketing strategy

1. Marketing Mix

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What is marketing?

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Definition:

Putting the right product in the right place, at the right price, at the right time.

4 Ps of marketing

Product (or Service)

Place Price Promotion

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Product/Service

What does the customer want from the product/service? What customer needs does it satisfy?

What features does it have to match these needs?

How and where will the customer use it? What does it look like? What size, color, etc. should it be? What do you want it to be called? How is it branded? How is it different from what your competitors

do?

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Place

Where do buyers look for your product or service? (Store? Which kind? Online?)

How can you access the right distribution channels?

Do you need to use a sales force? Or attend trade fairs? Or make online submissions? Or send samples?

What do your competitors do? How can you learn from that and/or specialize?

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Price

What is the value of the product or service to the customer?

Are there established price points for products or services in your industry?

Is the customer price sensitive? Will a minor reduction in price gain you extra market share?

What discounts should you offer? How will your price compare with your

competitors?

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Promotion

Where and when can you get across your marketing messages to your target market?

Will you reach your audience by advertising in the press, on TV, radio, or billboards? By using direct marketing mailshot? Through PR? On the Internet?

When is the best time to advertise? Are there any wider environmental issues that suggest or dictate the timing of your market launch, or the timing of subsequent promotions?

How do your competitors manage their promotions? And how does that influence your choice of promotional activity?

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Product Place Price PromotionPositioningQualityFeaturesOptionsStyleRangeBrand nameSizesWarrantiesServicing

ChannelsLocationsInventoryTransportSupply ChainAgentsDistributorsExport

List priceDiscountsAllowancesPayment periodCredit termsConsignment facilitiesCredit card facilitiesRefund policy

PromotionAdvertisingPersonal settingCustomer serviceMerchandisingSales promotionSales consumerSales tradeDirect marketingWeb site interactive marketing

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1. Marketing strategy

2. SWOT Analysis

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SWOT Analysis

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DefinitionDefinition by investopedia.com

DEFINITION of 'SWOT Analysis'A tool that identifies the strengths, weaknesses, opportunities and threats of an organization. Specifically, SWOT is a basic, straightforward model that assesses what an organization can and cannot do as well as its potential opportunities and threats. The method of SWOT analysis is to take the information from an environmental analysis and separate it into internal issues (strengths and weaknesses) and external issues (opportunities and threats). Once this is completed, SWOT analysis determines what may help your company in accomplishing its objectives, and what obstacles must be overcome or minimized to achieve the desired results.

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Strong points

What competitive advantages do you have?

What does your organization do better than anyone else?

What unique or cheaper resources can you use that others can’t access?

What do people in your market consider your strengths?

What is your Unique Selling Proposition (USP)?

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Weaknesses

What could you improve?

What traps should you avoid?

What could people in your market see as weaknesses?

What makes you lose sales?

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Opportunities

What do you see as opportunities?What interesting trends do you recognize?

Opportunities may come from such things as:

Changes in technology and markets

Changes in government policies related to your field

Changes in social practices, population profiles, people’s lifestyle etc.

Local events

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Threats

What obstacles are there? What are your strongest

competitors doing? Are quality criteria or

specifications for your job, products or services changing?

Is changing technology threatening your status?

Do you have debts or problems with cash-flow?

Could any of your weaknesses seriously threaten your business?

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1. Marketing strategy

3. Target Market

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Target Market

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How to identify your target customerssocial, economic, demographic and psychological factors

Are they mainly male or female?

How old are they? Where and how do

they live? Is geography a limiting element?

What do they do to earn a living?

How much money do they earn?

What other aspects of their lives are important?

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Steps to determine the target audience

1.Understand the problems that your organization solves

2.Paint a picture of the client

3.Who will benefit from the value you offer?

4.Look at your company from the inside

5.What else is available?

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1. Marketing strategy

4. Marketing plan

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Marketing plan

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15 sections of a marketing plan

1. Executive Summary2. Target Customers3. Unique selling proposition4. Pricing & Positioning Strategy5. Distribution Plan6. Offers7. Marketing Materials8. Promotion Strategy9. Online Marketing Strategy10.Conversion Strategy11.Joint Ventures & Partnerships12.Referrals13.Strategy for Increasing

Transaction Prices14.Retention15.Financial Aspects

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Executive Summary

Presentation

Overview Complete

last

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Target Customers Demographi

cs Interests Wants and

needs

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Unique Selling

Proposition

FedEx’s USP “When it absolutely, positively has to be there overnight”

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Pricing & Positioning

Strategy

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Distribution Plan

How will customers buy from you?

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Your Offers

Special deals/ free trials etc.

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Marketing Materials

Website Print

Brochures Business

Cards Flyers …

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Promotions Strategy

TV Press

Release Online

Advertising …

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Online Marketing Strategy Keywords

SEO Paid Advertising Social Media

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Conversion Strategy

Sales scripts

Increase social proof

…

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Joint Ventures &

Partnerships

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Referral Strategy

When to ask for referrals

Rewards?

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Strategy for Increasing Transaction

Prices

Amount customers pay when they purchase

Increase price?

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Retention Strategy

Stimulate existing clients

Newsletter Loyalty

program …

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Financial Projections

E.g. Promotional expenses

Expected results

return …

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