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TODAY’S REPORT:
STRATEGYMARKETING
PUSH BUTTON TO START
By: JERAMEEL PALCON LU
MARKETING STRATEGYDEFINITIONS MARKET STRATEGY PLANNING MARKET STRATEGY SPECIFICATIONS MARKETING MIX
WAITING TO CHOOSE FROM ABOVE OPTIONS
DEFINITIONS MARKETING MIXMARKET STRATEGY SPECIFICATIONS
MARKETING STRATEGYMARKET STRATEGY PLANNINGD E F I N I T I O N
STRATEGY
MARKETING
A strategy that integrates an organization's marketing goals into a cohesive whole. Ideally drawn from market research, it focuses on the ideal product mix to achieve maximum profit potential. The marketing strategy is set out in a marketing plan.
MARKETING STRATEGY
MARKETING CONCEPT
MARKETING MIXMARKET STRATEGY SPECIFICATIONSMARKET STRATEGY PLANNING
MARKETING STRATEGY
STRATEGYIt is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
B
D E F I N I T I O N
MARKETING CONCEPT
MARKETING MIXMARKET STRATEGY SPECIFICATIONSMARKET STRATEGY PLANNING
MARKETING STRATEGY
STRATEGYAs applied to small business, marketing means identifying what the customers want and satisfying this want through the right product, the right price, the right location, and the right information.
B
D E F I N I T I O N
MARKETING CONCEPT
MARKETING MIXMARKET STRATEGY SPECIFICATIONSMARKET STRATEGY PLANNING
MARKETING STRATEGYD E F I N I T I O N
MARKETING
Refers to a plan of action designed to achieve a particular goal.
B
MARKETING CONCEPT
MARKETING MIXMARKET STRATEGY SPECIFICATIONSMARKET STRATEGY PLANNING
MARKETING STRATEGYD E F I N I T I O N
MARKETINGThe marketing concept provides a guiding principle to small business which is making a match between its intended customers and its products or services. To achieve the desired match, the following questions must be answered:
B
STRATEGY
MARKETING MIXMARKET STRATEGY SPECIFICATIONSMARKET STRATEGY PLANNING
MARKETING STRATEGYD E F I N I T I O N
MARKETING
B
STRATEGY
Who are my customers?
What products or services are required by my customers?
At what price are the products or services required?
At what place are the products or services required?
At what time are the products or services required?
How do the customers want the products or services delivered?
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MARKETING MIXMARKET STRATEGY SPECIFICATIONSMARKET STRATEGY PLANNING
MARKETING STRATEGYD E F I N I T I O N
MARKETING
B
STRATEGY
Devise a marketing strategy
Use marketing research
Develop a marketing mix
Identify the size of the geographic market area to be served.
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To be able to answer the said questions, the following must be undertaken:
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(STEINHOFF AND BURGESS)
DEFINITIONS MARKETING MIXMARKET STRATEGY SPECIFICATIONS
MARKETING STRATEGYM A R K E T S T R AT E G Y P L A N N I N G
MARKET STRATEGY PLANNING PROCESS
MARKET STRATEGY PLANNING
BACK
DEFINITIONS MARKETING MIXMARKET STRATEGY SPECIFICATIONS
MARKETING STRATEGYM A R K E T S T R AT E G Y P L A N N I N G
MARKET STRATEGY PLANNING PROCESS
MARKET STRATEGY PLANNING It is an activity of a small
business which seeks to find alternative opportunities and develop profitable marketing strategies.
DEFINITIONS MARKETING MIXMARKET STRATEGY SPECIFICATIONS
MARKETING STRATEGYM A R K E T S T R AT E G Y P L A N N I N G
2
MARKET STRATEGY PLANNING PROCESS
MARKET STRATEGY PLANNING IDENTIFY STRENGTHS AND
WEAKNESSES OF BUSINESS
ANALYZE EXTERNAL ENVIRONMENT
IDENTIFY ATTRACTIVE MARKET OPPORTUNITIES
DETERMINE APPLICABLE MARKETING MIX
DETERMINE SIZE OF MARKET AREA
IDENTIFY TARGET MARKETS
CLICK TO VIEW THE PROCESS
BACK
DEFINITIONS MARKETING MIX
MARKETING STRATEGYMARKET STRATEGY PLANNINGM A R K E T S T R AT E G Y S P E C I F I C AT I O N S
APPLICABLE MARKETING MIX
TARGET MARKETING
SIZE OF MARKETING AREA
TARGET MARKETING
APPLICABLE MARKETING MIX
SIZE OF MARKETING AREA
MARKETING STRATEGY SPECIFIES THE FOLLOWING:
DEFINITIONS MARKETING MIX
MARKETING STRATEGYMARKET STRATEGY PLANNINGM A R K E T S T R AT E G Y S P E C I F I C AT I O N S
TARGET MARKETING
SIZE OF MARKETING AREA
This refers to the activity that seeks “to identify a fairly homogenous or similar group of customers to whom a company wishes to appeal.”
APPLICABLE MARKETING MIX
STEPS
DEFINITIONS MARKETING MIX
MARKETING STRATEGYMARKET STRATEGY PLANNINGM A R K E T S T R AT E G Y S P E C I F I C AT I O N S
TARGET MARKETING
SIZE OF MARKETING AREA
TARGET MARKETING Steps under target marketing:
APPLICABLE MARKETING MIX
STEPSSTEPS1. IDENTIFICATION OF TARGET MARKET.
2. IDENTIFICATION OF THE CHARACTERISTICS OF TARGET MARKET.
3. MEASUREMENT OF THE SIZE OF THE TARGET MARKET AREA.
IDENTIFICATION OF TARGET MARKET
IDENTIFICATION OF THE CHARACTERISTICS OF THE TARGET MARKET
MEASUREMENT OF THE SIZE OF THE MARKET AREA
DEFINITIONS MARKETING MIX
MARKETING STRATEGYMARKET STRATEGY PLANNINGM A R K E T S T R AT E G Y S P E C I F I C AT I O N S
TARGET MARKETING
SIZE OF MARKETING AREA
TARGET MARKETING
APPLICABLE MARKETING MIX
STEPSSTEPS
IDENTIFICATION OF THE CHARACTERISTICS OF THE TARGET MARKET
MEASUREMENT OF THE SIZE OF THE MARKET AREA
IDENTIFICATION OF TARGET MARKET
TARGET MARKETIs the particular market
segment that the company wishes to serve.
FOR AN EXAMPLE:
CLICK HERE
DEFINITIONS MARKETING MIX
MARKETING STRATEGYMARKET STRATEGY PLANNINGM A R K E T S T R AT E G Y S P E C I F I C AT I O N S
TARGET MARKETING
SIZE OF MARKETING AREA
TARGET MARKETING
APPLICABLE MARKETING MIX
STEPSSTEPS
MEASUREMENT OF THE SIZE OF THE MARKET AREA
IDENTIFICATION OF TARGET MARKET
“To be able to serve the target market properly, its characteristics must be known by the small business operator.”
IDENTIFICATION OF THE CHARACTERISTICS OF THE TARGET MARKET
Characteristics of the target market:1. Age2. Sex3. Family size4. Family life cycle5. Income6. Occupation7. Religion8. Race9. Nationality
DEFINITIONS MARKETING MIX
MARKETING STRATEGYMARKET STRATEGY PLANNINGM A R K E T S T R AT E G Y S P E C I F I C AT I O N S
TARGET MARKETING
SIZE OF MARKETING AREA
TARGET MARKETING
APPLICABLE MARKETING MIX
STEPSSTEPS
IDENTIFICATION OF TARGET MARKET
IDENTIFICATION OF THE CHARACTERISTICS OF THE TARGET MARKET
To effectively serve the target market, the following must be known:
1. Number of potential customers.
MEASUREMENT OF THE SIZE OF THE MARKET AREA
Knowing the number of potential customers will provide the means of ascertaining the most economical approach to reach them. This will even help in deciding whether or not to continue adapting the target market.
2. The population growth trend of the market area
Information about the growth trend of the market area is very important for the firm. To most companies, growing markets offer several advantages. One of them is expanding sales potential.
DEFINITIONS MARKETING MIX
MARKETING STRATEGYMARKET STRATEGY PLANNINGM A R K E T S T R AT E G Y S P E C I F I C AT I O N S
TARGET MARKETING
SIZE OF MARKETING AREA
APPLICABLE MARKETING MIX
STEPSSTEPS
IDENTIFICATION OF TARGET MARKET
IDENTIFICATION OF THE CHARACTERISTICS OF THE TARGET MARKET
MEASUREMENT OF THE SIZE OF THE MARKET AREA
DEFINITIONS MARKETING MIX
MARKETING STRATEGYMARKET STRATEGY PLANNINGM A R K E T S T R AT E G Y S P E C I F I C AT I O N S
TARGET MARKETING
SIZE OF MARKETING AREASIZE OF MARKETING AREA
STEPSSTEPS
IDENTIFICATION OF TARGET MARKET
IDENTIFICATION OF THE CHARACTERISTICS OF THE TARGET MARKET
MEASUREMENT OF THE SIZE OF THE MARKET AREA
APPLICABLE MARKETING MIX
DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNINGMARKET STRATEGY SPECIFICATIONS
MARKETING STRATEGYM A R K E T I N G M I X
CONTROLLABLE VARIABLES
THE MARKETING MIX
PRODUCT OFFERING
PRICE
PROMOTION
PLACE
DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNINGMARKET STRATEGY SPECIFICATIONS
MARKETING STRATEGYM A R K E T I N G M I X
CONTROLLABLE VARIABLES
MARKETING MIX
PRODUCT OFFERING
PRICE
PROMOTION
PLACE
THE MARKETING MIXThe MARKETING MIX
refers to the combination of the controllable marketing variables that a manager uses to carry out a marketing strategy in pursuit of the firm’s objectives in a given target market.
DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNINGMARKET STRATEGY SPECIFICATIONS
MARKETING STRATEGYM A R K E T I N G M I X
CONTROLLABLE VARIABLES
THE MARKETING MIX
PRODUCT OFFERING
PRICE
PROMOTION
PLACE
CONTROLLABLE VARIABLES
PRODUCT OFFERING
PRICE
PROMOTION
PLACE
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THE MARKETING MIX IS BLENDING OF THE FOLLOWING CONTROLLABLE VARIABLES:
DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNINGMARKET STRATEGY SPECIFICATIONS
MARKETING STRATEGYM A R K E T I N G M I X
CONTROLLABLE VARIABLES
THE MARKETING MIX
PRICE
PROMOTION
PLACE
CONTROLLABLE VARIABLES
PRODUCT OFFERING1
PRODUCT OFFERINGThe product offering
must provide customers with value that will be preferred over the competition. It may involve a physical good, a service, or a combination of both.
DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNINGMARKET STRATEGY SPECIFICATIONS
MARKETING STRATEGYM A R K E T I N G M I X
CONTROLLABLE VARIABLES
THE MARKETING MIX
PROMOTION
PLACE
CONTROLLABLE VARIABLES
PRICE2
PRODUCT OFFERING
PRICE
The price is what is charged for products offered. The right price must be determined in relation to cost of producing and selling the product. The price of the competition must also be considered.
DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNINGMARKET STRATEGY SPECIFICATIONS
MARKETING STRATEGYM A R K E T I N G M I X
CONTROLLABLE VARIABLES
THE MARKETING MIX
PLACE
CONTROLLABLE VARIABLES
PROMOTION3
PRODUCT OFFERING
PRICE
PROMOTION
Promotion refers to communicating information between the company and potential buyers to influence buying attitudes and behavior.
Personal sellingaThis involves direct
communication between sellers and potential customers.
AdvertisingbThis consists of any form of
paid, non personal presentation of ideas, goods, or services.
Sales promotioncThis refers to promotion
activities that stimulate interest, trial, or purchase by final customers.
DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNINGMARKET STRATEGY SPECIFICATIONS
MARKETING STRATEGYM A R K E T I N G M I X
CONTROLLABLE VARIABLES
THE MARKETING MIX
CONTROLLABLE VARIABLES
PLACE4
PRODUCT OFFERING
PRICE
PROMOTION
PLACE
This refers to making products available in the right quantities and locations, when customers want them.
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DEFINITIONS MARKETING MIX
MARKETING STRATEGYMARKET STRATEGY PLANNINGM A R K E T S T R AT E G Y S P E C I F I C AT I O N S
TARGET MARKETING
SIZE OF MARKETING AREA
APPLICABLE MARKETING MIX
STEPS
PUBLISHING FIRM
EXAMPLE
IDENTIFYING THE TARGET MARKET
ELEMENTARY STUDENTS
HIGH SCHOOL STUDENTS
COLLEGE STUDENTS
PROFESSIONALS
IDENTIFIED WITH HIGHLY DESIRABLE
CHARACTERISTICS
IDENTIFIED WITH MODERATELY DESIRABLE
CHARACTERISTICS
IDENTIFIED WITH LESS DESIRABLE
CHARACTERISTICS
IDENTIFIED WITH LESS DESIRABLE
CHARACTERISTICS
MARKET
ING
SEGM
ENTS
TARGET MARKET
IDENTIFIED WITH
HIGHLY DESIRABLE CHARACTERISTICS