Mark App Class 1

8/3/2019 Mark App Class 1

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Marketing Applications & Practices

MMS II Semester 2.9 Marketing Applications & Practices


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Strategic Marketing Principles

MMS II Semester 2.9 Marketing Applications &Practices

y Marketing promotes your business and all that yourbusiness offers to your customers, brings customers to yourbusiness, and makes your business stand out in the crowd.

y A solid Marketing Strategy brings consistent traffic and aconstant flow of customers to your business.


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Strategic Marketing Principles The

Do Approach



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Principle No. 1 Know your Target Group


y An Effective Marketing Campaign will be directly focusedon selling to your specific niche.

y Different groups of people are looking for different

concepts.y When you present your product to a specific niche, you

increase the buyer interest exponentially, creating anopportunity for greater marketing success.


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Principle No. 2 Share your Genuine Passion


y When you feel strongly about your product or service, thepassion and enthusiasm you generate creates momentumthat will ultimately sell your product or service.

y Your buyer will assume the same passion and begin topromote your product expanding your potential marketwith word of mouth marketing.


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Principle No. 3 Dare to be Different &

Unique


y In a black and white world, wear RED and stand out in thecrowd.

y Being different exemplifies quality, value, andindependence within your market.

y When you present your business as Unique and

Differentiate between yourself and others you Brand yourbusiness with Integrity and Independence.


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Principle No. 4 Understand the Law of

Success


y Know that Success is the natural response to Marketing.

y Once you understand that Success is the Natural Responseto Marketing it's easy to accept a "No" with sincere graceand move on to the next customer.

y When you realize that making a sale is a direct result of

having a product or service to sell, you can smile and walkaway graciously when someone doesn't buy withconfidence that they just don't need what you have to offer.


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Principle No. 5 Know your Business

Purpose


y When you understand that your purpose in business is tomake sales and market your product or services, then youbegin to present your product and services in everything

you do.

y Your website promotes your business, because it sells yourproducts and services.

y Your business card, your letterhead, you copy, yourmannerisms sell your business because that's the purposeand goal of your Business.


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Principle No. 6 Find Results Oriented

Solutions


y Once your efforts are focused on solutions your businessexpands to encompass the process, developing new waysand concepts to offer solutions to your specific market.

y Your customers begin turning to you for all their solutionsin your field and your company produces more and moresolutions.

y The result of high quality business solutions is success.


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Principle No. 7 Never Give Up


y Failure is part of success.

y When you realize that every failure you experience bringsyou that much closer to success, and every failure youexperience is a lesson bringing you closer to success, youencounter more opportunities for success.

y Learn from mistakes and make consistent strides toimprove your Business Marketing Strategies.


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Strategic Marketing Principles The

Purpose



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Purpose 1


Facilitate a Business Achieve CompetitiveAdvantage: The purpose of marketing strategy is to facilitatea business achieve and sustain a competitive advantage in the

marketplace.Assumption: Achieving and sustaining a competitiveadvantage is the means to achieving marketplaceperformance objectives (e.g., market share, sales, market

share growth, sales growth) and financial performanceobjectives (e.g. return on investment, earnings growth).


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Purpose 2


Create Market-based Assets: The purpose of marketingstrategy is to create market-based relational assets andmarket-based intellectual assets.

Representative market-based relational assets include brandequity, customer base and customer relationship equity,channel members and channel relationship equity, andmarketing alliance partners and alliance relationship equity.

Representative market based intellectual assets includemarket knowledge and marketing knowledge


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Purpose 3


Consumer and Customer Behavior Modification: Thepurpose of marketing strategy is to shape the behaviors ofcustomers and consumers in ways that are conducive to their

acquisition, possession and/or consumption of the firmsproduct offerings.

Among the avenues available to firms to achieve consumerand customer behavior modification are: persuasive

communication, branding, positioning, product innovation,packaging, distribution and pricing.


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Purpose 4


Enhance Salience of Non-Price Criteria in BuyersChoice Decisions: The purpose of marketing strategy is toenhance 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.


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Purpose 4


2. Through pursuit of a strategy of differentiation of abusiness product offering from the generic product, firmscan enhance the importance of non-price criteria relative to

price in the buyers brand choice decision process, andthereby command a price premium in the marketplacerelative to the generic product.

3. Through pursuit of a strategy of differentiation of a

business product offerings from its competitors productofferings, firms can enhance the importance of non-pricecriteria relative to price in the buyers brand choice decisionprocess.


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Purpose 4


4. The range of options available to a business for pursuing astrategy of differentiation encompasses all non-price criteriathat buyers either currently factor into the brand choice

decision process or can be persuaded to factor into the brandchoice decision process.

5. A business incurs certain costs in differentiating itsproduct offering from its competitors product offerings

and/or the generic product.


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Purpose 4


6. All else being equal, a strategy of differentiation will enablea business to enhance its financial performance, when theincremental cost of differentiation per unit is lower than the

price premium that a unit of the differentiated product is ableto command in the marketplace.

7. Holding all other factors constant, those dimensions ofdifferentiation for which the incremental cost of

differentiation is lower than the incremental price premiumthat such differentiation is likely to command in themarketplace constitute feasible avenues for differentiation.


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Purpose 5


5.Enhancing StrategyEffectiveness throughSegmentation, Differentiation andPositioning: Segmenting the market into homogenous

subgroups, developing differentiated offerings responsive tothe needs of individual market segments, and distinctively

positioning the offerings is generally conducive to enhancingthe effectiveness of a business marketing strategy.

Assumptions and Premises The effectiveness of a strategy of differentiation iscontingent uponheterogeneity of demand.


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Purpose 5


Heterogeneity of demand can either be a pre-existing stateof the marketplace, or a consequence ofheterogeneity ofsupply and the marketing efforts of competing businesses to

stimulate demand heterogeneity.

Differentiation implies heterogeneity of supply.

Differentiation encompasses positioning.

Positioning implies differentiation.

Documents

Mark App Class 1