Marketing Concepts

1. Mission Statement

2. Overall Company Objectives

3. Competitive Strategies

4. Marketing Objectives

5. Marketing Strategies

6. Marketing Programs

Mission Statement

The first stage in strategic marketing A mission statement is a brief description of

the company, no more than a few lines that describes where the company is and where it wants to go.

Targets clients/markets Principal products/services

– Adapted from Reference Guide for Kansas Food Processors, Kansas State University and Kansas Dept of Commerce and Housing, July 1998.

Overall Company Objectives

Specific goals to be achieved that move toward the mission statement.

Normally businesses create one and three year objectives

Types of objectives:– Profitability– Volume– Stability– Nonfinancial

Competitive Strategies

A competitive strategy is developed so a practice can create advantages over the competition

Types of competitive strategies:– Overall Cost Leadership– Differentiation– Niche Marketing

Marketing Objectives

Marketing Objectives are designed to help a company attain overall objectives

Five basic marketing objectives are:– 1. To achieve a viable level of sales or market

share– 2. Increase market share– 3. Maintain market share– 4. Maximize cash flow– 5. Sustain profitability

Marketing Strategies

A marketing strategy outlines exactly how marketing objectives will be achieved.

– Increase rate of purchase by: Broadening usage occasions for the product Increasing level of consumption

– Retain current clients by: Maintain satisfaction Meeting what the “competition” offers

– Acquire new clients : By line extensions Bundling Head-to-head market dominance

Marketing Programs

Marketing Programs are the detailed approaches to the four P’s– Products– Placement– Promotion– Pricing

Product

Your services as well as physical products Brand Management What are the core competencies of your

practice? Packaging/Appearance Quality Scope of product line Client Experience

Price

Competitive Pricing Incentives (discounts, coupons, etc) Net profit – make sure you are not operating

at a loss Financing options/Payment terms Bundling

Placement

Location, Location, Location– Who are the other competitors in the

area?– Is this a location close to or in your

target market geographically, demographically?

Promotion

How do you reach your target market? – Social Media Marketing

Facebook, Myspace

– SEO (Search Engine Optimization) Never depend on one method Marketing ROI Promotional Programs Community Service

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