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MarketingStrategy

MR 506 Marketing Conceptsand Strategies

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Agenda

Marketing Strategy

New Product Development Target Market

Marketing Mix(4 P's, 4 C's) SWOT

Market Scope A Successful Marketing Strategy

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Marketing strategyis a process that canallow an organization to concentrate its limitedresources on the greatest opportunities toincrease sales and achieve a sustainable

competitive advantage.

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Marketing Strategy Should:

Be part of the overalll strategy

Be based on the clear understanding of themarket, and its analysis Be based on a firm's strengths Address a firm's weaknesses React to threats Be integrated and coherent

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New Product Development

NPD is a process to develop, test, consider

the new products in the market.

New product in a new market Replacement of existing product Old product with a new package

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Target Market

Group of persons for whom a firm creates and

maintains a product mix that specifically fits theneeds and preferences of that group.

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Marketing Mix

Product

VariationDifferentiationInnovationElimination

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Pricing

Determined by the market share, competition,material costs, product identity and the customer's

perceived value of the product.

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Place

Distribution channelDirect salesIndirect salesE-commerce

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Promotion

AdvertisingPersonal sellingPublic relations

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4 C's

Customers

Market segmentation Purchase criteria used by customers

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Competition

What is the market share of the company? What is the market position? What is their cost position?

What are the market advantages?

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Cost

What is the cost policy? Whats the cost formation?

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Capabilities

What resource does the company have? What is the internal organization? What is the production system?

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SWOT

Provides informationthat is helpful in

matching the firm'sresources andcapabilities to thecompetitive environment

in which it operates.

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Market Scope

Single market

Concentration of efforts in a single segment.

Serve the market wholeheartedly despite initial

difficulties.

Avoid competition with established firms.

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Multi Market

Serving several distinct markets. Careful selection of segments to serve

Avoid confrontation with companies serving entire

market.

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Total Market

Serving the entire spectrum of the market by selling

differentiated products to different segments in the market. Employ different combinations of marketing mix strategies in

different segments

Top management commitment to embrace entire market

Strong financial position.

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A Successful Marketing Strategy:

Part of the overall businessstrategy

Matches right product to theright market

Builds on the firm's strengthsDefends against weaknessesAchieves marketing objectives

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References

David W. Cravens.,Nigel F. Piercy, (2009), Strategic Marketing,9th

ed., McGraw-Hill/Irwin.

Kerin R., Hartley S. & W. Rudelius, (2009), Marketing, 9 th ed.,

McGraw-Hill/Irwin.