Marketing-Strategy (1)(1).pptx

marketing manangement basics

1. MARKETING STRATEGY Introduction Definition Types of Marketing Strategy Advantages Disadvantages Conclusion Reference

2. INTRODUCTION A marketing strategy can be defined as a process for allowing a company to target limited resources on the best opportunities. It results in increased sales and achieving a sustainable competitive benefit. Generally, this strategy combines all their marketing targets into one plan and achieving maximum profit. This strategy is designed for optimal allocation of scarce resources at the disposal of the organization to deliver excellent customer experiences. The Scarce resources consist of human capital, technology, time and monetary capital.

3. MARKETING STRATEGY DEFINITION Marketing strategy is used by different companies to collaborate with their consumers. It is also employed to make the customers aware about the features, specifications and benefits of company’s products. It is basically focused on encouraging target population to buy those specific products and services. The marketing strategies might be totally innovative or they can be previously tried or tested strategies.

4. 2 - 4 STRATEGIC PLANNING Strategic planning is defined as: “The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities.”

5. Steps in the Strategic Planning Process

6. STRATEGIC PLANNING Step 1: Analyze the current business portfolio Step 2: Shape the future business portfolio Identify strategic business units (SBUs) Assess each SBU: The BCG growth-share matrix classifies SBUs into one of four categories using: Market growth rate The SBU’s relative market share within the market. Portfolio Design

7. STRATEGIC PLANNING Mission statements guide the development of objectives and goals. Objectives are developed at each level in the organization hierarchy. Strategies are developed to accomplish these objectives.

8. 2 - 8 STRATEGIC PLANNING Business portfolio: “the collection of businesses and products that make up the company.” Designing the business portfolio is a key step in the strategic planning process.

9. 2 - 9 STRATEGIC PLANNING Step 1: Analyze the current business portfolio Step 2: Shape the future business portfolio Identify strategic business units (SBUs) Assess each SBU: The BCG growth-share matrix classifies SBUs into one of four categories using: Market growth rate The SBU’s relative market share within the market. Portfolio Design

10. BCG Growth-Share Matrix

11. 2 - 11 STRATEGIC PLANNING Step 1: Analyze the current business portfolio Step 2: Shape the future business portfolio Determine the future role of each SBU and choose the appropriate resource allocation strategy: Build Hold Harvest Divest SBUs change positions over time Portfolio Design

12. 2 - 12 STRATEGIC PLANNING Matrix approaches to formal planning share many problems: Difficult, time-consuming, and costly to implement. Focus only on current businesses. Too strongly emphasize market share growth or growth via diversification.

13. STRATEGIC PLANNING Designing the business portfolio also involves: Developing strategies for growth by identifying, evaluating, and selecting promising new market opportunities. Developing strategies for downsizing the business portfolio.

14. Product / Market Expansion Grid

15. 2 - 15 Marketing plays a key role in the strategic planning process.

16. The Marketing Process

17. 2 - 17 THE MARKETING PROCESS The strategic planning and business portfolio analysis processes help to identify and evaluate marketing opportunities. The purpose of the marketing process is to help the firm plan how to capitalize on these opportunities. Key Elements Analyzing marketing opportunities Selecting target markets Developing the marketing mix Managing the marketing effort

18. THE MARKETING PROCESS Analyzing marketing opportunities Selecting target markets Developing the marketing mix Managing the marketing effort Key Elements The segmentation process divides the total market into market segments. Target marketing chooses which segment(s) are pursued. Market positioning for the product is then determined.

19. 2 - 19 POSITIONING Market positioning is not restricted to physical goods. Identify the “competing products” of relevance to the Marble Collegiate Church. What clear, distinctive, and desirable place in the consumer’s mind does the ad at left attempt to create?

20. THE MARKETING PROCESS Competitor analysis guides competitive marketing strategy development. Strategy leads to tactics via the marketing mix: The “Four Ps” – product, price, place, promotion (seller viewpoint) The “Four Cs” – customer solution, cost, convenience, and communication (customer viewpoint) Analyzing marketing opportunities Selecting target markets Developing the marketing mix Managing the marketing effort Key Elements

21. The Marketing Mix

22. THE MARKETING PROCESS Marketing analysis Provides information helpful in planning, implementation, and control Marketing planning Strategies and tactics Marketing implementation Turns plans into action Marketing control Operating control Strategic control Analyzing marketing opportunities Selecting target markets Developing the marketing mix Managing the marketing effort Key Elements

23. Managing the Marketing Effort

24. TYPES OF MARKETING STRATEGIES There are different types of marketing strategies available. Picking up a marketing strategy includes analyzing the needs of your business, your target audience and specifications of your products. The two main types of marketing strategy are: 1. Business to business (B2B) marketing 2. Business to consumer (B2C) marketing The most common form of marketing is business to consumer (B2C) marketing. Let’s explore a bit more.

25. TYPES OF MARKETING STRATEGIES…. Paid advertising Cause marketing Relationship marketing Undercover marketing Word of mouth Internet marketing Transactional marketing Diversity marketing

26. Paid advertising This includes multiple approaches for marketing. It includes traditional approaches like TVCs and print media advertising. Also, one of the most well-known marketing approach is internet marketing. It includes various methods like PPC (Pay per click) and paid advertising. Cause marketing Cause marketing links the services and products of a company to a social cause or issue. It is also well known as cause related marketing.

27. Relationship marketing This type of marketing is basically focused on customer building. Enhancing existing relationships with customers and improving customer loyalty. Undercover marketing This type of marketing strategy focuses on marketing the product while customers remain unaware of the marketing strategy. It is also known as stealth marketing.

28. Word of mouth It totally relies on what impression you leave on people. It is traditionally the most important type of marketing strategy. Being heard is important in business world. When you give quality services to customers, it is likely that they’d promote you. Internet marketing It is also known as cloud marketing. It usually happens over the internet. All the marketing items are shared on the internet and promoted on various platforms via multiple approaches.

29. Transactional marketing Sales is particularly the most challenging work. Even for the largest retailers, selling is always tough especially when there are high volume targets. However with the new marketing strategies, selling isn’t as difficult as it was. In transactional marketing the retailers encourage customers to buy with shopping coupons, discounts and huge events. Diversity marketing It caters diverse audience by customizing and integrating different marketing strategies. It covers different aspects like cultural, beliefs, attitudes, views and other specific needs.

30. Advantages Improved efficiency Targeted Approach Better Information Branding

31. DISADVANTAGES Getting Struck One of the main disadvantages of a marketing strategy is the dependency caused by small companies. Generally, they have to follow the strategy to the end no matter what consequences it offers. A lot of resources and effort can get wasted if the marketing strategy fails or gets changed.  Decreased Value There are more chances of a decrease in the perceived value of the product or service, the longer a marketing promotion lasts. That’s why keeping promotions can prevent the long term damage to the overall pricing strategy.

32. CONCLUSION Marketing strategies have made it much easier to promote products and services. They also limit the strategy to target audience ensuring the proper advancement of the business.

33. REFERENCES www.google.com www.wikipedia.com www.studymafia.org

34. THANKS