Marketing Strategy for mba studentrs.pptx

Marketing strategy

1. Marketing Strategy Unit ii

2. M arketing strategy M arketing strategy of a firm is the complete and unbeatable plan or instrument designed specifically for attaining the marketing objectives of the firm. A marketing strategy is a business plan that aims to convince customers to buy a product or service .  It outlines how to reach potential customers and turn them into buyers . 

3. Definition Philip Kotler , defines marketing strategy as the process of creating, communicating, and delivering value to a target market .  Michael Porter (Competitive Strategy Expert) "Marketing strategy is about gaining a competitive advantage by differentiating a company's offerings and creating unique value for customers through strategic positioning.“ David Aaker (Branding Expert) "Marketing strategy involves selecting a target market, positioning the brand, and designing a marketing mix that aligns with business goals and customer needs."

4. Steps in a marketing strategy  Understand the marketplace and customers Define a target audience Set measurable goals - SMART Create a budget Choose a Marketing Mix strategy Create a Schedule and start

5. Major Components of a Marketing Strategy Target Audience: Identify your ideal customer: To define, redefine, or re-establish your ideal target audience, you need to action  market segmentation Demographic   (age, gender, income, marital status, etc.)  Geographic   (location, urbanicity, climate, culture, language) Psychographic  (values, likes, dislikes, lifestyles, opinions, etc.) Behavioural  (actions made within a website, in-app, in-store) Create customer personas: Develop detailed profiles of your ideal customers to help guide your marketing efforts. 

6. 2. Goals and Objectives: Establish clear objectives: What do you want to achieve with your marketing efforts? (e.g., increase brand awareness, drive sales, acquire new customers). Set SMART goals: Ensure your goals are Specific Measurable Achievable Relevant/realistic  Time-bound   

7. 3. Conducting Market Research / Competitor Analysis: Gather information about your target market:  Understand their needs, preferences, and behaviors. Analyze your competitors:  Identify their strengths and weaknesses, and how they position themselves in the market. Study industry trends:  Stay informed about the latest developments in your industry. 

8. 4. Developing a Marketing Mix (The 4 Ps) / Content Marketing: Product:  Determine the features, benefits, and quality of your product or service. Price:  Decide on a pricing strategy that is competitive and profitable. Place (Distribution):  Determine how and where your product or service will be sold. Promotion:  Develop a plan to communicate your message to your target audience and drive sales.  Content marketing comes in many forms, including (but not limited to): Blogs Infographics Videos Guides Podcasts

9. 5. Allocating Resources Effectively: Determine your budget:  Allocate resources to your marketing activities based on your goals and priorities.  Choose the right channels:  Select the most effective marketing channels to reach your target audience.  Measure and analyze results:  Track your marketing performance and make adjustments as needed. 

10. Marketing strategy formulation Marketing strategy formulation is the process of setting goals and objectives for a company's marketing.  It involves defining a target audience, creating a budget, and developing strategies to reach those goals . 

11. Steps in marketing strategy formulation Research : Understand the market, competitors, and your product or service Define goals : Set measurable goals and objectives Identify target audience : Define who you want to reach Create a budget : Decide how much you can spend Develop strategies : Choose a mix of strategies to reach your goals Create a schedule : Decide when and how you will implement your strategies Execute : Put your strategies into action Evaluate : Measure and assess your results Revise : Adjust your strategies as needed