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What is a Strategy

What is a Strategy. A Strategy is the Science and Art of assessing your situation Setting goals and Using the available resources to Accomplish these goals. Strategic Marketing. “ Marketing Strategy is a series of integrated actions leading to a sustainable competitive advantage.”.

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What is a Strategy

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  1. What is a Strategy • A Strategy is the Science and Art of assessing your situation • Setting goals and • Using the available resources to • Accomplish these goals.

  2. Strategic Marketing • “Marketing Strategy is a series of integrated actions leading to a sustainable competitive advantage.”

  3. Effective Strategic Marketing • Strategic Marketing Process Requires a Unique Marketing Plan for each of the Strategic Business Units. • Market Analysis • Competitive Analysis • Product Life Cycle Analysis

  4. Key Elements of Marketing Strategy Formulation • The strategic 3 Cs • Customers • Competitors • Competencies AND • Strategic Marketing Decisions • Where to compete • How to compete • When to compete

  5. Paradigm of Strategic Marketing Process

  6. CUSTOMERS • Relationship Marketing • Solution selling • Business process integration

  7. COMPETITION • Developing appropriate marketing mix • A careful analysis of each stage of the product life stage and taking appropriate decisions for each situation

  8. COMPETITION…. • Carving a market niche whereas the company feels competitively and strategically stronger. • By appropriately segmenting the market and selecting and serving the most appropriate segment. • Deciding for acquisition, merger, diversification or collaborations in order to make the company stronger and more competitive in the market.

  9. COMPETENCIES • It is a source of competitive advantage in that it makes a significant contribution to perceived customer benefits. • It has applications in a wide variety of markets. • It is difficult for competitors to imitate.

  10. METHODS TO DEVELOP STRONG COMPETENCIES • Striking strategic alliances or joint ventures wherever necessary. • Developing of value chains. • Creating market niches etc.

  11. METHODS TO DEVELOP STRONG COMPETENCIES • Becoming a global player in size. • Acquiring the latest technology • Investing liberally in research and developmental activities. • Developing best brands

  12. Marketing Analysis & Planning… A Strategic Perspective

  13. Environmental Scan S.W.O.T. Analysis - Internal -External - • Strengths & Weaknesses: • - Marketing • Company reputation • Market Share • Customer Satisfaction • Product Quality • Service Quality • Pricing Effectiveness • Distribution Effectiveness • Promotion Effectiveness • Sales Force Effectiveness/Coverage • Innovation Effectiveness • - Finance • - Manufacturing • - Organization Opportunities: - Attractiveness - Success Probability Threats: - Political/Legal/Regulatory - Economic - Social/Cultural - Technological

  14. Four Basic Types of Opportunities Ansoff’s Product-Market Expansion Grid Present Products New Products Market Penetration Product Development Present Market Market Development Diversification New Customers/ Markets Source: Philip Kotler, et al

  15. Skimming/PenetrationStrategy: Price/Promotion Strategies Rapid Skimming Strategy Slow Skimming Strategy High (High price/low promotion) (High price/high promotion) Price Level Slow Penetration Strategy Rapid Penetration Strategy Low (Low price/low promotion) (Low price/heavy promotion) High Low Promotion Expense Mix

  16. What is a Strategic Business Unit? (SBU) • A set of products or product lines • With clear independence from other products or product lines • for which a business or marketing strategy should be designed

  17. Characteristics of a viable SBU • Unique business mission • Definable set of competitors • Integrative planning done independently • Responsible for resource management in all areas • Large enough but not so large as to become bureaucratic

  18. Marketing at the SBU Level—Strategic Marketing • Strategic Marketing requires • Detailed understanding of market needs, and • Proactive use of competitive intelligence at the corporate as well as SBU’s levels • Strategic Marketing • Focuses on what the firm do best at the SBU level • To secure and maintain a sustainable competitive advantage

  19. What is Competitive Advantage? • Competitive advantage is a company’s ability to perform in one or more ways that competitors cannot or will not match.”Philip Kotler • “If you don’t have a competitive advantage, don’t compete.”

  20. Seeking Competitive Advantages • Positions of advantage • Superior customer value • Lower relative total cost • Performance advantages • Customer satisfaction, Loyalty, Market Share, Profit • Sources of advantages • Superior skills & knowledge, Superior resources, Superior business process

  21. Situation Analysis • Internal Analysis—company; capability etc. • External Analysis—customers, market definition, industry structure • SWOT Analysis • Strengths, Weaknesses, Opportunities & Threats • Identify & prioritize major problems and opportunities: selection of key issues • Based on the firm’s core competencies, decide on future options

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