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Overall marketing strategy

Understanding and executing a successful marketing strategy is crucial for firms aiming to achieve their mission. Companies must set strategic objectives that are quantifiable, measurable, and create a challenge. This strategy involves various options to increase sales, such as converting non-users and gaining market share while avoiding pitfalls like cannibalization. Leveraging product positioning and competitive advantages, companies can tailor their offerings to meet customer needs and increase market profitability through effective segmentation and targeted marketing mixes.

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Overall marketing strategy

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  1. Marketing Management

  2. Overall marketing strategy • Based on their mission statements, firms set strategic objectives • Strategic objectives should be quantified and measurable and create a challenge for the organization • Insight: you cannot run an organization on a large number of objectives Marketing Management

  3. Overall marketing strategy • What is our source of revenue? • Where does our business come from? • There are many options to increase sales, including converting non-users; taking-away share from competitors; increasing overall market by higher intensity, or unwanted outcomes such as cannibalisation Marketing Management

  4. STARTING SITUATION OVERALL CUSTOMER BASE NON-USERS C OUR OTHER BRAND A CURRENT CUSTOMERS B COMPETING BRAND Marketing Management

  5. OPTION: TAKE AWAY CUSTOMERS FROM B OVERALL CUSTOMER BASE NON-USERS C OTHER BRAND CURRENT CUSTOMERS A B COMPETING BRAND Marketing Management

  6. UNWANTED OPTION:CANNIBALIZE OVERALL CUSTOMER BASE NON-USERS A C OUR OTHER BRAND CURRENT CUSTOMERS B COMPETING BRAND Marketing Management

  7. OPTION:INCREASE A BY CONVERTING NON-USERS OVERALL CUSTOMER BASE NON-USERS A C OUR OTHER BRAND CURRENT CUSTOMERS B COMPETING BRAND Marketing Management

  8. Overall marketing strategy • You should do something different in every situation • Converting non-users, be careful not to become generic • Generic examples: Marketing Management

  9. Overall marketing strategy • Take share away from competitors: usually a good move; look at the cost • Cannibalization: avoid Marketing Management

  10. Product features • The most basic strategic decision: which markets to serve by which products • Depending on the product and the customers: develop segment specific product features • Insights from information goods: versioning Marketing Management

  11. Competitive advantage • There are many ways to create competitive advantage: • Cost-based: IKEA, Southwest • Quality-based:Fedex, Danone • Perceived quality or brand: • Or a combination of all these Marketing Management

  12. Product Positioning • What are the dimensions ? • How important are dimensions ? • How do you compare on dimensions ? • How do customers decide ? Marketing Management

  13. PREFERENCE MAP OF A NEW PRODUCT CATEGORY A THE IDEAL POINT x B Marketing Management

  14. PREFERENCE MAP AFTER THE FIRST ENTRY A THE NEW IDEAL POINT x Y x THE FIRST BRAND THE IDEAL POINT B Marketing Management

  15. WHERE TO POSITIONS SECOND BRAND ON THE PREFERENCE MAP ? A ? THE NEW IDEAL POINT x Y THE FIRST BRAND ? ? B Marketing Management

  16. The value proposition For (target customer) who (statement of the need) the (product or brand name) is a (product category) that (statement of the key benefit/reason to buy). Unlike (primary competitive alternative), (product/brand name) (statement of the primary differentiation) Marketing Management

  17. The value proposition=often called positioning statement • The Coca-Cola Bible: Point of Difference Point of Reference Support Marketing Management

  18. Marketing Management

  19. The Marketing Mix • Price • Communication • Promotion • Channels • Or together: The 4P  Marketing Management

  20. Market segmentation • Everything we have until now discussed is based on the concept of market segmentation • There is an appealing reason to segment markets: to offer exactly what the customers want and create profit this way Marketing Management

  21. Market segmentation definitions • Segmenting is breaking down the market into homogeneous groups of customers • Reasons: Customers differ in wants Have different price sensitivity Competitors might be active Marketing Management

  22. An overview of segmentation criteria in consumer markets 1. Socio-demographics 2. Psychographics 3. Lifestyle 4. Benefits sought 5. Behavioural variables: user status/loyalty, buyer readiness, usage level, purchase habit 6. Usually multiple variables Marketing Management

  23. Relevant Descriptor Variable: Climate 1 Cold zone 2 Continental zone 3 Hot zone Customer distribution Segment 1 Segment 2 Segment 3 0 100% Likelihood of solar panel purchse

  24. Irrelevant descriptor Variable: Education 1Low 2 Medium 3 High Customer distribution Segment 1 Segment 2 Segment 3 0 100% Likelihood of solar panel purchse

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