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Marketing Strategy

Marketing Strategy. The purpose of Marketing. textbook definition: What is Marketing ? CREATE CAPTURE SUSTAIN VALUE in order to make $$$ (profits). American Marketing Association. DEFINITION of MARKETING

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Marketing Strategy

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  1. Marketing Strategy

  2. The purpose of Marketing textbook definition: What is Marketing? • CREATE • CAPTURE • SUSTAIN VALUE • in order to make $$$ (profits)

  3. American Marketing Association DEFINITION of MARKETING Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have VALUE for customers, clients, partners, and society at large. “Marketing is no longer a function—it is an educational process.” (Pres. of AMA) http://www.marketingpower.com/Pages/default.aspx

  4. Definition of Marketing from “How to Become a Marketing Superstar” • Identify---pre-sale • Attract---pre sale • Get---pre-sale • Keep---post sale CUSTOMERS!!!!

  5. PRE-SALE GETTING Personal selling Distribution Pricing Product Service from salespeople IDENTIFICATION Market Research ATTRACTION Advertising Online media Packaging Clean stores Public relations

  6. POST SALES KEEPING Delivery Billing Bill Collection Customer Service Warranty Feedback from customers

  7. EVERYBODY in the COMPANYSHOULD BE THINKING ABOUT MARKETING Presidents Quality control Inventory Accounting Collections Greeters Truck loaders Phone answerers Designers Engineers

  8. HoW DOES A COMPANY DEFINE ITSELF? • NOT BY THE PRODUCT(S) or SERVICES it SELLS, but by the CUSTOMER BENEFITS PROVIDED

  9. WHAT NEEDS ARE SATISFIED? Product/Features Market/Benefits satisfies hunger, thirst, convenience needs

  10. FeatureThese boots have rubber outsole with traction ribbing. Sealed seams renders them waterproof. BenefitYour feet won’t get wet if you were these boots. You won’t trip easily

  11. FeatureThis accounting software has an online reporting feature. • BenefitManagers have instant, real-time, mission-critical information at a click of a button. • FeatureThis car has 6 side-impact bags. • BenefitYou and your family will be protected from side impact accidents. http://biznik.com/articles/sales-101-features-vs-benefits

  12. SALES vs. MARKETING • MARKETING MAKES THE PHONE RING • SALES ANSWERS IT

  13. Differences BETWEEN SALES & MARKETING PEOPLE • Marketing “Culture” analytical data-oriented critical inside the company • Sales“Culture” customer-oriented relationship builders make the sale today

  14. SEGMENTATION TARGETING MARKETING

  15. MARKETING STRATEGY TWO MAJOR ACTIVITIES: Selecting a TARGET MARKET Specifying the plan to achieve POSITIONING DEFINITION OF POSITIONING: UNIQUE SELLING PROPOSITION

  16. 5 C’s of Marketing: ANALYSIS • CUSTOMER • COMPANY • COMPETITION • COLLABORATORS • CONTEXT

  17. TARGET MARKET Move from large mass markets to specification of smaller segments “Market of one” → MASS CUSTOMIZATION • EXAMPLES: • BURGER KING • RAYBAN • Burger King Have it Your Way • Ray-Ban Website • Starbucks

  18. SEGMENTATION • HOW TO DIFFERENTIATE • (DESCRIBE POTENTIAL CUSTOMERS—over 25, college education, west coast) • DEMOGRAPHIC -- age, income gender, occupation • GEOGRAPHIC -- nation, region of country, urban vs. rural • LIFESTYLE – value-oriented, hedonistic

  19. ISSUES FOR SELECTING TARGET MARKET The target market sets the “rules of the game” • Strengths and weaknesses compared to competition • Corporate goals • Resources • Collaborators • Financial Returns

  20. Positioning The positioning statement specifies the position the firm wants to occupy in the target customers’ eyes. http://www.youtube.com/watch?v=nXa02tB8DLo http://adland.tv/commercials/coke-coca-cola-happiness-machine-2010-200-usa

  21. STP SEGMENTATION – identifying meaningfully different groups of customers TARGET– selecting which segments to serve POSITIONING - implementing chosen image and appeal to chosen segment DISCUSS: What does it mean that “You can’t be all things to all people.” How might that relate to profit?

  22. Examples of how to segment Most relevant variables to separate consumers to help decide whom to target and how to target them. Example : Coca Cola must distinguish preferences of soft drink consumers Taste vs. low calories Cola vs. non-cola taste Price sensitivity—brand Heavy vs. light consumers

  23. CampBeLL’s SOUP What demographic variables would they need to consider? Region – Western U.S. consumer prefer spicier soups Age --Little girls

  24. Gun Sales Flat sales? (no growth) What can they do? Create a new segment! What did they do? Lady Remington

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