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Marketing Strategy Module 4 Business Plan Course Ryan Murray MBA, CBA 5 Points to Market 1. 2. 3. 4. 5. Product/Service Relative Price Point Target Market Market Mediums Marketing Strategy These Become Your Market Opportunity Your Marketing Strategy is unique to your business, but Opportunity is the same for everyone the Market 5 Points to Market 1. 2. 3. 4. 5. Product/Service Relative Price Point Target Market Market Mediums Marketing Strategy These are used to develop Your Marketing Strategy Your Marketing Strategy is unique to your business, the Market Opportunity is the same for everyone Relative Price Point $$ $ Relative in terms of your competition Developing Your Strategy Price Differentiation Quality Developing Your Strategy Price $ Relative Price Point $$$ Differentiation Quality Developing Your Strategy Price Differentiation Quality Understanding Competition • Competitive Advantage • Rate your company’s competitive advantage from 1 – 5 • (1 being little to none and 5 being virtually untouchable) 1 through 3: little to no chance of being profitable in the long run 4 or 5: good competitive advantage Understanding Competition 4 Types of Competition 1. Competition is defined as “ANYTHING that eats into your revenue” Direct Competition • Businesses that provide the same product/service 2. Indirect Competition • Businesses that provide a different product/service that meets the same need 3. Open Market • Customers in your market area that should be buying your product /service but aren’t 4. Yourself • Customers that already buy from you but should or would buy more Competition Open Market 5% Existing Customer Base 17% Indirect Competition 23% Direct Competition 55% Fruit Tree Theory 1. Pick the low hanging fruit first 2. Go for the abundant fruit next • (Don’t worry about the other 2) Existing Customer Base 17% Open Market 5% Indirect Competition 23% Competition Direct Competition 55% Discussion Points (if we have time) • Market Mediums • Marketing ROI • Measuring your results • Using a “control group” in your marketing • Marketing Budgets • Marketing Mistakes • • • • • Not doing it consistently Not budgeting for it Not planning Buying “whatever” Not buying anything Homework • Establish a marketing budget and implement it into your financial forecasting. Make sure that your sales forecast is a function of marketing and write the relation as part of your business plan. • Determine whether you are focusing on price, quality, and/or differentiation. • If your competitive advantage is below 4, brainstorm with your management team ways to strengthen your competitive advantage. • Provide a written description of your marketing strategy. Make sure that it is well enough written that someone outside of the business could implement the strategy based on your description.