Download Marketing Strategy

Marketing Strategy
Jeremy Kees, Ph.D.
Marketing Strategy
• Marketing strategy: a firm’s overall
program for selecting and satisfying a
target market
• A marketing strategy is aimed at
satisfying consumers in the selected target
market through a careful balance of the
elements of the marketing mix – each of
which represents a subset of the overall
marketing strategy
• 2 Key elements in marketing strategy
– Target Market
– Marketing Mix Variables
Successful Strategies: Tools and
Techniques
• All planning strategies have the goal
of creating a sustainable
competitive advantage for a firm
• This is achieved through focusing on
a firm’s core competency
Successful Strategies: Tools and
Techniques
• A core competency is…
1. The source of the competitive advantage
that is the source of value to the consumer
2. Is difficult for competitors to imitate
3. Has applications in a wide variety of
markets
• The core competency (competitive
advantage) should drive strategic planning
at the organizational and divisional levels
Target Market
– Group of people toward whom the
firm decides to direct its marketing
efforts
• Toyota
• Anheuser Busch
Marketing Mix Variables
• Product Strategy
• Place (Logistics and Distribution)
Strategy
• Promotional Strategy
• Pricing Strategy
Product Strategy
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More than just the product or service
offered
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Deciding what goods or services to offer
consumers
Decisions concerning customer service,
package design,
brand names,
trademarks and patents,
warranties,
product positioning, and
new product development.
One key decisions is:
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First versus Second Mover Strategy
Distribution Strategy
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Ensures that consumers find their
products in the proper quantities at
the right times and places.
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Transportation modes.
Warehousing.
Inventory control.
Order processing.
Promotional Strategy
• Blending together the various
elements of promotion to
communicate most effectively with
the target market
• Informing, persuading, and
influencing a consumer’s purchase
decision.
• IMC
Pricing Strategy
• Deals with the methods of setting
profitable and justifiable prices