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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 • More than just the product or service offered • • • • • • • • • 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: – First versus Second Mover Strategy Distribution Strategy • Ensures that consumers find their products in the proper quantities at the right times and places. • • • • 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