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Mayeta Resource Mayeta Helps You Make the Most of Marketing Page | 1 Marketing Strategy: How to Develop an Effective Strategy As you may or may not know, marketing strategy is a broad plan of action designed to meet marketing goals. The expected outcomes of marketing are to find sources of cash flow and to produce cash flow. These outcomes form marketing goals. So, strategy provides the methods for accomplishing goals. And while marketing goals are specific, quantifiable, and measurable, marketing strategies are descriptive. Especially relevant is that marketing strategy forms the base of a marketing plan. In a marketing plan, the marketing strategy offers a summary of how to meet set goals. Such a summary outlines how various marketing elements will work to meet set goals, and... sets how to divide out resources.

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Mayeta Resource – Mayeta Helps You Make the Most of Marketing Page | 1

Marketing Strategy: How to Develop an

Effective Strategy

As you may or may not know, marketing strategy is a broad plan of action designed to meet marketing goals.

The expected outcomes of marketing are to find sources of cash flow and to produce cash flow. These outcomes form marketing goals.

So, strategy provides the methods for accomplishing goals. And while marketing goals are specific, quantifiable, and measurable, marketing strategies are descriptive.

Especially relevant is that marketing strategy forms the base of a marketing plan.

In a marketing plan, the marketing strategy

offers a summary of how to meet set goals. Such a summary outlines how various marketing elements will work to meet set goals, and...

sets how to divide out resources.

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What Makes an Organization's Marketing Strategy Effective

For an organization's marketing strategy to be effective, it needs to be holistic.

In case you are wondering....

To be holistic refers to dealing with or treating the whole of something or someone and not just a part. Thus for marketing strategy, it means taking the whole business situation into consideration. And not just a part of it.

So analyzing the business situation becomes necessary. That's if the marketing strategy is to be effective.

Most noteworthy is that aside

providing the methods for meeting goals, and setting how to divide out resources....

...a holistic marketing strategy also

defines how to compete within a market, spots competitive advantage that is relevant to the target market and is hard to match,

and provides a long-term plan for the growth of the organization.

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How Is Your Marketing Strategy?

Bruce Henderson, the founder of the Boston Consulting Group, warned:

“Unless a business has a unique advantage over its rivals, it has no reason to exist.”

So, if you have the same strategy as your competitors, you don’t have a strategy. If your

strategy is different but easily copied, it is a weak strategy.

Preferably, your strategy should be uniquely different and difficult to copy. Then you will have a

strong and sustainable strategy.

Having said that…

What makes an effective strategy should guide developing one, wouldn’t you agree?

Below we’ll explore:

How to develop a holistic marketing strategy (page 5)

The different types of marketing strategy (page 7)

In details, developing a holistic marketing strategy (page 10)

How to Develop a Holistic Marketing Strategy

The marketing strategy process is like a visit to the doctor. Usually, before prescribing any

medication the doctor

1. first asks for history,

2. undertakes some test and analyses the patient’s situation.

Then, based on patient’s situation, the doctor

3. sets goals to get or keep the patient healthy, and

4. prescribes medication to meet set goals.

This process also applies to marketing. First, an analysis of the business situation informs goals.

Which then informs marketing strategy to meet such goals.

So, the market and company are first analyzed to find the

1. market’s opportunities and threats, and the

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2. company’s strengths and weaknesses. Such will help to make the most of the

opportunities while mitigating the threats.

Hereafter, specific, quantifiable, and measurable goals are set. Strategy is then developed to

meet set goals.

Philip Kotler in “Marketing Insights from A to Z” stated that:

“One of the best rules for strategy development is to strive to find out what the target

customers like and do more of it, and find what they dislike and do less of it.”

This means spending time in the marketplace and seeing what matters.

Precise Steps Needed

Here is precisely how to develop an effective marketing strategy for your business.

1. Review your business by analyzing your situation

1) First analyze your market, note opportunities, and threats.

2) Next, analyze your company, note your strengths and weaknesses

2. Based on your business review findings, identify and summarize your problem and

opportunities

3. Set your sales and other marketing goals. Your goals should be guided by the problems

and opportunities you identified. They should also be specific, realistic, and measurable.

4. Develop your strategies to meet set goals. This involves

1) Deciding where growth will come from

2) Segmenting and targeting your markets

3) Defining how you gain competitive advantage

4) Deciding on how you will position your offerings

5) Making marketing mix decisions

We will look at those things you need to develop in detail, but first, let’s talk about types of

marketing strategy.

Note that the steps outlined above are for developing a holistic marketing strategy for an

organization.

But your context determines what to concern yourself with when developing strategy.

We have a guide to help you know what to focus on when developing marketing strategy based

on:

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The type of strategy you are developing

Your place, the type, and size of your organization

How your organization views marketing

Subscribe below to download the guide and this post as a PDF. You'll be glad you did.

Now, let’s get back to the post.

Types of Marketing Strategy

Based on the type of business, its philosophy, and type of marketing, marketing strategy is set

at the:

1. Corporate level and referred to as corporate strategy

2. Business unit level and referred to as the business strategy

3. Functional or departmental level and referred to as functional strategy

Corporate Strategy

A clear-cut corporate level strategy is most common in organizations with many offerings. Or a

portfolio of products particularly:

Larger or global organizations

Small and mid-sized businesses with many products competing for scarce resources

Most noteworthy is that...

Corporate strategy deals with the overall purpose and scope of the organization.

The central question at the corporate level is:

Which market segments should the company work on long-term, and by what means?

Business Strategy

The business unit strategy defines how to compete successfully in a particular market. A

particular market decided on by the corporate strategy.

At the business unit level, the questions are how can:

How can the organization work on a market segment successfully?

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How can the business unit stand out in contrast to the competition and offer a unique

offering?

Especially relevant is that the business unit is directly exposed to the competition. The main aim

of a business unit is to develop competitive advantages that will last as long as possible.

Functional Strategy

Functional strategy deals with how to carry through business unit strategy.

This strategy is mainly targeted at raising the productivity of available resources. The focus

moves from effectiveness (doing the right things) to efficiency (doing things right).

The Functional strategy is thus a concrete plan for business unit marketing strategy.

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Example to Show the Types of Strategies at Play

Let's use Unilever as an example.

Unilever is a consumer goods company with brands such as Dove, Lipton, and Omo.

The company has four main divisions:

1. Personal Care (production and sale of skin care, hair care, oral care products, etc.)

2. Foods (production and sale of foods)

3. Refreshments (production and sale of tea-based beverages, weight management

products, etc.)

4. Home Care (production and sale of home care products)

Corporate Strategy at Play

As stated earlier, corporate strategy seeks to answer the question:

Which market segments should the company work on long-term and by what means?

Seems like, for Unilever, the corporate strategy is to work on these segments long-term:

1. Personal care market

2. Packaged foods market

3. Refreshment market, and

4. Home care market

Note that the corporate strategy may later change as problems and opportunities demand.

Business Unit Strategy at Play

At the business unit level, the questions are how can:

How can the organization work on a market segment successfully?

How can the business unit stand out in contrast to the competition and offer a unique

offering?

Thus for Unilever...

The Business unit strategy outlines how to work on the various markets successfully.

It also outlines how various brands (e.g. Dove soap) will stand out in contrast to the

competition.

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Functional Strategy at Play

Recall that functional strategy deals with how to carry through business unit strategy.

So for Unilever...

Functional strategy outlines how the marketing mix carries through Unilever’s business

strategy.

For Unilever's Dove soap, functional strategy:

Selects the precise target market to service at a profit. Note that the personal care

market is broad with lots of sub-segments to service at a profit.

Defines the product characteristics

Selects the distribution channels

Defines the advertising strategy

Defines the price level

Most of all are that these stand Dove out in contrast to the competition. And thus, carrying

through business unit strategy earlier outlined.

Want a simple guide to help you know what to concern yourself with when developing

strategy?

Subscribe below to download the guide and this post as a PDF. You'll be glad you did.

Developing a Holistic Marketing Strategy

Detailed

As earlier examined, the strategy process answers the following questions for business:

1. Where are we now? – answered by situation analysis

2. Where do we want to be? – answered by goal setting

3. How do we get to where we want to be? – answered by developing or putting together

strategy

Putting together a holistic strategy that helps get remarkable result involves:

1. Deciding where growth will come from (page 12)

2. Segmenting and targeting (page 14)

3. Defining how to gain competitive advantage (page 24)

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4. Positioning (page 26)

5. Making marketing mix decisions (page 28)

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Deciding Where Growth Will Come From

To grow, businesses basically have the options to sell:

Existing products to existing markets (market penetration)

New products to existing markets (product development)

Existing products to new markets (market development)

New products to new markets (diversification)

This is as summarized in the Ansoff Growth Matrix. Igor Ansoff created the Ansoff Matrix in

1957. It’s a very important tool that can set the direction for growth.

When to Seek Market Penetration

Generally, you want to seek greater market penetration if

1. the market is not yet fully saturated,

2. you can increase your product’s frequency of use,

3. the effect of advertising on sales was strong in the past and is not fully exhausted,

4. you can easily win market share from the competition, and

5. economies of scale can create more competitive advantages.

When to Go for New Product Development

It makes sense for you to go for new product development when

1. existing products are at the end of their lifecycle,

2. technological change is a driving force for change in your industry,

3. your industry is saturated and it’s becoming difficult to differentiate and charge

premium prices, and your

4. company is endowed with R&D capabilities than the average firm in the industry.

When to Develop a New Market

You should make an effort to develop a new market, whether a buyer or geographical market,

when

1. you can use inexpensive, but reliable, new distribution channels,

2. new markets exist that are either unexplored or unsaturated,

3. you can transfer a successful formula relatively easily to another market,

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4. financial and human resources are available for the expansion,

5. you can use surplus production capabilities,

6. highly developed capabilities make it possible for you to quickly develop a basic

understanding of the new market, and

7. you can detect strong trends towards globalization in the industry.

When to Diversify

The general rule is that a company should first exhaust all the possibilities available for it to

1. increase market penetration, and

2. develop both products and markets,....

,,,.before it diversifies into new areas.

If you have reached this stage, there are various measures you need to take before you decide

to diversify.

Check Your Current Portfolio

Before you give any consideration to diversifying your business portfolio, you need to reviews

its current state.

There are two basic aspects to any assessment of a product or department.

1. First, is it in an attractive market or industry?

2. Second, are there enough resources and capabilities to achieve competitive

advantages?

BCG Matrix is a well-known portfolio matrix that you can use to check a portfolio state. The BCG

Matrix is named after the Boston Consulting Group. It helps provide important information you

can use to explain why a company should diversify.

But, you should not take decisions solely on this basis. Diversification must be well founded.

And the justification differs depending on the nature of the diversification.

If you decide to diversify, you may want to target adjoining market segments.

Empirical studies have shown that diversification tends to be more successful that way.

For example, let say you sell work clothes to working women. And you have seen the need to

diversify.

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You may be more successful diversifying to selling maternity clothes to pregnant women. More

than say diversifying to selling stationery to businesses.

Segmenting and Targeting

Segmentation

The type of person who buys luxury sofas differs from the type of person who buys

conventional sofas.

Their reasons for buying are different (style and prestige versus economy). And the type of

furniture they want is different in appearance and materials.

But they are all in the home furnishing market.

So, diverse customer groups make up a market. And if you are to successfully meet their needs,

you must make different offerings to suit each group.

Marketers use segmentation to divide markets into groups that they can act on.

What Is Segmentation?

Segmentation is the process of dividing a potential market

into distinct subsets (no overlaps) i.e. distinctive,

with common characteristics i.e. identifiable,

that are big enough to make commercial marketing sense i.e. viable, then

selecting one or more segments to target with a distinct marketing approach.

In simpler terms, segmentation is the dividing of potential markets into smaller groups. Those in

each group have something in common. A consumer or business can only be in one group at a

time.

But segmentation is dynamic. This means consumers and businesses can change segments

based on their actions.

Segmentation is at the heart of marketing. Most especially since it forms the basis by which

marketers understand their markets. And develop strategies for serving their chosen customers

better than the competition.

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If you define your company markets too broadly, you will be leaving money on the table. You

will miss opportunities to fully exploit profit in sub-segments of such markets.

Benefits of Segmenting

The benefits of segmenting include:

1. The ability to better meet the needs of customers

2. Better communication with the target market which results in:

a. More relevant sales messages

b. Less wastage

c. Better response levels

d. More responsible communications generating fewer complaints

e. Better return on marketing investment

3. Keeping more customers by better meeting their needs

4. Greater profitability from reduced cost of marketing and better-satisfied customers

5. More opportunity for growth by selling more to satisfied customers. And much more

easily getting new customers

a. You can find new prospects or areas that “look like” your best customers

6. Opportunity to easily dominate the market segment

Having looked at its benefits, let’s examine the various ways to segment.

Segmentation Options

First things first, and most noteworthy….

Only segment based on what will be most effective for your business. Having said that, there

are many ways to segment and these can use lots of factors.

There are two broad segments for most businesses. Within these segments, they develop more

sub-segments for targeting. For you and for most businesses, the two broad segments are:

1. Current customers: segments of customers with whom you are doing business with

2. Potential customers: segments with the potential to do business with you. But whom

you are not doing business with

Before you further segment these two broad segments, think about what you are trying to do.

Identifying segments is more than simply looking for consumer, business or customer

similarities. Most of all, it involves identifying similarities tied to sales and profits.

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If you are marketing to consumers, here are some methods you could use for segmenting.

Consumer Segmentation Methods

Demographic Segmentation (Description and Size)

The marketer's traditional method of segmenting markets is by using demographic factors.

Marketers determine demographics for either people or households.

Demographic descriptors include:

1. Sex

2. Age

3. Income

4. Education

5. Occupation

6. Family / household size

7. Region / geography

Psychographic / Lifestyle Segmentation

Marketers use lifestyle factors or psychographics to also find market segments.

Lifestyle descriptors attempt to define a consumer segment based on

attitudes,

interest, and

activities of the consumer.

This is trying to go further than demographic descriptors to get inside the consumer’s mind.

As you work to segment a consumer market, you may want to note some of the following. It

will help you to further define and describe your consumer market segments.

Personality Descriptors

Do your customers tend to be

followers,

leaders,

conformists,

experimenters,

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individualists, etc?

Activities

Do your customers engage in

outdoor or indoor sports,

environmental activities,

political activism,

home entertainments,

travels, etc?

Buying Attitudes

Are your customers

price conscious,

value conscious,

quality driven,

cash purchasers

credit purchasers, etc?

Especially relevant is that lifestyle segmentation is usually combined with demographics. It's

done to form a more precise definition of a market segment or a target market.

Behavioral and Lifecycle Segmentation

Consumers behave differently with products and services. Their lifecycle with a business also

differs.

The lifecycle of a consumer with a business refers to the period from the beginning to the end

of when the consumer becomes a customer of the business.

Based on behavior and lifecycle, the following types of segmentation may come about.

Customer Tenure Segmentation

Here, marketers segment customers based on how long they have been customers.

Many times there are purchasing differences based on how long one has been a customer.

Product Usage Segmentation

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Sometimes consumers use products differently. A marketer could segment based on how

customers use a product.

Attribute Segmentation

Often, consumers buy products because of specific product attributes. Such attributes could

form the basis for segmentation.

Heavy–User Segmentation

Most product categories have a group of heavy users. These are consumers who buy or use the

product at far greater rates than the average consumer. Segmentation can be on such basis.

Consumer Segmenting Methods That Deliver the Best Results

Behavior and lifecycle segmentation is the best basis for segmentation. This way of segmenting

looks at what people have actually done, and not what they say they are going to do.

Note that the purpose of segmenting is to find differences in behavior that makes for better

marketing.

Especially relevant also is that marketers prefer psycho-graphic segmentation to demographic

segmentation.

Find below the segmenting variables most indicative of a customer response. Know that one (1)

is most ineffective, and three (3) is most effective.

1. Demographic segmentation

2. Psychographic or lifestyle segmentation

3. Behavior and lifecycle - Looks at what people have actually done, and not what they say

they are going to do. This is always more predictive

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Want an Example?

Here is an example to make this clearer.

Isa is drafting a marketing plan for the coming year. After analyzing his situation, he made his

marketing goal to increase sales by 40% in the coming year.

He wants to meet this goal through selling more of this product in its present market.

The product sells well and the market is not saturated. Isa also thinks he can increase his

product's frequency of use.

How should Isa best segment to meet this goal?

Existing customers (behavioral segmentation) are easier to sell to. And will respond best to Isa's

offerings. Isa can easily increase their frequency of using his product.

Also, targeting consumers with similar lifestyle (lifestyle segmentation) to customers should get

results. At least, he will get better response than from groups with not so similar lifestyles.

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Lastly, targeting groups of the same demographics with customers could also get results. But

the response won't be as good as those from lifestyle and behavioral targeting.

Business Segmentation Methods

The number of businesses, in contrast to the number of consumers, is much smaller.

Hence, there are smaller numbers of buyers in business-to-business (B2B) markets.

But, still, there are many cases where it will be right to segment such markets.

Business Segmentation Criteria

Find below some of the most useful basis for segmenting organizational markets.

Organization Size

Market segmentation, in this case, is by the size of buying organization. Large organizations

differ from medium-sized and small organizations in having

greater order potential,

more formalized buying and management processes,

increased specialization of function, and

special needs (e.g. quantity discounts).

The result is that they may form important target market segments. And need tailored

marketing mix strategies.

Industry

Different industries may have unique requirements for products. Because of this, segmentation

is sometimes done by industry.

The Standard Industrial Classification (SIC) code is a common segmentation variable.

But, an in-depth understanding of each industry's needs results in more effective marketing.

So in some instances, marketers need to segment further. For example, the education sector

may be further divided into

primary,

secondary and

further education,....

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....as the product and service requirements of these sub-sectors may differ.

Geographic Location

Buying practice and demands in geographic locations may differ. Also, geographic locations may

have different regulatory and bureaucratic structures.

All these form a basis for segmenting based on geographic location.

Choice Criteria

Buyers have different criteria when they are evaluating supplier offerings.

One group of customers may rate price as a key choice criterion. Another segment may favor

productivity, while a third may be service oriented.

Segmenting based on choice criteria takes these differences into consideration.

Since these varying preferences mean that

1. Marketing and sales strategies need to cater to each segment’s needs.

2. Different marketing mixes need to cover the different segments.

Wow! Seems like there are several ways a business could segment its markets, aren’t there?

But especially relevant is what makes a successful segmentation? When can you be say that you

have successfully segmented your market?

Criteria for Successful Segmentation

A successful segmentation is

1. Effective

2. Measurable

3. Accessible

4. Actionable

5. Profitable

Effective

Needs should be relatively the same within an identified segment. But much different from

those in other segments. If buyer needs in different segments are similar, the segmentation

strategy should change.

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Measurable

It must be possible to find those in the proposed segment. And to understand their

characteristics and behaviors patterns.

Accessible

The business must be able to market effectively to the segments that it identifies.

Actionable

The business must be able to exploit the opportunities within an identified market segment. It

must have the resources to do so. If not, the segmentation was not successful.

For example, a business may find certain segments in international markets. But if the company

does not have the resources or knowledge to serve them, it did not segment well.

Profitable

Most importantly, segments must be large enough to be profitable to serve. Very small

segments may be unprofitable to serve.

It's worthwhile though to note that....

Advances in production and distribution technologies mean that, increasingly, micro-segments

can be profitable.

Also, sometimes large segments may remain untapped. Look out for those.

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Targeting

Once you have identified your market segments, the next thing you need to do is to select your

target market. Or target markets.

Targeting refers to choosing specific segments to serve. It’s a key element of marketing

strategy.

Targeting allows for a concentration of effort against a part (segment) of the market. And most

of all, it results in more effective marketing and better business outcomes.

When deciding target market segments, choose those segments that

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are responsible for the most revenue, profit, or purchases and that also,

show future potential.

Remember that companies don’t sell products, customers buy them. In effect, your company

exists because of the customers or target markets you choose to serve.

The biggest marketing mistake is to attempt to be all things to all people.

Gaining Competitive Advantage

Your key to superior performance in your space is to gain and hold a competitive advantage.

Superior performance refers to your business getting above average profit. Or return on

investment.

Based on research findings, William K. Hall stated that firms can gain a competitive advantage

through:

1. Differentiation of their product offerings, or by

2. Managing for the lowest delivered cost.

He made his findings known in a 1980 Harvard Business Review article authored by him.

Hall examined the competitive strategies of two leading firms in eight mature industries. These

industries had slow growth and intense competition.

Here's the deal.

In each industry, the two leading firms offered either high product differentiation. Or the

lowest delivered cost. In most cases, an industry’s return on investment leader opted for one of

the strategies. While the second-place firm pursued the other.

But industries are sometimes broad market segments. At those times, some narrow but similar

market segments them up.

A firm could also gain an advantage by focusing on one of such segments. And meeting their

needs better than the competition.

Thus, we can say that there are three ways for a firm to gain competitive advantage.

1. Differentiation

2. Cost leadership

3. Focus or niche (could be differentiation focus or cost-leadership focus)

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Seeking one of these positions of advantage could be critical to survival.

Differentiation

Differentiation strategy involves choosing of one or more choice criteria used by many buyers in

an industry.

A firm then positions itself to meet these criteria.

For example, you might seek to be

better (I.e., have superior quality and/or easier to work with), be

faster (i.e. respond more quickly) or be

closer (i.e. build better relationships with customers)...

...depending on what is important to your target market.

The aim is to differentiate in a way that you could charge a price far more than the cost of

differentiating. This should lead to above average profit.

Differentiation gives customers a reason to prefer one product over another. And thus, is a key

element of marketing strategy.

Cost Leadership

The cost leadership approach involves the achieving the lowest cost position in an industry.

Here, you want to be the firm that has the lowest cost of serving customers. This allows you to

charge an average price while making above average profit.

Focus or Niche

A focus strategy involves focusing on a clear set, well-defined market segment. That's how it

differs from the broadly based differentiation and cost-leadership strategies.

Here, you want to focus on the needs of an identified market segment. And bring all your

capabilities and resources to best meet such needs.

This allows you to charge a price premium or gain a cost leadership advantage. Ultimately, you

get to make above average profit.

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Positioning

After deciding where growth will come from, we went about segmenting.

When segmenting, we looked at the different needs and preferences that may exist in a

market.

Targeting was where we decided which segment or segments of the market we are going to

serve.

Following that, we looked at how we could gain a competitive advantage in our chosen

segment.

We are now at positioning.

Positioning is the act of making sure a company’s offering occupies a meaningful and clear

position in the target customer’s mind.

It's the act of linking your product to the solution that consumers seek. And making sure that

when they think about those needs, your brand is one of the first that comes to mind.

Positioning is key to branding and brand building. Note that real or perceived competitive

advantage should guide positioning.

Example of Positioning

Volvo discovered that there were enough car buyers who placed a very high value on car safety.

But no car company offered superior car safety.

Volvo then adopted “safest car” as its positioning. But positioning by making this claim was not

enough.

Volvo had to make the safest car, or else competitors and customers would find out that the

claim was not true.

Not only did Volvo have to make the safest cars, but it had to design the cars’ looks and “feel”

to signal superior safety. It also had to convey the safety theme in all its advertising and

promotion.

Positioning is both important and difficult. It is important because, today, we live in an over-

communicated society.

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Consumers suffer from information overload. They are consistently exposed to advertising

messages. That's beside the volume of information available today.

To cut through this clutter, you need messages that

are simple, direct, and that

resonate with your customers’ needs.

Especially relevant is that....

Failure to gain a place in the customer’s mind increases the chances of failure in the

marketplace.

Developing a Great Positioning

Deciding what position to occupy in the market requires consideration of three variables. The

variables are:

1. Customers (i.e. target markets decided on from segmentation),

2. Competitors (analyzed in situation analysis), and the

3. Company offering itself (i.e. the company’s competitive advantage).

For customers, you must look at what attributes matter to them. There is little point in seeking

a position that is unimportant from the customer’s point of view.

Also noteworthy is that in many markets, competitors are already well entrenched. Your

challenge is to find some differential advantage that competitors cannot easily match.

Lastly, you should only look at building a position based on your company’s unique attributes.

This increases the likelihood that you can sustain the advantage.

Have you noticed?

The strategy process as outlined here completes most of the tasks of positioning. Do you agree?

Once you agree on the positioning, your next step is to develop a positioning statement. Note

that a positioning statement is also known as a brand driver, a brand handle, brand axis, or

brand DNA.

A positioning statement is a

clear,

memorable,

image enhancing,

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written summary of your offering’s desired stature.

After a developing a great positioning, what's next?

It’s now time to deliver and actually claim such position in your customers’ minds. This brings us

to….

Making Marketing Mix Decisions

Making marketing mix decisions makes up the next stage of the strategy process.

Based on all you have done to this point, you need to make decisions about each element of

the marketing mix.

The decisions you make here should help you:

1. meet set sales and other marketing goals,

2. gain competitive advantage in your space, and

3. deliver on the positioning you decided on.

These decisions consist of judgments about how you will

create value (product),

communicate value (promotion or communication),

deliver value (placement and/or distribution), and

capture value (pricing),

So, in concluding the marketing strategy process…

You have to make marketing mix decisions that offer a superior offering to the customer. And

do so at a reasonable cost. The outcome is delighting your customers. And greater revenue and

profit for your business.

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