module 1 marketing strategy
TRANSCRIPT
1. Marketing strategy
1. Marketing Mix
www.henter.co
What is marketing?
www.henter.co
Definition:
Putting the right product in the right place, at the right price, at the right time.
4 Ps of marketing
Product (or Service)
Place Price Promotion
www.henter.co
www.henter.co
Product/Service
What does the customer want from the product/service? What customer needs does it satisfy?
What features does it have to match these needs?
How and where will the customer use it? What does it look like? What size, color, etc. should it be? What do you want it to be called? How is it branded? How is it different from what your competitors
do?
www.henter.co
Place
Where do buyers look for your product or service? (Store? Which kind? Online?)
How can you access the right distribution channels?
Do you need to use a sales force? Or attend trade fairs? Or make online submissions? Or send samples?
What do your competitors do? How can you learn from that and/or specialize?
www.henter.co
Price
What is the value of the product or service to the customer?
Are there established price points for products or services in your industry?
Is the customer price sensitive? Will a minor reduction in price gain you extra market share?
What discounts should you offer? How will your price compare with your
competitors?
www.henter.co
Promotion
Where and when can you get across your marketing messages to your target market?
Will you reach your audience by advertising in the press, on TV, radio, or billboards? By using direct marketing mailshot? Through PR? On the Internet?
When is the best time to advertise? Are there any wider environmental issues that suggest or dictate the timing of your market launch, or the timing of subsequent promotions?
How do your competitors manage their promotions? And how does that influence your choice of promotional activity?
www.henter.co
Product Place Price PromotionPositioningQualityFeaturesOptionsStyleRangeBrand nameSizesWarrantiesServicing
ChannelsLocationsInventoryTransportSupply ChainAgentsDistributorsExport
List priceDiscountsAllowancesPayment periodCredit termsConsignment facilitiesCredit card facilitiesRefund policy
PromotionAdvertisingPersonal settingCustomer serviceMerchandisingSales promotionSales consumerSales tradeDirect marketingWeb site interactive marketing
http://commons.wikimedia.org/wiki/File:7ps-marketing-ps.jpg
1. Marketing strategy
2. SWOT Analysis
www.henter.co
SWOT Analysis
www.henter.co
https://commons.wikimedia.org/wiki/File:SWOT_Analysis_ssw_1.png
DefinitionDefinition by investopedia.com
DEFINITION of 'SWOT Analysis'A tool that identifies the strengths, weaknesses, opportunities and threats of an organization. Specifically, SWOT is a basic, straightforward model that assesses what an organization can and cannot do as well as its potential opportunities and threats. The method of SWOT analysis is to take the information from an environmental analysis and separate it into internal issues (strengths and weaknesses) and external issues (opportunities and threats). Once this is completed, SWOT analysis determines what may help your company in accomplishing its objectives, and what obstacles must be overcome or minimized to achieve the desired results.
www.henter.co
Strong points
What competitive advantages do you have?
What does your organization do better than anyone else?
What unique or cheaper resources can you use that others can’t access?
What do people in your market consider your strengths?
What is your Unique Selling Proposition (USP)?
www.henter.co
Weaknesses
What could you improve?
What traps should you avoid?
What could people in your market see as weaknesses?
What makes you lose sales?
www.henter.co
Opportunities
What do you see as opportunities?What interesting trends do you recognize?
Opportunities may come from such things as:
Changes in technology and markets
Changes in government policies related to your field
Changes in social practices, population profiles, people’s lifestyle etc.
Local events
www.henter.co
Threats
What obstacles are there? What are your strongest
competitors doing? Are quality criteria or
specifications for your job, products or services changing?
Is changing technology threatening your status?
Do you have debts or problems with cash-flow?
Could any of your weaknesses seriously threaten your business?
www.henter.co
1. Marketing strategy
3. Target Market
www.henter.co
Target Market
www.henter.co
How to identify your target customerssocial, economic, demographic and psychological factors
Are they mainly male or female?
How old are they? Where and how do
they live? Is geography a limiting element?
What do they do to earn a living?
How much money do they earn?
What other aspects of their lives are important?
www.henter.co
Steps to determine the target audience
1.Understand the problems that your organization solves
2.Paint a picture of the client
3.Who will benefit from the value you offer?
4.Look at your company from the inside
5.What else is available?
www.henter.co
1. Marketing strategy
4. Marketing plan
www.henter.co
Marketing plan
www.henter.co
15 sections of a marketing plan
1. Executive Summary2. Target Customers3. Unique selling proposition4. Pricing & Positioning Strategy5. Distribution Plan6. Offers7. Marketing Materials8. Promotion Strategy9. Online Marketing Strategy10.Conversion Strategy11.Joint Ventures & Partnerships12.Referrals13.Strategy for Increasing
Transaction Prices14.Retention15.Financial Aspects
www.henter.co
Executive Summary
Presentation
Overview Complete
last
www.henter.co
Target Customers Demographi
cs Interests Wants and
needs
www.henter.co
Unique Selling
Proposition
FedEx’s USP “When it absolutely, positively has to be there overnight”
www.henter.co
Pricing & Positioning
Strategy
www.henter.co
Distribution Plan
How will customers buy from you?
www.henter.co
Your Offers
Special deals/ free trials etc.
www.henter.co
Marketing Materials
Website Print
Brochures Business
Cards Flyers …
www.henter.co
https://www.flickr.com/photos/buyalex/5284572712/in/photolist-93YPmC-93VKDi-93YPiu-93VKzi-DpBmE-bMnG4k-27p7t-69Nhqs-8Y9Dm-59LimB-4r7J5k-93VKya-93YPew-93YPdQ-93YPcm-7bTv1L-kJJ3LX-gtWPEA-gtWqbv-hahDUX-dK6mzy-6ozz7F-fogZTd-hagooa-gRz9Rk-nfTw13-4okn6D-7RC3Vo-eabpJp-rRgWf-4GCJyD-33FjEi-6VLENM-6VQFy3-4vLnXo-t9rbDc-kcDL-jX3eQ1-fvnE9D-8mxGWu-7Rb4Yp-5uKsQn-X1ZNm-fo2XzF-fo2TrV-foh8hf-foh7ny-fo2JXD-fogZ7L-fo2Vrv
Promotions Strategy
TV Press
Release Online
Advertising …
www.henter.co
Online Marketing Strategy Keywords
SEO Paid Advertising Social Media
www.henter.co
Conversion Strategy
Sales scripts
Increase social proof
…
www.henter.co
https://commons.wikimedia.org/wiki/File:8-step-process.png
Joint Ventures &
Partnerships
www.henter.cohttps://commons.wikimedia.org/wiki/File:SouthWesternBookStore1854.jpeg
Referral Strategy
When to ask for referrals
Rewards?
www.henter.co
Strategy for Increasing Transaction
Prices
Amount customers pay when they purchase
Increase price?
www.henter.co
Retention Strategy
Stimulate existing clients
Newsletter Loyalty
program …
www.henter.co
Financial Projections
E.g. Promotional expenses
Expected results
return …
www.henter.co