SUMMARY MARKETING STRATEGY CONCEPTS
Currently I am working on Part 2 with concentration on “Online Marketing”
Some of the questions of “Online Marking Strategies” will cover:Below some of the fundamental questions to understand the business before start thinking about business strategies: Do you have list of your competitors? Why are you better than your competitors? Where will your company be in 3-5 years? Does your company have mission or vision statement, or do you have statement of company value? How are you marketing your business? Who are your target audience, target geographic area and how to define it? How often you visit your competitor’s website and what are the reasons to do it? What is the best time to send Mass Mail and why? How to promote on Social Media Websites? Why social media networking does not work despite resources spent?
What is gorilla marketing and how to use it to increase profit? And more…
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The Marketing Mix
The Marketing Mix is a combination of five marketing components that are integrated into the marketing strategy. In the Marketing Strategy the company decides what the most appropriate mix is. These components are also referred to as the 5 Ps :
Market (or Place)
Distribution (or Placement)
A Product is a package of benefits as perceived by the consumer. In developing a product strategy you have to address several issues:
- Determine the product/service need
- How do you serve the need profitably?
- Do you have the capability to fill the need?
- What will the effect be on other products?
- Will it enhance the company’s image?
- How will the competitors react?
A “market” is subdivided into market segments. Each market segment represents a group of potential consumers with similar needs and interests. The target market segments are identified in the Marketing Segmentation Analysis. There are many ways to segment a market and they are not mutually exclusive:
- Demographic: age, gender, family size, marital status, etc.
- Geographic: language, regions, government, etc.
- Psychographic: hobbies, lifestyle, interests, etc.
- Product Usage: frequency, purpose, etc.
“There is no such thing as one market. There are only market segments”
A “Fit” Analysis is carried out to evaluate the market segments against key objectives and issues such as: corporate goals, corporate strengths/weaknesses, growth objectives, market share objectives, competitive threats/opportunities, and the need to maintain focus.
Promotion involves communicating the marketing message of your product to the potential buyers. The components of marketing communications strategies are:
- Medium (Push versus Pull)
The push strategy is more commonly used when you have to deliver a more complex message to the consumer.
What is the appropriate price? Market research can help you estimate what customers are willing to pay.
To set your price you have to understand the relationship between fixed cost, variable cost, contribution, profit impact, and break-even volume. Break-even Analysis is a tool used to analyze these relationships.
You cannot charge any more than what the consumer perceives as the value of the product/service compared to the other available choices.
Pricing Strategies can be set to:
- gain market share
- prevent market share
- meet competition
- price leadership
- prevent cannibalization
- milk product
Distribution involves getting the product from where it is produced to where the consumer purchases it. Types of distribution Strategies are:
- Selective Strategy: the availability of the product is limited
- Intensive Strategy: the product is available everywhere
- Direct Distribution: the product goes directly from the producer to the consumer
- Indirect Distribution: there are intermediaries between the producer and the consumer (e.g. wholesaler, retailer
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