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Marketing Strategy

Marketing Strategy. Objectives Positioning. Benefits of Strategy. Components of Strategy. Statement of objectives. Establish general direction of strategy. Selection of strategic alternative(s). Selection of customer targets. Choice of competitor targets. Positioning.

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Marketing Strategy

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  1. Marketing Strategy Objectives Positioning

  2. Benefits of Strategy

  3. Components of Strategy Statement of objectives Establish general direction of strategy Selection of strategic alternative(s) Selection of customer targets Choice of competitor targets Positioning Statement of core strategy Description of supporting marketing mix Implement strategy Description of supporting functional programs

  4. Marketing Goals • Desired general accomplishments stated in vague terms. • Indicate the direction the firm is attempting to move and the set of priorities it will use in evaluating alternatives and making decisions.

  5. Should be attainable and realistic. • Should be internally consistent. • Should be comprehensive and help to clarify the roles of all parties in the organization. • Should involve some degree of uncertainty.

  6. Examples of Goals • To have the largest, best-trained sales force in the industry. • Having the best recognized and most effective advertising campaign in the industry.

  7. Marketing Objectives • Provide specific and quantitative benchmarks that can be used to gauge progress toward the achievement of the marketing goals for which they are developed. • Should be attainable with a reasonable degree of effort.

  8. May be either continuous or discontinuous, depending on the degree to which they depart from present objectives. • Continuous: current objectives are similar to those in previous planning period. • Discontinuous: establish new objective or significantly elevate the level of performance on a given outcome factor

  9. Should specify the time frame for their completion. • Usually related to sales revenues, market share, profitability, or cash flow

  10. Examples of Objectives • The marketing department will be responsible for having 40% of customers listing this financial institution as their primary financial institution within one year. • The sales department will increase sales 18% during the next 2 years.

  11. Strategic Alternatives: Growth • Market development strategies • Attract non-users • Enter new markets

  12. Attracting non-users

  13. Enter new markets

  14. Market penetration strategies • Increase purchase rate of existing customers • Attract competitors’ customers

  15. Increasing purchase rate

  16. Attracting competitors’ customers

  17. Strategic Alternatives: Profitability

  18. Strategic Alternatives: Cash Flow

  19. Positioning

  20. Differentiation

  21. Core value proposition Augmented product Generic product Expected product Potential product

  22. Exciting needs Primary needs Articulated needs

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