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5. 23/12/2010. Developing Winning Marketing Strategies. Contents. Introduction Purpose & Objectives Marketing Effectiveness Positioning, Identity, Branding Marketing mix Product Price Place Promotion Marketing strategy implementation Consistency, Integration, Synergy

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contents
Contents
  • Introduction
    • Purpose & Objectives
    • Marketing Effectiveness
    • Positioning, Identity, Branding
  • Marketing mix
    • Product
    • Price
    • Place
    • Promotion
  • Marketing strategy implementation
    • Consistency, Integration, Synergy
    • Setting Targets & Tracking Progress

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

1 introduction
1. Introduction

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

the purpose of this module
The Purpose of this Module
  • Effective marketing is a key factor for the success of any business
  • This module will help to Create an understanding of:
    • the role of marketing;
    • the key elements of the marketing mix, showing how how they work together to form a marketing strategy;
    • Important considerations for each element in the marketing mix; and,
    • ways to evaluate the effectiveness of marketing efforts.

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

objectives of marketing
Objectives of Marketing
  • Move customers through the marketing funnel:

TARGET MARKET

AWARENESS

Generate awareness within the target market segments

Stimulate interest

Facilitate favourable consideration

Enable the purchase

Cultivate customer loyalty

INTEREST

CONSIDERATION

PURCHASE

CUSTOMERS!

LOYALTY

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

marketing effectiveness
Marketing Effectiveness
  • Depends on much More than ‘advertising’
  • Ultimately, effective marketing ensures businesses:
    • provide a product or service that the target market actually wants;
    • will make the products/services available where customers want to buy them;
    • when they want to buy them; and,
    • at a price they are willing and able to pay for them.
    • Importantly, marketing informs the target market[s] of availability and features in a way that generates enough sales to be profitable.

…Marketing is all about building relationships.

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

positioning identity
Positioning & Identity
  • Fundamental to developing strategies and making marketing mix choices
  • Positioning:
    • Where products are placed in the marketplace:
      • quality, price, availability, convenience, innovation
  • Identity:
    • How the business wants to be perceived
      • Low price
      • High quality
      • Personalized service
      • Wide selection
    • Must be able to back up marketing claims

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

your brand
Your BRAND
  • Everything a business does with marketing creates a brand for the business
  • Successful businesses are built on strong brands
    • Even small businesses can benefit from brand recognition
  • Promote your brand for long-term success
  • Protect your brand as you build it!

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

exercise positioning identity
Exercise: Positioning & Identity
  • Based on the photo, come up with some ideas on positioning & identity for this business
  • What do you think about the POSITION of this business, relative to competition?
  • What IDENTITY do you think they could create in the minds of customers or potential customers?

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

2 marketing mix
2. Marketing Mix

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

elements of a marketing strategy
Elements of a Marketing Strategy
  • PRICE
  • (How much)
  • objectives
  • method
  • tactics
  • PRODUCT
  • (What you are selling)
  • quality
  • features
  • benefits
  • attributes
  • range

MARKETING

MIX

  • DISTRIBUTION
  • (Getting to market)
  • location
  • service
  • channels
  • intensity
  • PROMOTION
  • (Informing the market)
  • personal selling
  • advertising
  • sales promotions
  • public relations

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

choosing the marketing mix
Choosing the Marketing Mix
  • An Appropriate marketing mix depends on:
    • Characteristics and buying behaviour of target market[s].
    • Features, benefits, attributes of your product[s].
    • Your desired position in the marketplace.
    • The strengths and weaknesses of your competitors.
    • Resources available – human, financial & physical.
    • YOUR GOALS FOR THE BUSINESS!

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

marketing strategy product
Marketing Strategy: PRODUCT
  • What range of products/services will attract customers in the target market area?
  • What specific benefits of the product[s] are valuable to the target customers?
  • What level of quality does the customer expect [and is willing to pay for]?
  • What complimentary products can you sell alongside your core products to enhance profitability?

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

product characteristics
Product Characteristics
  • Size
  • Packaging
  • Name
  • Materials / ingredients
  • Technology
  • Product range / variety
  • Function / use
  • Style / aesthetics
  • Trends
  • environmental

Match your product to your target market[s].

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

exercise product characteristics
Exercise: Product Characteristics
  • For the seaweed extract business:
    • Describe important attributes of the product being offered – recall your Kevin Lancaster Exercise in Module 3
    • Indicate how these features meet the demands of the target market cohorts

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

marketing strategy price
Marketing Strategy: PRICE
  • Price can convey a range of messages:
    • Affordability
    • Quality
    • Relative value compared to competitors
  • Image of the product is conveyed by price more than any other marketing mix component
    • Apply it carefully

Rp. 290,000

…Remember the pricing strategies exercises in Module 3: Market Analysis Techniques

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

pricing objectives
Pricing Objectives
  • CONSIDER HOW PRICE WILL RELATE TO YOUR BUSINESS OBJECTIVES:
    • Sales volume
    • Revenue goals
    • Profitability
    • Competitiveness
    • Image
    • Marketplace positioning
  • Desired price characteristics:
    • Straightforward
    • Easy to understand
    • Related to VALUE

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

approaches to price setting
Approaches to Price Setting
  • Price setting should be considered in the context of your overall strategy
  • Basic methods:
    • Cost Plus
    • Competitor matching
    • Negotiation
  • Strategic Pricing policies:
    • One price/fixed
    • Flexible pricing
    • Skimming price
    • Penetration/introductory price
    • Discounts: volume, cumulative quantity, seasonal

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

exercise price setting
Exercise: Price Setting
  • For the seaweed extract business:
    • Identify pricing objectives
    • Explain the price-setting approaches that will be used

Remember the role that PRICE plays in market positioning.

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

marketing strategy distribution
Marketing Strategy: DISTRIBUTION
  • ‘distribution’ refers to getting goods and services to the customer. Parameters:
    • Location of operations
    • Location of sales transactions
    • Movement of goods to market
  • Location can be critical – provide easy access to customers
  • What distribution options are open for the type of business?

…an old marketing adage has Location, Location, Location as the top three priorities for the success of a business.

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

location considerations
Location Considerations
  • Close to market versus close to suppliers
  • Cost versus convenience
  • Urban versus rural
  • Visibility
  • Accessibility
  • Size
  • Facilities
  • Industry cluster

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

distribution channels
Distribution Channels
  • Select the distribution channel that works for you & for your customers
  • costs & benefits of each channel

Producer

1.

2.

3.

4.

Wholesaler

Agent/Broker

Retailer

Customer

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

exercise distribution
Exercise: Distribution
  • For the SEAWEED EXTRACT business:
    • Identify the locations for facility and for sales
    • Determine how the customer will access the product

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

marketing strategy promotion
Marketing Strategy: PROMOTION
  • Communicating with the marketplace –with your target market cohorts!
  • Objectives:
    • Provide information and awareness
    • Differentiate your products
    • Accentuate the value
    • Stabilize sales

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

promotional activities
Promotional Activities

Limited only by creativity

Public Relations

Press Releases

Personal Selling

Public Speaking

Sales calls

Sponsorship

Walk-in

Sales Promotions

Advertising

Business Cards

Free Samples

Website

Price Reductions

Newspaper

Brochures

Coupons

Signs

Radio

Volume Discount

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

low cost promotional tactics
Low-Cost Promotional Tactics
  • Encourage word of mouth
  • Networking
  • Business cards
  • Testimonials
  • Provide Referral incentives
  • Focus on the benefit
  • Passion and persistence

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

exercise promotion brainstorming
Exercise: Promotion Brainstorming
  • For the SEAWEED Extract business:
    • Brainstorm as many promotional ideas as you can think of

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

selecting media
It all depends on where & WHO the TARGET MARKETs are …Selecting Media

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

online marketing opportunities
Online Marketing Opportunities
  • Meet the searcher’s intent

Paid listing

Automatic listing

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

advertising materials
Advertising Materials
  • Find the drama in the offering
  • Translate the drama into a meaningful benefit
  • State benefits in a believable way
  • Get people’s attention
  • Motivate the audience
  • Communicate clearly
  • Ensure the message is right for the target audience.

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

exercise promotional materials
Exercise: Promotional Materials

For the SEAWEED EXTRACT business:

  • Select one type of promotional activity appropriate to the business and Develop the materials for the promotional activity.

For example: a customer testimonial

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

3 marketing strategy implementation
3. Marketing Strategy Implementation

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

marketing strategy implementation
Marketing Strategy Implementation

Synergy

Integration

Consistency

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

exercise marketing strategy
Exercise: Marketing Strategy

For the Scuba Diving Business, fill in the Marketing Strategy:

PRICE

PRODUCT

MARKETING

MIX

DISTRIBUTION

PROMOTION

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

marketing calendar budget
Marketing Calendar & Budget
  • have a prioritized marketing plan
    • Timing of activities
    • Cost of activities

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

aspects of implementation
Aspects of Implementation

Planning the Path

  • Company identity
  • Brand identification
  • Sales techniques
  • Customer service
  • Advertising techniques
  • Public relations
  • Timing and Patience

The Implementation needs to be planned from A to Z

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

setting marketing targets
Setting Marketing Targets
  • targets drive the marketing strategy
    • With a marketing strategy in place, targets can be set to maintain priorities
    • Targets are useful for making effective decisions about allocating marketing resources.
    • Targets may be broken down by product, region, target market, etc.
  • targets may relate to:
    • Revenue in rupiah
    • Number of unit sales
    • Number of customers
    • Number of locations
    • Etc.

…a note of caution: in a situation like this, marketing and sales could be used interchangeably, and they often are ---but be careful they are not the same thing!! Marketing encompasses selling, but the reverse is not true.

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

exercise marketing targets
Exercise: Marketing Targets
  • For the SEAWEED EXTRACT business:
    • Set sales targets for the first year; and,
    • Monthly.

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

tracking evaluation review
Tracking, Evaluation & Review
  • Identify key indicators for the business
  • Determine ‘baseline’ measures
  • Measure results
  • Compare results with objectives
  • Look at the specifics
  • Make changes where necessary
    • But not too quickly! Be careful not to react to blips in the marketplace; but, keep on top of trends.

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

exercise tracking
Exercise: Tracking
  • For the SEAWEED EXTRACT business:
    • In addition to sales, identify the key indicators that you will want to track to measure marketing success.

Volume produced?

Spin-off Opportunities

Quality standards met?

Customer Satisfaction?

Complementary products?

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

survey monkey free online survey tool
Survey Monkey: Free Online Survey Tool

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program

slide42

Objective

Reflective

Interpretive

Decisional

ORID: use it to gain an advantage over the competition!

CIPSED Project State University of Gorontalo [UNG]

Entrepreneurship ToT Program