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Marketing Planning for the SME Part 2. iExpert. Joanne Wilson, BA Hons , MCIM , Dip CW. CIM definition of Marketing. Marketing is the management process responsible for identifying, anticipating and satisfying customers’ requirements profitably. Where are we now? Marketing Audit.

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joanne wilson ba hons mcim dip cw

Marketing Planning for the SME Part 2

iExpert

Joanne Wilson, BA Hons, MCIM, Dip CW

cim definition of marketing
CIM definition of Marketing

Marketing is the management process responsible for identifying, anticipating and satisfying customers’ requirements profitably.

slide3

Where are we now?

Marketing Audit

How can we ensure arrival?

Feedback and Control

Where do we want to be?

Objectives

How to make your business more profitable

The Marketing Plan

Which way is best?

Tactics –

The Marketing Mix

How might we get there?

Strategy

Based on a model by PR Smith

aim high
Aim high
  • Your marketing objectives might be stated in terms of:
  • Number of sales in a given period
  • % growth
  • Profitability
  • % market share
  • Number of customers
  • Always make your objectives SMART
  • Remember – the marketing plan is a tool to help you to achieve your overall business objectives.
slide7

Where are we now?

Marketing Audit

How can we ensure arrival?

Feedback and Control

Where do we want to be?

Objectives

How to make your business more profitable

The Marketing Plan

Which way is best?

Tactics –

The Marketing Mix

How might we get there?

Strategy

Based on a model by PR Smith

strategy
Strategy
  • Marketing strategy addresses three separate aspects of marketing planning (CIM):-
    • Customers
    • Competition
    • Internal Issues
  • All of these issues should be taken into consideration when working out the attractiveness / value of different market segments.
competitive advantage
Competitive advantage
  • According to the CIM, competitive advantage is the process of identifying a fundamental and sustainable basis from which to compete. This is one of the main purposes of marketing planning.
  • Marketing planning guru, Michael Porter (1985) identified 3 fundamental sources of competitive advantage:-

- Cost leadership

- Differentiation

- Focus

marketing segmentation
Marketing Segmentation

Consumer Markets

  • Demographics

- For example 18-30s holidays

  • Geographic

- National, local, international

  • Geodemographic

- An analysis of where people live and combines lifestyle data with location /

postcode data

  • Behaviouristic

- What the customer uses the product for

- What benefits do they seek? (eg ready meals)

  • Psychographic

- Lifestyle segmentation, more complex. Looks at beliefs, opinions, motivations and

aspirations. Eg Organic buyers, ‘value’ buyers.

marketing segmentation business to business
Marketing Segmentation – Business to Business
  • Industry sector (SIC codes)
  • Geographical location
  • Turnover
  • No of employees
  • Type of decision making unit
  • Level of product / service usage
who to target ansoff
Who to target? Ansoff

www.edrawsoft.com

deciding who to target
Deciding who to target:

How attractive is a market segment? Is it viable?

  • Consider :-
    • Size – is it substantial enough to merit its own marketing messages?
    • Accessibility – have you got the resources / ability to exploit this segment?
    • Profitability – is it going to make you profit / achieve other objectives?
    • Suitability – Can you product or service meet their needs easily and in keeping with your brand / company objectives?
    • Unique – can the segment be specifically identified?
    • Sustainability – is the segment going to be around for a good length of time?
targeting ideas
Targeting ideas
  • You can of course target more than one segment. You then have choices to make.
  • Do you target more than one segment (or the whole market) but with the SAME marketing messages? (undifferentiated)
  • Do you target different segments, each with their own, DIFFERENT marketing messages? (differentiated)
  • Do you target one segment with one set of marketing messages? (concentrated).
positioning
Positioning
  • A positioning statement is about how your customer feels about your brand.
  • It explains how your company, product, service or brand fills a particular customer need.
  • Positioning is the process of identifying an appropriate market niche where you have established a customer need and preferably in an area where your competitors are NOT.
  • Positioning is about hearts and minds.
positioning matrix
Positioning Matrix

Quality High

Price High

Price Low

Quality Low

positioning example lucozade
Positioning Example - Lucozade
  • Lucozade was originally now as the drink to buy for people who were ill.
  • In 1983 Ogilvy and Mather were brought on board to reposition the brand.
  • The product basically stayed the same.
  • But it was re-positioned as a sports drink. The packaging changed, it was endorsed by a current sports star, a new logo was unveiled.
  • It’s focus was now on health and energy.
  • Sales skyrocketed.
slide25

Where are we now?

Marketing Audit

How can we ensure arrival?

Feedback and Control

Where do we want to be?

Objectives

How to make your business more profitable

The Marketing Plan

Which way is best?

Tactics –

The Marketing Mix

How might we get there?

Strategy

Based on a model by PR Smith

slide28

Where are we now?

Marketing Audit

How can we ensure arrival?

Feedback and Control

Where do we want to be?

Objectives

How to make your business more profitable

The Marketing Plan

Which way is best?

Tactics –

The Marketing Mix

How might we get there?

Strategy

Based on a model by PR Smith

slide30

Have a plan

  • (Not like this...)
slide36

Where are we now?

Marketing Audit

How can we ensure arrival?

Feedback and Control

Where do we want to be?

Objectives

How to make your business more profitable

The Marketing Plan

Which way is best?

Tactics –

The Marketing Mix

How might we get there?

Strategy

Based on a model by PR Smith