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Marketing Strategy. Module 4 Business Plan Course Ryan Murray MBA, CBA. Marketing is a function of ROI. 5 Points to Market. Product/Service Relative Price Point Target Market Market Mediums Marketing Strategy. These Become Your Market Opportunity.

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marketing strategy

Marketing Strategy

Module 4

Business Plan Course

Ryan Murray MBA, CBA

5 points to market
5 Points to Market
  • Product/Service
  • Relative Price Point
  • Target Market
  • Market Mediums
  • Marketing Strategy

These Become Your Market Opportunity

Your Marketing Strategy is unique to your business, but the Market Opportunity is the same for everyone

5 points to market1
5 Points to Market
  • Product/Service
  • Relative Price Point
  • Target Market
  • Market Mediums
  • Marketing Strategy

These are used to develop Your Marketing Strategy

Your Marketing Strategy is unique to your business, the Market Opportunity is the same for everyone

relative price point
Relative Price Point

$

$$

Relative in terms of your competition

developing your strategy
Developing Your Strategy

Price

Quality

Differentiation

developing your strategy1
Developing Your Strategy

Price

$

Relative Price Point

$$$

Quality

Differentiation

developing your strategy2
Developing Your Strategy

Price

  • The key is
  • Being able to beat the competition
  • Serve a market that isn’t being adequately addressed by the competition

Quality

Differentiation

understanding competition
Understanding Competition
  • Competitive Advantage
  • Rate your company’s competitive advantage from 1 – 5
    • (1 being little to none and 5 being virtually untouchable)

1 through 3: little to no chance of being profitable in the long run

4 or 5: good competitive advantage

understanding competition1
Understanding Competition

Competition is defined as “ANYTHING that eats into your revenue”

4 Types of Competition

  • Direct Competition
    • Businesses that provide the same product/service
  • Indirect Competition
    • Businesses that provide a different product/service that meets the same need
  • Open Market
    • Customers in your market area that should be buying your product /service but aren’t
  • Yourself
    • Customers that already buy from you but should or would buy more
fruit tree theory
Fruit Tree Theory
  • Pick the low hanging fruit first
  • Go for the abundant fruit next
  • (Don’t worry about the other 2)
discussion points if we have time
Discussion Points (if we have time)
  • Market Mediums
  • Marketing ROI
    • Measuring your results
    • Using a “control group” in your marketing
  • Marketing Budgets
  • Marketing Mistakes
    • Not doing it consistently
    • Not budgeting for it
    • Not planning
    • Buying “whatever”
    • Not buying anything
homework
Homework
  • Establish a marketing budget and implement it into your financial forecasting. Make sure that your sales forecast is a function of marketing and write the relation as part of your business plan.
  • Determine whether you are focusing on price, quality, and/or differentiation.
  • If your competitive advantage is below 4, brainstorm with your management team ways to strengthen your competitive advantage.
  • Provide a written description of your marketing strategy. Make sure that it is well enough written that someone outside of the business could implement the strategy based on your description.