05. Marketing Strategy
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Transcript of 05. Marketing Strategy
8/3/2019 05. Marketing Strategy
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Marketing strategy.
Marketing strategy defines the broad principlesby which business unit expects to achieve it’smarketing objectives in a target market.
It consists of basic decisions on total marketing
expenditures, marketing mix & marketingallocation.
Marketing strategy is a basic statement aboutthe desired impact to be achieved on demand in
a given target market.Marketing is merely a civilized form of warfare in
which most battles are won with words, ideas &disciplined thinking.
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Marketing strategy –
1. Stimulating primary demand by –
a. Increasing no. of users.
b. Increasing the rate of purchase.
2. Stimulating selective demand by –
a. Retaining existing customer.
b. Acquiring new customer.
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1. Marketing strategy for stimulating primary demand.
a. Increasing no. of users by –
i) Increasing willingness to buy –
- Advertise benefit of product form or class.
- Develop product line extension.
ii) Increasing ability to buy –
- Reduce price.
- Provide financing.
- Provide broader distribution.
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b. Increase rate of purchase –
i) Broadening product usage.
ii) Increasing product consumption level.
iii) Encourage replace due to product redesign -
- Promote alternative uses.
- Design new benefits for existing customer.
- Reduce price.
- Repackage in different sizes.
- Promote uses of related products.
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2. Marketing strategy for stimulating selective
demand.
a. Retention of customer by –
i. Retention of satisfaction for product
performance –
Advertise quality.
Advertise familiarity.
Redesign products.
Provide special services.
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ii. Simplifying the buying process – Provide superior delivery.
Offer bundles of products.
Use sole source selling.
Provide price protection.
Use system selling.ii. Reducing attractiveness of or
opportunities of switching –
Develop brand extension.
Offer multiple brands.
Facilitate system expendability.
Reduce price.
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b. Acquisition of customers by –
i. Head to head positioning – Develop superior features on determinant
attributes.
Reduce price. Advertise more.
Use broader distribution.
i. Differentiated positioning – Design & promote unique benefits.
Use unique distribution channels, packageservice, pricing.
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Selecting a marketing strategy.
The marketing strategy must be consistent with
product objectives.
Problems & opportunities regarding buyer needs, market measurements & profitability must
be determined from situation analysis.
The problems & opportunities associated with
implementing a strategy must be considered.Competitive analysis for selective demand
strategies.
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The marketing strategy selection process.
Product objective
Situation analysis Competitive analysis
Marketing strategy
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I. Product objective – Marketing strategy.
1. To achieve viable level of sales.
Primary – increase no. of users.
2. To achieve viable market share. ( New brand )
Selective – acquisition of customers.
3. Market share growth.
Selective – acquisition of customers.
4. Market share maintenance.
Selective – acquisition & retention of customer.
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5. Cash flow maximization.
Selective – retention or primary – increase rate
of purchase.
6. Sustaining profitability.
Selective – retention in limited segment.
7. Harvesting.
Selective – retention with minimum effort.
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II. Implication for primary demand strategy &
programs.
Market measurement & forecasting.
Market analysis & market segmentation.
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III. Implication for selective demand strategy &
programs.
Company sales forecast & productivity
estimates.
Profitability analysis.
Situation analysis will provide insight into –
a. What factors influence buyer search & choice.
b. Buyer usage pattern & related use products &
service.c. Who the primary competitors are?
d. What alternative segmentation opportunities
exist?
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IV. Developing & using competitive analysis elements.
1. Competitive market share.2. Competitive attribute analysis.
3. Competitive distribution analysis.
o Number of retailers, whole sellers carryingproducts.
o Amount & visibility of shelf space given.
o Amount of distributors selling effort.
o Inventory carried by distributor.o Costumer service level.
o Degree to which the type of outlets used isconsistent with buyer patronage.