Market Strategy

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Market Strategy

  1. 1. Marketing Strategy MR 506 Marketing Concepts and Strategies
  2. 2. Agenda <ul><li>Marketing Strategy </li></ul><ul><li>New Product Development </li></ul><ul><li>Target Market </li></ul><ul><li>Marketing Mix(4 P's, 4 C's) </li></ul><ul><li>SWOT </li></ul><ul><li>Market Scope </li></ul><ul><li>A Successful Marketing Strategy </li></ul>
  3. 3. Marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage.
  4. 4. Marketing Strategy Should: <ul><li>Be part of the overalll strategy </li></ul><ul><li>Be based on the clear understanding of the </li></ul><ul><li>market, and its analysis </li></ul><ul><li>Be based on a firm's strengths </li></ul><ul><li>Address a firm's weaknesses </li></ul><ul><li>React to threats </li></ul><ul><li>Be integrated and coherent </li></ul>
  5. 5. New Product Development <ul><li>NPD is a process to develop, test, consider the new products in the market. </li></ul><ul><li>New product in a new market </li></ul><ul><li>Replacement of existing product </li></ul><ul><li>Old product with a new package </li></ul>
  6. 6. Target Market Group of persons for whom a firm creates and maintains a product mix that specifically fits the needs and preferences of that group.
  7. 7. Marketing Mix <ul><li>Product </li></ul><ul><li>Variation </li></ul><ul><li>Differentiation </li></ul><ul><li>Innovation </li></ul><ul><li>Elimination </li></ul>
  8. 8. Pricing Determined by the market share, competition, material costs, product identity and the customer's perceived value of the product.
  9. 9. Place <ul><li>Distribution channel </li></ul><ul><li>Direct sales </li></ul><ul><li>Indirect sales </li></ul><ul><li>E-commerce </li></ul>
  10. 10. Promotion <ul><li>Advertising </li></ul><ul><li>Personal selling </li></ul><ul><li>Public relations </li></ul>
  11. 11. 4 C's Customers • Market segmentation • Purchase criteria used by customers
  12. 12. Competition • What is the market share of the company? • What is the market position? • What is their cost position? • What are the market advantages?
  13. 13. Cost • What is the cost policy? • What’s the cost formation?
  14. 14. Capabilities • What resource does the company have? • What is the internal organization? • What is the production system?
  15. 15. SWOT Provides information that is helpful in matching the firm's resources and capabilities to the competitive environment in which it operates.
  16. 16. Market Scope <ul><li>Single market </li></ul><ul><li>Concentration of efforts in a single segment. </li></ul><ul><li>Serve the market wholeheartedly despite initial difficulties. </li></ul><ul><li>Avoid competition with established firms. </li></ul>
  17. 17. Multi Market <ul><li>Serving several distinct markets. </li></ul><ul><li>Careful selection of segments to serve </li></ul><ul><li>Avoid confrontation with companies serving entire market. </li></ul>
  18. 18. Total Market <ul><li>Serving the entire spectrum of the market by selling </li></ul><ul><li>differentiated products to different segments in the market. </li></ul><ul><li>Employ different combinations of marketing mix strategies in different segments </li></ul><ul><li>Top management commitment to embrace entire market </li></ul><ul><li>Strong financial position. </li></ul>
  19. 19. A Successful Marketing Strategy: <ul><li>Part of the overall business strategy </li></ul><ul><li>Matches right product to the right market </li></ul><ul><li>Builds on the firm's strengths </li></ul><ul><li>Defends against weaknesses </li></ul><ul><li>Achieves marketing objectives </li></ul>
  20. 20. References <ul><li>David W. Cravens.,Nigel F. Piercy, (2009), Strategic Marketing,9 th ed., McGraw-Hill/Irwin. </li></ul><ul><li>Kerin R., Hartley S. & W. Rudelius, (2009), Marketing, 9 th ed., McGraw-Hill/Irwin. </li></ul>

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