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Market Strategy

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