Marketing strategy 2

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Marketing strategy 2

  1. 1. DEFINITIONS MARKET STRATEGY PLANNING MARKET STRATEGY SPECIFICATIONS MARKETING MIX
  2. 2. DEFINITIONS MARKETING MIXMARKET STRATEGY SPECIFICATIONSMARKET STRATEGY PLANNING STRATEGY MARKETING A strategy that integrates an organization's marketing goals into a cohesive whole. Ideally drawn from market research, it focuses on the ideal product mix to achieve maximum profit potential. The marketing strategy is set out in a marketing plan. MARKETING CONCEPT
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  4. 4. MARKETING MIXMARKET STRATEGY SPECIFICATIONSMARKET STRATEGY PLANNING STRATEGY It is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. B MARKETING CONCEPT
  5. 5. MARKETING MIXMARKET STRATEGY SPECIFICATIONSMARKET STRATEGY PLANNING STRATEGY As applied to small business, marketing means identifying what the customers want and satisfying this want through the right product, the right price, the right location, and the right information. B MARKETING CONCEPT
  6. 6. MARKETING MIXMARKET STRATEGY SPECIFICATIONSMARKET STRATEGY PLANNING MARKETING B MARKETING CONCEPT
  7. 7. MARKETING MIXMARKET STRATEGY SPECIFICATIONSMARKET STRATEGY PLANNING MARKETING The marketing concept provides a guiding principle to small business which is making a match between its intended customers and its products or services. To achieve the desired match, the following questions must be answered: B STRATEGY
  8. 8. MARKETING MIXMARKET STRATEGY SPECIFICATIONSMARKET STRATEGY PLANNING MARKETING B STRATEGY Who are my customers? What products or services are required by my customers? At what price are the products or services required? At what place are the products or services required? At what time are the products or services required? How do the customers want the products or services delivered? 1 2 3 4 5 6 1 2 3 4 5 6
  9. 9. MARKETING MIXMARKET STRATEGY SPECIFICATIONSMARKET STRATEGY PLANNING MARKETING B STRATEGY Devise a marketing strategy Use marketing research Develop a marketing mix Identify the size of the geographic market area to be served. 2 3 4 To be able to answer the said questions, the following must be undertaken: 2 3 4 11 (STEINHOFF AND BURGESS)
  10. 10. DEFINITIONS MARKETING MIXMARKET STRATEGY SPECIFICATIONS MARKET STRATEGY PLANNING PROCESS MARKET STRATEGY PLANNING
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  12. 12. DEFINITIONS MARKETING MIXMARKET STRATEGY SPECIFICATIONS MARKET STRATEGY PLANNING PROCESS MARKET STRATEGY PLANNING It is an activity of a small business which seeks to find alternative opportunities and develop profitable marketing strategies.
  13. 13. DEFINITIONS MARKETING MIXMARKET STRATEGY SPECIFICATIONS 2 MARKET STRATEGY PLANNING PROCESS MARKET STRATEGY PLANNING IDENTIFY STRENGTHS AND WEAKNESSES OF BUSINESS ANALYZE EXTERNAL ENVIRONMENT IDENTIFY ATTRACTIVE MARKET OPPORTUNITIES DETERMINE APPLICABLE MARKETING MIX DETERMINE SIZE OF MARKET AREA IDENTIFY TARGET MARKETS CLICK TO VIEW THE PROCESS
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  15. 15. DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNING APPLICABLE MARKETING MIX TARGET MARKETING SIZE OF MARKETING AREA TARGET MARKETING APPLICABLE MARKETING MIX SIZE OF MARKETING AREA MARKETING STRATEGY SPECIFIES THE FOLLOWING:
  16. 16. DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNING TARGET MARKETING SIZE OF MARKETING AREA This refers to the activity that seeks “to identify a fairly homogenous or similar group of customers to whom a company wishes to appeal.” APPLICABLE MARKETING MIX STEPS
  17. 17. DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNING TARGET MARKETING SIZE OF MARKETING AREA Steps under target marketing: APPLICABLE MARKETING MIX STEPS 1. IDENTIFICATION OF TARGET MARKET. 2. IDENTIFICATION OF THE CHARACTERISTICS OF TARGET MARKET. 3. MEASUREMENT OF THE SIZE OF THE TARGET MARKET AREA. IDENTIFICATION OF TARGET MARKET IDENTIFICATION OF THE CHARACTERISTICS OF THE TARGET MARKET MEASUREMENT OF THE SIZE OF THE MARKET AREA
  18. 18. DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNING TARGET MARKETING SIZE OF MARKETING AREA APPLICABLE MARKETING MIX STEPS IDENTIFICATION OF THE CHARACTERISTICS OF THE TARGET MARKET MEASUREMENT OF THE SIZE OF THE MARKET AREA TARGET MARKET Is the particular market segment that the company wishes to serve. FOR AN EXAMPLE: CLICK HERE
  19. 19. DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNING TARGET MARKETING SIZE OF MARKETING AREA APPLICABLE MARKETING MIX STEPS MEASUREMENT OF THE SIZE OF THE MARKET AREA IDENTIFICATION OF TARGET MARKET “To be able to serve the target market properly, its characteristics must be known by the small business operator.” Characteristics of the target market: 1. Age 2. Sex 3. Family size 4. Family life cycle 5. Income 6. Occupation 7. Religion 8. Race 9. Nationality
  20. 20. DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNING TARGET MARKETING SIZE OF MARKETING AREA APPLICABLE MARKETING MIX STEPS IDENTIFICATION OF TARGET MARKET IDENTIFICATION OF THE CHARACTERISTICS OF THE TARGET MARKET To effectively serve the target market, the following must be known: 1. Number of potential customers. Knowing the number of potential customers will provide the means of ascertaining the most economical approach to reach them. This will even help in deciding whether or not to continue adapting the target market. 2. The population growth trend of the market area Information about the growth trend of the market area is very important for the firm. To most companies, growing markets offer several advantages. One of them is expanding sales potential.
  21. 21. DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNING TARGET MARKETING SIZE OF MARKETING AREA STEPSSTEPS IDENTIFICATION OF TARGET MARKET IDENTIFICATION OF THE CHARACTERISTICS OF THE TARGET MARKET MEASUREMENT OF THE SIZE OF THE MARKET AREA
  22. 22. DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNING TARGET MARKETING SIZE OF MARKETING AREA STEPSSTEPS IDENTIFICATION OF TARGET MARKET IDENTIFICATION OF THE CHARACTERISTICS OF THE TARGET MARKET MEASUREMENT OF THE SIZE OF THE MARKET AREA APPLICABLE MARKETING MIX
  23. 23. DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNINGMARKET STRATEGY SPECIFICATIONS CONTROLLABLE VARIABLES THE MARKETING MIX PRODUCT OFFERING PRICE PROMOTION PLACE
  24. 24. DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNINGMARKET STRATEGY SPECIFICATIONS CONTROLLABLE VARIABLES MARKETING MIX PRODUCT OFFERING PRICE PROMOTION PLACE The MARKETING MIX refers to the combination of the controllable marketing variables that a manager uses to carry out a marketing strategy in pursuit of the firm’s objectives in a given target market.
  25. 25. DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNINGMARKET STRATEGY SPECIFICATIONS CONTROLLABLE VARIABLES THE MARKETING MIX PRODUCT OFFERING PRICE PROMOTION PLACE PRODUCT OFFERING PRICE PROMOTION PLACE 1 2 3 4 THE MARKETING MIX IS BLENDING OF THE FOLLOWING CONTROLLABLE VARIABLES:
  26. 26. DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNINGMARKET STRATEGY SPECIFICATIONS CONTROLLABLE VARIABLES THE MARKETING MIX PRICE PROMOTION PLACE PRODUCT OFFERING1 The product offering must provide customers with value that will be preferred over the competition. It may involve a physical good, a service, or a combination of both.
  27. 27. DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNINGMARKET STRATEGY SPECIFICATIONS CONTROLLABLE VARIABLES THE MARKETING MIX PROMOTION PLACE PRICE2 PRODUCT OFFERING The price is what is charged for products offered. The right price must be determined in relation to cost of producing and selling the product. The price of the competition must also be considered.
  28. 28. DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNINGMARKET STRATEGY SPECIFICATIONS CONTROLLABLE VARIABLES THE MARKETING MIX PLACE PROMOTION3 PRODUCT OFFERING PRICE Promotion refers to communicating information between the company and potential buyers to influence buying attitudes and behavior. Personal sellinga This involves direct communication between sellers and potential customers. Advertisingb This consists of any form of paid, non personal presentation of ideas, goods, or services. Sales promotionc This refers to promotion activities that stimulate interest, trial, or purchase by final customers.
  29. 29. DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNINGMARKET STRATEGY SPECIFICATIONS CONTROLLABLE VARIABLES THE MARKETING MIX PLACE4 PRODUCT OFFERING PRICE PROMOTION This refers to making products available in the right quantities and locations, when customers want them.
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  32. 32. DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNING TARGET MARKETING SIZE OF MARKETING AREA APPLICABLE MARKETING MIX STEPS PUBLISHING FIRM ELEMENTARY STUDENTS HIGH SCHOOL STUDENTS COLLEGE STUDENTS PROFESSIONALS IDENTIFIED WITH HIGHLY DESIRABLE CHARACTERISTICS IDENTIFIED WITH MODERATELY DESIRABLE CHARACTERISTICS IDENTIFIED WITH LESS DESIRABLE CHARACTERISTICS IDENTIFIED WITH LESS DESIRABLE CHARACTERISTICS TARGET MARKET

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