Marketing Strategy Workshop - Defining the 3 Ps

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A fresh look at clearly defining your marketing strategy by defining the 3 Ps of Price, Product & Promotion.
Learn how to define your strategy by asking yourself the right questions on your Competitive Edge, Value-Added Clients and much more.

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Marketing Strategy Workshop - Defining the 3 Ps

  1. 1. Marketing StrategyWorkshop<br />Clarify the three P’s<br />
  2. 2. What are they?<br />Price<br />How much do our services cost us?<br />Which end of the market are we targeting?<br />Product<br />What are the key selling points?<br />Promotion<br />How are we going to promote the brand?<br />Which mediums will we use?<br />What’s the ‘mix’?<br />15 October, 2009<br />2<br />www.ltaylorsolutions.com<br />
  3. 3. Price<br />The important questions to be asked<br />15 October, 2009<br />www.ltaylorsolutions.com<br />3<br />
  4. 4. Price<br />What is the required gross margin?<br />Allow for unseen shocks to the economy/business<br />Is there any post-sales service to be added-in?<br />Will it be sold on credit or in arrears?<br />Allow for working capital finance costs<br />Allow for bad debt<br />What do my competitors sell at?<br />Where are we positioning the price relative to the rest of the market?<br />15 October, 2009<br />www.ltaylorsolutions.com<br />4<br />
  5. 5. Product/Service<br />The important questions to be asked<br />15 October, 2009<br />www.ltaylorsolutions.com<br />5<br />
  6. 6. Product/Service<br />What are the products or services on offer?<br />Clearly define them<br />Where are they sold?<br />Wholesalers, Online, Resellers, Agents etc<br />Define the distribution channels<br />What are the key selling points?<br />Define the differences between your product/service & your competitors’<br />15 October, 2009<br />www.ltaylorsolutions.com<br />6<br />
  7. 7. Promotion<br />The important questions to be asked<br />15 October, 2009<br />www.ltaylorsolutions.com<br />7<br />
  8. 8. Promotion<br />How do our competitors promote their brand?<br />Analyse the mediums used<br />Is ‘word-of-mouth’ important?<br />If yes, find local networking associations<br />Local partnership or go it alone?<br />What drives the purchasing decisions?<br />What is the client’s motivating force<br />Do your key selling points match up to this motivating force?<br />What’s the target client profile?<br />Define the key characteristics found in the most value-added clients for each product or service.<br />Identify trends/traits between these clients<br />Which brand image do these clients expect?<br />Identify the brand image that these clients respond to best<br />15 October, 2009<br />www.ltaylorsolutions.com<br />8<br />
  9. 9. 3 ‘P’ Table Exercise<br />Complete the tables to outline the correct strategy<br />15 October, 2009<br />www.ltaylorsolutions.com<br />9<br />
  10. 10. 3 ‘P’ Table Task<br />Complete the following table on the 3 P’s<br />Use your notes from the last sections<br />Write brief clear descriptions only of 4/5 words<br />Use the previous slides & questions as a guide<br />15 October, 2009<br />www.ltaylorsolutions.com<br />10<br />
  11. 11. 3 ‘P’ Table<br />15 October, 2009<br />www.ltaylorsolutions.com<br />11<br />
  12. 12. Marketing Strategy<br />Use the table to complete the strategy<br />15 October, 2009<br />www.ltaylorsolutions.com<br />12<br />
  13. 13. Competitive edge<br />What is your ‘edge’?<br />Think of the key differences between you and the market leader/principle competitor<br />Is there a sustainable value that you can maintain and develop over time?<br />List how these‘edges’ will add value to your business and how it will be sustained<br />Explain the direct & indirect (monetary) ‘Value-Added’ aspects of your ideas<br />Is it actually needed?<br />Describe how this also ‘adds’ value to the client<br />15 October, 2009<br />www.ltaylorsolutions.com<br />13<br />
  14. 14. The ‘Edge’ Task<br />Complete the following table on your competitive edge<br />Use each line to make comparisons between you and your competition on each aspect<br />Use short brief sentences (4/5 words)<br />Use the questions from slide 13 as a guide<br />15 October, 2009<br />www.ltaylorsolutions.com<br />14<br />
  15. 15. The ‘Edge’ Table<br />15 October, 2009<br />www.ltaylorsolutions.com<br />15<br />
  16. 16. The ‘Mix’<br />Which mediums work best?<br />Define each form of media to be used<br />Ascertain client behavioural patterns to identify the most effective media forms<br />How much of each medium?<br />Define the percentage of budget to be used for each media form<br />Build a pie-chart of this data<br />Does the media match or promote your competitive ‘edge’?<br />15 October, 2009<br />www.ltaylorsolutions.com<br />16<br />
  17. 17. The ‘Mix’ Example<br />15 October, 2009<br />www.ltaylorsolutions.com<br />17<br />
  18. 18. Milestone Table Example<br />15 October, 2009<br />www.ltaylorsolutions.com<br />18<br />
  19. 19. Summary Exercise<br />Write the marketing strategy summary<br />15 October, 2009<br />www.ltaylorsolutions.com<br />19<br />
  20. 20. Marketing Strategy<br />Once all tables and charts are complete, write a summary including…<br />Target market focus & Value-Added client profile<br />Drivers behind the client’s buying decision<br />Emphasis on certain services or media (the Mix)<br />Ways to position your organisation and your service uniquely<br />Competitive advantages of your business<br />Desired ‘brand image’<br />15 October, 2009<br />www.ltaylorsolutions.com<br />20<br />
  21. 21. Example<br />Let’s look at an example<br />15 October, 2009<br />www.ltaylorsolutions.com<br />21<br />
  22. 22. Summary Example<br />15 October, 2009<br />www.ltaylorsolutions.com<br />22<br />It is important to the marketing strategy to develop an attractive image to the trade. This can be done in a number of ways: <br />Advertising. Most designers interviewed suggested Design Times as the best place to advertise. Draperies & Window Coverings and Interiors and Sources are others. A quarter page ad in the regional edition runs £1,080 for Draperies and Window Coverings, and the same for Interiors and Sources runs £700 for black and white. These two latter publications have directories. There is no charge for inclusion in the directories. In Design Times, a colour 1/4 page ad would run £3,634 for three insertions if signed by December 1, 1997, which provides a 15% discount. This averages out to £1,211 per insertion, even less for black and white. <br />Join ASID. The image of Cutting Edge Drapery would be elevated by joining ASID. This would cost only £285 for the first year. Advertising in the ASID directory is worth considering. The present directory which comes out once per year has a full page colour ad for Paul Brown and a full page black and white for Outside Inlook, both of whom are mentioned in the competitive analysis section of this plan. A small black and white ad by The Drapery Man can also to be found. <br />
  23. 23. Summary Example cont.<br />15 October, 2009<br />www.ltaylorsolutions.com<br />23<br />Advertising. Development of a top quality logo and photography which can be used in ads, brochures, name cards, etc. Not counting printing costs, which relate to quantity and quality of paper chosen, the design costs for this would run about £1,500. A day&apos;s photography would be an additional £850-1,600. <br />Participation in Showhouses. Another image-building marketing ploy is participating in showhouses. These showhouses are usually for the benefit of some charity event. This would require time and effort, but not much in the way of money. This should be coordinated with the company&apos;s favourite designer to insure satisfaction with the design concept when doing a showhouse room.<br />
  24. 24. Summary Example cont.<br />15 October, 2009<br />www.ltaylorsolutions.com<br />24<br />In addition to the above-mentioned activity designed to elevate the company&apos;s image, it is essential to market directly the selected 15 target clients who are all members of ASID. Most of them are associate members while some are professional members. Success in making in-roads into these names would set the stage for entry into the more prestigious Boston designers. <br />Marketing these prime prospects must be carried out in a thoughtful organised way. Colour literature including the newly designed logo should be completed as a first step. When marketing these prospects it will be important to present a portfolio of Cutting Edge Drapery&apos;s most innovative work. A relaxed face-to-face meeting, resulting in good communication between designer and the owner, should be all that&apos;s needed to generate a first order.<br />Networking is also very useful. It is important, once the logo and artwork materials have been completed, for the owner to make a point of introducing herself to important players in the design world surrounding Boston. A good example is major upholstery businesses, custom carpets, suppliers of tile, etc. who often need to colour-coordinate or fabric-coordinate with workrooms.<br />
  25. 25. 15 October, 2009<br />www.ltaylorsolutions.com<br />25<br />www.ltaylorsolutions.com<br />info@ltaylorsolutions.com<br />

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