Dionte Williams Marketing Strategy

1. Marketing
Strategy
Dionte Williams

2. What is a Marketing Strategy?
• A Marketing Strategy identifies a firms target market(s), a
related marketing mix (the 4 Ps), and the bases on which the
firm plans to build a sustainable competitive advantage
L02-1

3. What are some
examples?
◦ (1) Bounty using life sized spills to
promote their strong paper towel
brand.
◦ (2) Loyalty Programs like the way
Starbucks that offers promotions on
the value of your loyalty to the
company
[1]
[2]

4. 4 Key Macros
• Customer Excellence: Focuses on retaining loyal customers and excellent customer
service.
• OperationalExcellence: Achieved through efficient operations and excellent
supply chain and humanresources management
• Product Excellence: Having products with high perceived value and effective
branding and positioning
• Locational Excellence: Having a good physical location and Internet presence.

5. Customer
Excellence
Customer excellenceis achieved when a firm develops value-based
strategiesfor retaining loyalcustomersand providesoutstanding
customer service.
A companywould need a great product that’shigh quality,
consumer and sometimesenvironmentallyfriendly, and incentive
programsthat offer one to keep buying from the samecompany
regardlessof competition

6. Operational
Excellence
This is the second way to achieve a
sustainable competitive advantage
through efficient operations, excellent supply
chain management, and a strong relationship
with suppliers.
◦ Sustainable competitive advantage:
advantage over the competition that is not so
easily copied and can be maintained over a
period of time.
[3]

7. Product
Excellence
The third way to achieve sustainable advantage
occurs by providing products with high perceived
value and effective branding and positioning.
Many firms have difficulty developing a competitive
advantage through their merchandise and service
offerings, especially if competitors can deliver a
similar products or services easily.

8. Locational
Excellence
Particularly important for retailers and service
products. The three most important thing to
retailing is location, location, location.
Picture 4 shown to the left shows all the
Starbucks coffee locations in New York, New
York. Location Location. Notice how they
dominate the lower Manhattan area. That many
locations causes the market to focus on
Starbucks while the rest of the coffee shops get
lost behind all the Starbucks stores on every
corner.
[4]

9. The Marketing Plan
◦ PlanningPhase is step 1 in which marketing executives in conjunctionwith other
top managers define the missionand or vision for the business.
◦ Implantation Phase the second step marketing managers identify and evaluate
different opportunities by engaging in a process known as segmentation,targeting,
and positioning.
◦ Step 3 they are responsiblefor implementing the marketing mix using the 4 Ps.
◦ Control Phase this phase entails evaluating the performance of the marketing
strategy using marketing metrics and taking any necessary corrective actions.
◦ Lastly step 5 is to evaluate the entire process.

10. STEP 1:
DEFINE THE
BUSINESS
MISSION
Create a Mission Statement which is a
broad description of a firms objectives.
At IKEA our vision is to create a
better everyday life for the many
people. Our business idea supports
this vision by offering a wide range
of well-designed,functional home
furnishing products at prices so low
that as many people as possiblewill
be able to afford them.
[5]

11. Step 2:
Conduct
Situational
Analysis
◦ After developing a missiona firm would
use SWOT analysis that asses both the
internal environment with regards to its
Strengths,Weakness, Opportunities,
and Threats.
[6]

12. Step 3: Identify and Evaluate
Opportunities
Segmentation:
divides the marketplace
by the firm into
subgroups
Targeting: determines
which of those
segments it should
pursue
Positioning: decides
how the product should
be positioned to best
meet the needs of those
chosen targets

13. Step 4:
Implement
Marketing
Mix
◦ When the firm has identified and evaluated
different growth opportunities by
performing STP analysis. Marketers
implement the actual marketing-mix
product, price, place, and promotionfor
each product and service on the basis of
what they believe their target market value
will be.

14. Step 5:
Evaluate
Performance
◦ The final step is to evaluate the results of
the strategy and implantationprogram
using marketing metrics.
◦ A metric is a measuring system that
qualifies a trend, dynamic, or
characteristic.
◦ The final step is for understanding the
causes of the performance regardless of
whether that performanceexceeded met
or fell below established goals enables
firms to make appropriate adjustments.

15. Resources
▪ [1] photo https://influencermarketinghub.com/marketing-strategy-
examples/
▪ [2] photo https://influencermarketinghub.com/marketing-strategy-
examples/
▪ [3] photo https://www.smartsheet.com/content/operational-
excellence
▪ [4] photo https://www.starbucks.com/store-locator?map=40.718845,-
74.008049,13z
▪ Ikea missionstatement https://bit.ly/30zmVbB
▪ [5] photo https://www.retaildetail.eu/en/news/furniture/ikea-sells-
external-platform-first-time
▪ [6] photo https://www.wordstream.com/blog/ws/2017/12/20/swot-
analysis
▪ Textbookpages: 29, 30, 31, 32, 33, 40, 41, 42, 43, 44, 45