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Marketing strategy
The document outlines an agenda for a marketing strategy workshop. The agenda covers reviewing marketing objectives and hierarchies, developing marketing strategies, evaluating opportunities, selecting target markets, and developing generic marketing strategies. Breaks are scheduled throughout. The document provides examples and frameworks to guide discussions on these topics, including the marketing mix, product strategies, market positioning, and the BCG matrix.
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Marketing strategy
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- 2. AGENDA Review of Hierarchyof Objectives Common Elements of Objectives The Process of Marketing Strategy Development BIO-BREAK The Evaluation of Opportunities Target Market Selection The Structure of Marketing Mix Strategies BIO-BREAK Generic Marketing Strategies Product Strategies Market Position Strategies contact@moreslides.com 2
- 3. HIERARCHY OF GOALSAND OBJECTIVES Organizational Goals and Objectives Marketing Goals and Objectives Marketing Mix Goals and Objectives Marketing Mix Element Goals and Objectives Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam odio nulla, blandit eu suscipit ac, pulvinar in mauris. Mauris ac sodales ante. Donec congue lectus vel libero facilisis luctus. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam odio nulla, blandit eu suscipit ac, pulvinar in mauris. Mauris ac sodales ante. Donec congue lectus vel libero facilisis luctus. contact@moreslides.com 3
- 4. WHAT BUSINESS AREYOU IN? Mission statement Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam odio nulla, blandit eu suscipit ac, pulvinar in mauris. Mauris ac sodales ante. Donec congue lectus vel libero facilisis luctus. Statement of marketing strategy • Indicates product, market scope • Shows growth factor • Shows differential advantage • Shows management orientation contact@moreslides.com 4
- 5. ELEMENTS OF OBJECTIVES AN EFFECT •Benchmark + effect = Desired Outcome • Effect has to be measureable • Should be realistic Timeframe for evaluation Evaluation and effect should be related contact@moreslides.com 5
- 6. MARKETING STRATEGY DEVELOPMENT Recognizeand evaluate an opportunity • Market size and potential • Key competitors Choose target market Develop Objectives for each opportunity Develop Marketing Mix Strategy for each opportunity Choose Marketing mix elements contact@moreslides.com 6
- 7. OPPORTUNITY EVALUATION 1 2 3 REVIEW OFTHE RULE OF 3 REVIEW OF REQUIREMENTS FOR MARKET SIZE REVIEW OF RELEVANT COMPETITIVE SET contact@moreslides.com 7
- 8. TARGET MARKET SELECTION INTRODUCTIONTO MARKET SEGMENTATION EQUIVALENT BEHAVIORS AS THE CRITICAL VARIABLE REVIEW OF THE STRATEGIC OPTIONS contact@moreslides.com 8
- 9. STRUCTURE OF MARKETINGMIX STRATEGIES Are all Mix elements equally important? Product as the key Example using Product Life Cycle contact@moreslides.com 9
- 10. GENERIC MARKETING STRATEGIES COST LEADERSHIP Lowercosts of production and distribution PRODUCT DIFFERENTIATION Unique product or brand Focus Focus on customer needs in a few segments contact@moreslides.com 10
- 11. PRODUCT STRATEGIES Product MixStrategies Market penetration versus market skimming High QUALITY Premium Goods Penetration Super Bargain Medium Over-Pricing Average Quality Bargain Low Hit and Run Shoddy Goods Cheap Goods High Medium Low Price contact@moreslides.com 11
- 12. PRODUCT STRATEGIES Product MarketGrowth Strategies Market Penetration Product Development (increase usage) Old (new uses) Market Development Diversification Markets New (new users) (new users, new uses) New Old Products contact@moreslides.com 12
- 13. PRODUCT STRATEGIES Boston ConsultingGroup Strategy • • Relative Market Share Market Growth Rate Problems with BCG Approach Difficult to estimate relative market share in rapidly growing markets contact@moreslides.com 13
- 14. BCG MATRIX 22% ? Some cashuse Future cash cow Market Growth Rate High cash use ? Is to build or not 10% 0% Generate cash for ?, Stars 10x Low or no cash use When to divest 1.5x .1x (log scale) Relative Market Share contact@moreslides.com 14
- 15. MARKET POSITION STRATEGIES CONSCIOUSPARALLELISM • • Similar products, prices Avoid unprofitable segments MARKET NICHE • • Specialize in a very small group of customers Concentrated segmentation strategy…… contact@moreslides.com 15
- 16. MARKET CHALLENGER STRATEGIES(CONT.) Cheaper Goods Strategy • Lower quality but much lower price • Vulnerable to still cheaper goods Prestige Goods Strategy • Increase both quality and price contact@moreslides.com 16