Marketing strategy
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This document discusses companywide strategic planning and marketing strategy. It covers defining a company's mission and objectives, analyzing its business portfolio, and developing strategies for growth. It also discusses developing an integrated marketing mix to target specific customer segments. Additionally, it outlines the key aspects of managing the marketing effort, including analysis, planning, implementation, control, and measuring return on marketing investment.
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Marketing strategy
- 1. COMPANY AND MARKETING STRATEGY Jayita Sengupta
- 2. COMPANY AND MARKETING STRATEGY Companywide Strategic Planning: Defining Marketing’s Role Designing the Business Portfolio Planning Marketing: Partnering to Build Customer Relationships Measuring and Managing Return on Marketing InvestmentManaging the Marketing Effort Marketing Strategy and the Marketing Mix
- 3. Strategic Planning Strategic planning is the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities
- 4. COMPANYWIDE STRATEGIC PLANNING Steps in Strategic Planning – Defining the Company Mission Setting company objectives and goals Designing the business portfolio Planning Marketing and other functional strategies Corporate Level Business unit, product, and market Level
- 5. COMPANYWIDE STRATEGIC PLANNING Defining a Market-Oriented Mission – • The mission statement is the organization’s purpose, what it wants to accomplish in the larger environment • Market-oriented mission statement defines the business in terms of satisfying basic customer needs
- 6. COMPANYWIDE STRATEGIC PLANNING Setting Company Objectives and Goals – • Build profitable customer relationships • Invest in research • Improve profits Business objectives • Increase market share • Create local partnerships • Increase promotion Marketing objectives
- 7. COMPANYWIDE STRATEGIC PLANNING Designing the Business Portfolio – The business portfolio is the collection of businesses and products that make up the company Portfolio analysis is a major activity in strategic planning whereby management evaluates the products and businesses that make up the company Analyzing the Current Business Portfolio – Strategic business units can be • Company division • Product line within a division • Single product or brand
- 8. COMPANYWIDE STRATEGIC PLANNING Analyzing the Current Business Portfolio – Identify key businesses (strategic business units, or SBUs) that make up the company Assess the attractiveness of its various SBUs Decide how much support each SBU deserves
- 9. COMPANYWIDE STRATEGIC PLANNING Developing Strategies for Growth and Downsizing Product / Market Expansion Grid Strategies – Market Penetration Market Development DiversificationProduct Development Market penetration is a growth strategy increasing sales to current market segments without changing the product Market development is a growth strategy that identifies and develops new market segments for current products Product development is a growth strategy that offers new or modified products to existing market segments Diversification is a growth strategy through starting up or acquiring businesses outside the company’s current products and markets
- 10. COMPANYWIDE STRATEGIC PLANNING Developing Strategies for Growth and Downsizing – Downsizing is the reduction of the business portfolio by eliminating products or business units that are not profitable or that no longer fit the company’s overall strategy
- 11. Marketing Strategy and the Marketing Mix
- 12. MARKETING STRATEGY AND THE MARKETING MIX Customer-Driven Marketing Strategy – A B Market segmentation is the division of a market into distinct groups of buyers who have different needs, characteristics, or behavior and who might require separate products or marketing mixes Market segment is a group of consumers who respond in a similar way to a given set of marketing efforts
- 13. MARKETING STRATEGY AND THE MARKETING MIX Customer-Centered Marketing Strategy – Market targeting is the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter Market positioning is the arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of the target consumer A B
- 14. MARKETING STRATEGY AND THE MARKETING MIX Developing an Integrated Marketing Mix – Marketing Mix Price Promoti on Place Product Target Customers Variety, Quality, Design, Features, Brand, Services Intended Positioning List Price, Discount, Allowances, Credit Terms Channels, Coverage, Locations, Inventory Advertising, Personal Selling, Sales promotion, Public relations
- 15. Managing the Marketing Effort
- 16. MANAGING THE MARKETING EFFORT Managing the Marketing Effort – Analysis Planning Develop strategic plan Planning Develop marketing plan Implementation Carry out the pan Control Measure results Control Evaluate results Control Take corrective action
- 17. MANAGING THE MARKETING EFFORT Managing the Marketing Effort – Opportunities Strengths Threats Weaknesses Internal External Positive Negative Internal capabilities that may help a company reach its objectives External factors that the company may be able to exploit to its advantage Internal limitations that may interfere with a company's ability to achieve its objectives Current and emerging external factors that may challenge the company's performance
- 18. MANAGING THE MARKETING EFFORT Market Planning—Parts of a Marketing Plan – Executive summary Threats and opportunities Objective and issues Action programs Budgets Controls Marketing situation Marketing strategy
- 19. Marketing Implementation Implementing is the process that turns marketing plans into marketing actions to accomplish strategic marketing objectives • Successful implementation depends on how well the company blends its people, organizational structure, decision and reward system, and company culture into a cohesive action plan that supports its strategies
- 20. Marketing Department Organization – MANAGING THE MARKETING EFFORT Market or customer management Product management Geographic organization Functional organization
- 21. Marketing Control – • Controlling is the measurement and evaluation of results and the taking of corrective action as needed to ensure the objectives are achieved. • Operating control • Strategic control MANAGING THE MARKETING EFFORT
- 22. Return on Marketing Investment (Marketing ROI) – Return on marketing investment (Marketing ROI) is the net return from a marketing investment divided by the costs of the marketing investment. Marketing ROI provides a measurement of the profits generated by investments in marketing activities. MANAGING THE MARKETING EFFORT
- 23. Thank you