Elements of Marketing Strategy

A marketing strategy is composed of several interrelated elements. The first and most important is market selection: choosing the markets to be served. Product planning includes the specific products the company sells, the makeup of the product line, and the design of individual offerings in the line.

Marketing Mix and Strategy

A marketing strategy outlines the manner in which the marketing mix is used to attract and satisfy the target market(s) and accomplish an organization's objectives.Specifically, marketing strategy is develop by considering the following factors.

Marketing Plan Outline

The following article explores key components need to be included in designing an effective marketing plan. First element : Product Performance. Two to three paragraphs summarizing the product's performance relative to last year's plan, along with explanations of variances from the plan. Any research conducted on product performance or quality can be included in this section as well.

Key Elements of Brand Equity

Brand equity is a set of brand assets and liabilities linked to a brand, its name and symbols, that add to or subtract from the value provided by a product or service to a firm and/or to that firm's customer. For assets or liabilities to underlie brand equity they must be linked to the name and/or symbol of the brand.

12 Steps for New Product Development

New product development can play a variety of roles in defining corporate strategy to gain competitive advantage. This variability makes the process of new product development subject to the emerging organizational issues of the day. In general, a long-run, focused, and ongoing strategic commitment to attractive market opportunities should define the role of new product development. New product development should be integrated into an organizations strategy and significantly contribute to its perpetual renewal.

Positioning Strategy
All marketing strategy is built on STP : Segmentation, Targeting, and Positioning. A company discovers different needs and groups in the marketplace, targets those needs and groups that it can satisfy in a superior way, and then positions its offering so that the target market recognizes the company's distinctive offering and image

Marketing

Marketing Communications Plan for New Product

The starting point for the advertising plan is the setting of objectives. The statement of objectives would follow the same format as the overall marketing objective. It would include what to communicate to whom and with what results. Should the advertising generate sales, produce leads, or enhance an image? To whom must the message be communicated to make that happen? What will be the result of this communication? $X revenue?

Product Development Stages

The new-product planning process involves a series of steps from idea generation to commercialization. Idea generation is a continuous, systematic search for new product opportunities.It involves delineating sources of new ideas and methods for generating them.

Pricing Strategy
A marketer should understand the relationship between price and consumer purchases and perceptions. This relationship is explained by two economic principles : the law of demand and price elasticity of demand and market segmentation.

Steps in Developing the Promotion Mix

Because there are four distinct promotion mix components (advertising, personal selling, promotion, and publicity or public relations), each with its own unique strengths and weaknesses, developing an effective promotion mix is difficult. To facilitate this task, most companies follow a five-step decision process, which is discussed below.

Adoption Process of New Products

The growth rate and total sales level of new products rely heavily on two related consumer behavior concepts: the adoption process and the diffusion process. The adoption process is the mental and behavioral procedure an individual consumer goes through when learning about and purchasing a new product.

Types of Marketing Research Applications

Marketing research is the gathering, recording, and analyzing of data that relates to a specific problem in marketing products or services. While this definition implies a systematic approach to marketing, marketing research is often performed as a reaction to a problem that occurs. Marketing research efforts, therefore, often are undertaken for specific projects that have set beginning and ending points.

Three Levels of Marketing Performance

The boldest level of marketing occurs when a company introduces a product or service that nobody asked for and often could not even conceive of. No one in the 1950s asked for a Sony Walkman, a Sony Betamax, or a Sony 31/2-inch disc. Yet Sony, under its brilliant

founder and chairman, Akio Morita, introduced those and many other new products that since have become everyday staples.

Creating Great Marketing Plan

A marketing plan, like a business plan, is unique to the company it serves. There are few hard and fast rules that guide its creation and implementation. A marketing plan needs to be as flexible as its market allows and as firm as is required to accomplish its goals. Despite all that, there are a few key components critical to the successful development and application of such a plan.

Exploratory Marketing Research

Exploratory research can be effectively used to develop insights and understanding about a marketing problem or issue. While exploratory research is applicable in numerous situations, it is extremely useful for understanding a problem, screening alternative solutions, and discovering new ideas. We will discuss these three applications in this section.

Types of Market Research Data

Another type of primary data of interest to marketers is the subject's psychological and lifestyle characteristics in the form of personality traits, activities, interests, and values. Personality refers to the normal patterns of behavior exhibited by an individual. It represents the attributes, traits, and mannerisms that distinguish one individual from another.

Nine Winning Marketing Practices

Besides winning business practices, is there a set of winning marketing practices? One frequently hears of one-liner formulas that promise marketing success. Here are nine of the more prominent one-liners. First, Win Through Higher Quality. Everyone agrees that poor quality is bad for business. Customers who have been burned with bad quality won't return and will bad-mouth the company. But what about winning through good quality?

Experiential Marketing
The concept of experiential marketing comprises of five core elements : sense, feel, think, act, and relate. SENSE marketing appeals to the senses with the objective of creating sensory experiences through sight, sound, touch, taste, and smell. SENSE marketing may be used to differentiate companies and products, to motivate customers, and to add value to products.

Advertising Variables
There are some variables or factors that need to be considered when creating an advertising. These factors are waste, reach, frequency, message permanence, persuasive impact and clutter. Waste is the portion of an audience that is not in a firm's target market. Because media appeal to mass audiences, waste is a significant factor in advertising.

Principles of Managing New Product Development

A key task of managing new product development is linking it to an organization's strategy. This linkage occurs through the typical situation analysis that provide the basis for developing strategic options (for example, assessing strengths, weaknesses, opportunities, and problems). Such analysis begin with recognizing major global forces with pervasive trends (such as economic systems, demographics, or technology) that lead to complexity and rapid change, a major source of uncertainty.

Key Factors in Developing New Products

An empirical research by Robert Cooper found three key factors that distinguish winning projects from the losers. Factor 1: A High-Quality New Product Process. Does your business have a superb new product process or roadmap to guide and speed new products from idea through to launch? The top performers do. Merely having a process does not make the difference, however. It is the nature of that process, and whether it possesses key success ingredients, that makes all the difference.

Creating An Effective Advertising for Service Products

Experts agree that while some aspects of advertising are the same for goods and services, the special characteristics of services require additional strategies to make advertising of services most effective. These include the following: 1) Present vivid information. Advertisers should use information that creates a strong or clear impression on the senses and produces a distinct mental picture. Using vivid information cues is particularly desirable when services are highly intangible and complex.

Developing Product for Service Sectors

What are the keys to developing successful new services? The following descriptions identify the critical success factors in day-to-day new service development. These are the activities that occur within projects that differentiate winning new services from losing ones.

Category System of Consumer Goods

There are three-category system of consumer goods : convenience, shopping, and specialty goods.Convenience goods are those purchased with a minimum of effort, because the buyer has knowledge of product characteristics prior to shopping.

Marketing Strategy - Case Study

The concept of marketing as building an organization in order to satisfy the customers needs and gaining profit from it has enabled big names to rise to the peal and achieve unimaginable growth in the competitive market. For this, a firm needs a marketing strategy that is well developed.

Key Elements of Marketing Management

Market analysis, market planning, plan implementation and the market control complete the process of marketing management in a circle and allows the manager to evaluate and analyze every stage of the campaign by completing surveys and viewing the feedback of the customers which allows him to make amendments to the previous marketing techniques employed. These techniques must always be refreshed in order to give a new look to the brand especially when it has become old and tested. Some brands do not need much of a new look because of their popularity but if they are brought out in a new face then people will naturally feel more attracted towards it.

What are the Contents of A Good Marketing Plan?

The business document that is written to define the terms of engagement with the potential customers and describe the current market position of a business and the strategies related to marketing for a specific period is known as marketing plan. It is widely used to determine that who will be affected by the changes brought in the shape of new marketing strategies and what concerns are most likely to arise from each group. However, it is always best advised to emphasize on the positive outcomes that your organization would get because of the proposed changes. The powerpoint slide that you have just read is part of MARKETING & STRATEGY Presentation Series. In total, there are 14 presentation topics displayed in this category : 1. Blue Ocean Strategy 2. Brand Management 3. Creative Thinking Skills 4. Customer Service Strategy 5. Essentials of Marketing Management 6. Managing Brand Equity 7. Managing Customer Service 8. Managing Innovation Process 9. Marketing Plan 10. Marketing Strategy 11. New Product Development 12. Presentation Skills for Marketing Managers 13. Strategic Planning for Managers 14. Strategy Execution Skills All slides are designed in powerpoint files (ppt) so that you can edit or modify and immediately use for your own learning process. You can save your valuable time by using our ready-made presentation materials.

Marketing Planning and Strategy is designed for courses at the junior/seniorlevel in marketing strategy, business unit strategy analysis, strategic market planning, marketing planning, strategic marketing management and advanced marketing. It focuses on building the strategic skills necessary to

compete in the global economy by using a variety of analytical frameworks to understand how companies formulate strategy, make strategic decisions, and how they implement strategy. This text focuses on marketing strategy from the viewpoint of the business unit and clearly distinguishes marketing strategy from marketing management.
Marketing Strategy Presentation Outline: Market Scope Strategy Market Entry Strategy Product Strategy Promotion Strategy Distribution Strategy Pricing Strategy

Managing CRM

Two Types of CRM

Operational CRM is focused on the automation of the customer-facing parts of businesses. Various CRM software applications enable the marketing, selling and service functions to be automated. The major applications within operational CRM are as follows.

CRM Value Chain

CRM value chain identifies five key steps in the development and implementation of a CRM strategy :customer portfolio analysis, customer intimacy, network development, value proposition development, and manage customer life cycle. In brief, the five steps are as follows.

Model of Customer Retention

The customer retention process actually begins during acquisition, which creates customer expectations, including perceptions of product value and uniqueness. Initial product usage determines whether these expectations are met. Then other factors, such as ease of exit, ease of purchase, and customer service, come into play. Together these factors affect longterm customer behavior and determine the relationship between seller and buyer.

Creating and Managing Customer Relationship

Setting up and managing individual customer relationships can be broken up into four

interrelated implementation tasks: 1) Identify customers. Relationships are only possible with individuals, not with markets, segments, or populations. Therefore, the first task in setting up a relationship is to identify, individually, the party at the other end of the relationship.

Customer Life Cycle

Customer equity management recognizes that customer-firm relationships, like all relationships, evolve over time. Prospects, new buyers, and long-time customers do not have the same needs, and as their relationships with a company change, so do their expectations and behavior. The concept of the customer life cycle provides a framework for understanding and managing these differences.

Customer Lifetime Value

The actual value of a customer is equivalent to a quantity that is frequently called the customer lifetime value (LTV), or the net present value of the stream of expected future financial contributions from the customer. Every customer of an enterprise today will be responsible for some specific series of events in the future, each of which will have a financial impact on the enterprise.

Database Marketing
Database marketing is now an essential part of marketing in many industries. The main principle of database marketing is that at least part of the communication organizations have with their consumers is direct. From this simple principle has grown a whole new discipline. However, it has not grown that quickly. The seeds of database marketing as we use it today were sown in the 19th century by the US mail order industry, which served so well the needs of remote farmers, ranchers, settlers and new townships.

Steps for Effective CRM Implementation

It is important that a CRM solution is business-oriented. This means that the solution should reflect the way the enterprise wishes to work in the future. To do this, it is necessary to start with the enterprise's CRM strategy and to ensure that once implemented the system will support the customer, channel and product strategies.

CRM Application
Customer relationship management applications are generally organized into the primary functions of marketing, sales and service. The following descriptions outline the main elements of each of these application areas.

Customer Share-of-Wallet and Customer Loyalty

Increases in customer loyalty will parallel increases in customers' share-of-wallet. But it is wrong to presume that share-of-wallet increases are driven by increases in customer loyalty. A number of issues affect customers' spending allocation. Increased loyalty is not typically

the reason for increased share-of-spending; price is.

Business Questions for CRM Implementation

Before you can effectively use a reference, you must have a good idea of what you are trying to accomplish with your data warehouse. Unlike traditional systems, these definitions might be somewhat fuzzy.

Long-Term Customers Vs.Short-Term Customers

LOYALTY MYTH 1 : Long-Term Customers Are More Desirable than Short-Term Customers. It is a natural extension of the underlying logic in Myth 1 that, if long-term customers are more desirable than short-term customers because they are believed to purchase more, then long-term customers must be better for business than short-term customers. Given that the foundation of this myth is incorrect, it should not be a surprise that this extension is also false.

Rules for Discussions with CRM Vendors

Keep the following rules in mind when talking with a provider's references. They are all just common sense, but it's very easy to lose sight of possible miscommunications if you are not careful.

Is Customer Revenue a Good Predictor of Profitability?

Most firms treat customer revenue and customer profitability as synonymous. Revenue is a measure of purchase volume and, therefore, correlated to customer loyalty. As a result, firms tend to expend a great deal of effort on their highest-revenue customers. But revenue is typically not a good predictor of profitability. Some of the largest customers are the most unprofitable.

Loyal Customers Are Less Expensive to Service than Nonloyal Customers?

The fallacy that loyal customers are less expensive to service tha nonloyal customers has its origins in the manufacturing environment At its foundation are two seminal findings that dramatically influenced' the strategy and tactics of manufacturers around the world. The first is commonly referred to as the experience curve (also called the learning curve), originally popularized by the Boston Consulting Group. In essence, the theory behind the experience curve states that the costs of complex products and services will decline approximately 20 to 30 percent with each doubling of accumulated experience.

Strategic Management

Types of Business Strategy

Strategy's original application had to do with military issues protecting one's homeland from invading armies or, as one of those armies, finding new, more effective ways to conquer territory. In fact, military history has become the basis for many marketing strategies and drives much of the current marketing philosophy.

Five Tasks of Strategy

The strategy-making/strategy-implementing process consists of five interrelated managerial tasks: forming strategic vision, setting objectives, crafting a strategy to achieve the desired outcomes, implementing and executing the chosen strategy and evaluating performance.

Seven Market Position Strategies

As the name suggests, monosegment positioning involves developing a product-andmarketing program tailored to the preferences of a single market segment. Successful implementation of this strategy would give the brand an obvious advantage within the target segment, but would not generate many sales from customers in other segments. This strategy is best used with mass-marketing.

Generic Strategy Model

The Porter generic strategy model examines two major marketing planning concepts and the alternatives available with each: competitive scope (broad target or narrow target) and competitive advantage (lower cost or differentiation). By combining the two concepts, the Porter model identifies these basic strategies: cost leadership, differentiation, and focus.

Product-Market Matrix Strategy

The product/market opportunity matrix identifies four alternative marketing strategies that may be used to maintain and/or increase sales of business units and products: market penetration, market development, product development, and diversification.

Strategy for Hypercompetition Era

An examination of successful hypercompetitive firms by Richard DAveni and published in his remarkable book, Hypercompetion -- revealed that many utilized some or all of a new set of approachesthe New 7-S's. The first two of these S'sstakeholder focus and strategic soothsayingare concerned with establishing a vision for how to disrupt the market.

Industry and Competitive Analysis

Dominant economic characteristics of the industry environment covers market size and growth rate, geographic scope, number and sizes of buyers and sellers, pace of technological change and innovation, scale economies, experience curve effects, capital requirements, and so on.

Factors Shaping the Choice of Strategy

An industry's competitive conditions and overall attractiveness are big strategy-determining factors. A company's strategy has to be tailored to the nature and mix of competitive factors in play : price, product quality, performance features, service, warranties, and so on.

Five Components of Strategy

There are five componentsor sets of issueswithin a well-developed strategy. First is Scope. The scope of an organization refers to the breadth of its strategic domainthe number and types of industries, product lines, and market segments it competes in or plans to enter. Decisions about an organization's strategic scope should reflect management's view of the firm's purpose or mission. This common thread among its various activities and product-markets defines the essential nature of what its business is and what it should be.

Competitive Forces in Porter Model

Five competitive forces in Porter's Model are as follows: 1) Rivalry among competing sellers; 2) Threat of potential entry 3) Competition from substitutes; 4) Power of suppliers and 5) Power of customers

Cornerstones of Growth Strategy

A simple way to view the Growth System is as gears in an engine. The Growth System's three basic gears (cornerstones) are commitment, strategy, and capability. The following paragraphs give some examples of the role each cornerstone plays in the Growth System.

Case Study : Business and Marketing Strategy of Microsoft

Bill Gates and Paul Allen grew up together, as childhood friends; both shared the same passion for computer programing. They wanted to be successful, and create a completely new world with their skills. As many of you already know, Microsoft Corporation is a multinational company, with its headquarters in Redmond, Washington, United States of America. They develop and manufacture an extensive range of products.

Marketing and Business Strategy of Amazon

All of us know that Amazon is an online shopping forum and they bring the sellers and buyers together through this forum. The main aim that was behind this online portal of shopping was to make shopping easy, through this the customers can help the consumers choose and go for the product that they see online.

Case Study : Business and Marketing Strategy of Nike

Nike is a sports brand that has builds its reputation over the years. May it be a school-going child who plays a sport or a professional athlete; everyone would want to wear it. If you conduct a survey that how many of the people own something from the nearest Nike store

then the majority of them will respond positively that they have something from the brand. If from the people who have ever used Nike you inquire that how the product was they would always give you a positive response about it.

Case Study : Business and Marketing Strategy of IBM

International Business Machines Corporation, abbreviated as, IBM is an America based technology company, which has its headquarters in Armonk, New York. IBM deals in computer related machinery or technology which includes both software and hardware. IBM offers consulting too. With all the success this company has bagged, one would wonder what marketing strategies this company uses. While the entire marketing strategy is a vast affair and cannot be covered in a mere article, this piece would struggle to highlight the core of it all. Essentials of Marketing Management Presentation Outline : Marketing Mix and Key Marketing Activities Developing Market Segmentation Product Planning and Development Promotion Mix : Advertising, Publicity, Personal Selling and Sales Promotion Distribution Planning and Pricing Strategy

Consumer Psychology

Consumer Decision Process

The consumer's decision process consists of six basic stages: stimulus, problem awareness, information search, evaluation of alternatives, purchase, and post purchase behavior. A stimulus is a cue (social, commercial, or noncommercial) or a drive (physical meant to motivate or arouse a person to act).

Understanding Consumer Attitude

The functional theory of attitudes was initially developed by psychologist Daniel Katz to explain how attitudes facilitate social behavior. According to this pragmatic approach, attitudes exist because they serve some function for the person. That is, they are determined by a person's motives. Consumers who expect that they will need to deal with similar information at a future time will be more likely to start forming attitudes in anticipation.

Psychographic Segmentation
Geographic and demographic variables traditionally have been the major variables for

segmenting markets. Nevertheless, there may be considerable psychographic (social class, personality, and lifestyle) differences among the people within a given geographic or demographic group. In psychographic segmentation the market is divided on the basis of social class, personality characteristics, and/or lifestyles.

Shopping Behavior and Social Classes

Shopping behavior varies by social class. For example, a very close relation between store choice and social-class membership has been found, indicating that it is wrong to assume that all consumers want to shop at glamorous, high-status stores. Instead, people realistically match their values and expectations with a store's status and don't shop in stores where they feel out of place.

Consumer Behavior and Marketing Strategy

A sound understanding of consumer behavior is essential to the long-run success of any marketing program. In fact, it is seen as a cornerstone of the marketing concept, an important orientation or philosophy of many marketing managers. The following descriptions explore the role of consumer behavior in designing and deploying three major marketing activities.

Characteristics of Opinion Leaders

Numerous studies have been conduced attempting to identify opinion leader characteristics. The research is not conclusive, but we have some understanding of the opinion leaders profile. First, opinion leaders have approximately the same social-class position as non leaders, although they may have higher social status within the class.

Finding Out Customers Expectations

To truly understand customers' needs, companies can encourage and facilitate customers' feedback about problems. British Airways, for example, installed customer-complaint booths at Heathrow Airport where disgruntled passengers could air their grievances on videotape. Besides giving customers immediate relief from their annoyances, British Air found that the complaint videotapes gave vivid information to management about customers' problems and expectations.

Consumer Value Orientation

Assessing consumers' present and emerging value orientations can help the marketer identify new product opportunities and achieve better product positioning among consumer segments." For example, as values such as "pleasure," "an exciting life," "a comfortable life," and "self-respect" increase in importance, the marketer may find a need for having products with brand names, colors, and designs that enhance these important values.

Promotional Response Patterns

Important class differences exist with regard to promotional response. The social classes

have differing media choice and usage patterns. For example, readers of National Geographic and The New Yorker are typically of a higher class than the readers of Police Gazette, True Confessions, and The Star.

Brand Management

What is Perceived Quality?

Perceived quality can be defined as the customer's perception of the overall quality or superiority of a product or service with respect to its intended purpose, relative to alternatives. Perceived quality is, first, a perception by customers.

Brand Personality
The brand personality is the chosen character that best communicates the brand proposition to the target audience. It is not the personality of the target audience, it is the personality that is most likely to draw their attention, interest them, and encourage them to take action and buy the brand.

Brand Positioning
A well-crafted brand positioning has three primary components: 1) A definition of the target market you wish to pursue; 2) A definition of the business your company is in or the industry or category it competes in; and 3) A statement of your point of difference and key benefits. The language of a well-crafted positioning usually takes this general form: To (target market), Brand X is the (definition of business) that provides you with (stated point of difference/key benefit).

Types of Brand Extension

Each extension affects the brand and its equity in one of four different ways. First, certain extensions exploit the brand capital. The product sells, thanks to the brand's contribution. This is the case when the product concerned scarcely differs from existing market competition: a typical case is Kodak batteries, or Rossignol's entry in the tennis market, adding rackets to its skis. The brand has not fully exercised its transforming role, but succors the product with its aura and its perceived risk-reducing consumer awareness.

Brand Asset Management

The purpose in this phase is to understand customer perceptions and perspectives about your brand relative to the competition and opportunities for growth. This phase asks the following questions: a) Among current and target customers, what does our brand really stand for today? What are its strengths and weaknesses? How does our brand compare to competitive brands?

Creating Brand Promise

A brand is a promise. It tells consumers what you promise to do for them. That's why every

organization, whether online or off-line, should start its brand development process by answering the question "We promise to deliver what to you?" Victoria's Secret promises consumers that they will get quality fashions that make them (or recipients) feel and look good. It goes on to promise that they will receive what they order in a reasonable time, and if for some reason they are not satisfied, consumers can return items and receive refunds (both in stores and through catalog and online outlets).

Customer Loyalty and Brand Management

While admittedly observational in nature, it can be argued that marketing as a science has largely focused on brand-centric objectives. This preoccupation has only recently been challenged by the popularization of customer-centric agendas introduced by customer satisfaction audits and customer needs/requirements studies.

Brand Loyalty
Brand loyalty, long a central construct in marketing, is a measure of the attachment that a customer has to a brand. It reflects how likely a customer will be to switch to another brand, especially when that brand makes a change, either in price or in product features.

Strategic Brand Management

Many corporations have forgotten why they have brands. A great deal of attention is devoted to the branding process per se, bringing in the participation of designers, graphic artists, and advertising agencies. This activity becomes an end in itself, receiving most of the focus of attention.

Role of CEO in Brand Management

The CEO needs to ensure that the organization is armed with the appropriate foundation for effective brand building. Regardless of where your company is starting, the CEO's checklist can serve as a snapshot of where you are trying to head: brand-driven success. It itemizes the critical capabilities required to brand-enable your organization and leverage your brand to realize your corporate vision.

Key Principles of Brand Management

The marketing of a certain product or brand in order to increase the popularity among the consumers with an intention to increase the sales and market share is known as Brand Management. It is commonly used to increase the value of a certain product over a period by using different techniques of marketing. If you have done a great job in brand management then you would be able to let the price of your product or brand rise higher and build loyal customers by maintaining a positive image and brand associations and creating awareness among the people.

Brand Management and Brand Strategy of BMW

Brand Management is a way of taking complete care of the product. It means a company uses marketing techniques in the best possible manner so the product as a whole is highlighted, taken care of and promoted. Brand Management also involves making a promise with the customers about making efforts to make the product survive for a long as possible in the market. It involves defining the brand in the best way so that people know the real essence of it. Essentials of Marketing Management Presentation Outline : Marketing Mix and Key Marketing Activities Developing Market Segmentation Product Planning and Development Promotion Mix : Advertising, Publicity, Personal Selling and Sales Promotion Distribution Planning and Pricing Strategy Some Lessons in the Slides : Consumer Analysis : Examination and evaluation of consumer characteristics, needs, and purchase processes Product Planning : Development and maintenance of products, product assortments, product positions, brands, packaging, options, and deletion of old products Price Planning : Outlines price ranges and levels, pricing techniques purchase terms, price adjustments, and the use of price as an active or passive factor Distribution Planning : Establishment of channel relations, physical distribution, inventory management, warehousing, transportation, allocation of goods, and wholesaling Promotion Planning : Combination of advertising, publicity, personal selling, and sales promotion to drive sales revenue