MARKET RESEARCH: REVIEWER

MARKETING
 the creation and communication of value to customers. It involves the customers’ maintenance of relationships that
should last for a lifetime.
 is communicating the value of the product through positioning to its target market.
 a process or dynamic business activity that is designed to plan and promote the delivery of satisfying needs and wants
of the potential and present market.
 it is defined as the meeting of the minds between the seller and the buyer to satisfy human needs and wants with profit
on the part of the marketer and the satisfaction of the buyer for the money he spent.
 From the academic point of view, marketing is the art and science of creating tangible products or services and finding
the market, getting and retaining them to attain profitable operations.
 is the process of CONTINUOUSLY and PROFITABLY SATISFYING TARGET CUSTOMERS’ needs, wants, and
expectations SUPERIOR TO COMPETITION.
THREE (3) COMPONENTS OF MARKETING
 COMPANY
 CUSTOMERS
 COMPETITION
The key objectives of the 3Cs of marketing
 COMPANY
o To ensure corporate health and profit
 CUSTOMERS
o To satisfy the needs, wants and expectations of target customers
 COMPETITION
o To outperform competition
KEY RESULT AREAS – collectively called as the output of customers, competition, and company
Shares, market shares, and profit - the output of the company, consumer, and competition
MARKETING STRATEGY
Marketing strategy describes the process of how businesses and organizations understand their markets and their methods for
influencing profitable customer action. In other words, and in the interest of keeping things simple, marketing strategy is all about:
 Understanding who buys your products and services.
 Understanding how you’ll motivate them to take profitable action.
 Understanding your competitors who are trying to do the same thing.
 Understanding how you’ll measure marketing activities and refine your approach moving forward.
MARKETING STRATEGY IS A PLAN FOR REACHING POTENTIAL CONSUMERS AND CONVERTING THEM INTO PAYING
CUSTOMERS FOR ITS GOODS AND SERVICES. A MARKETING STRATEGY INCLUDES:
 Research: Analysis of target markets, competition, pricing triggers, buying behaviors, and more.
 Positioning: Differentiation in value promises, packaging look and feel, conversion messaging, and more.
 Promotion: Actual marketing of products and services through content, relationships, and experiences with the goal of
influencing profitable customer action.
 Measurement: Proving value, learning from success and failure, and iterating future work to fulfill marketing goals.

Definitions of marketing strategy from industry experts

PHILIP KOTLER - one of the co-authors of the discipline-defining textbook, Marketing Management, defines marketing strategy
as the process to: Create, communicate, and deliver value to a target market at a profit.

OMER FARKASH - “Marketing strategy is a long-term, forward-looking approach and an overall game plan of any organization or
any business with the fundamental goal of achieving a sustainable competitive advantage by understanding the needs and wants
of customers.”

ADAM BARONE - Adam Barone, a content strategist, wrote the definition of marketing strategy for Investopedia: “A marketing
strategy refers to a business’s overall game plan for reaching prospective consumers and turning them into customers of their
products or services. A marketing strategy contains the company’s value proposition, key brand messaging, data on target
customer demographics, and other high-level elements.”

NOAH KAGAN - Noah Kagan, Founder of Sumo, told CoSchedule’s CEO, that the definition of marketing strategy starts with a
question: “Do you have a product or service that people want? If you don’t have that, nothing else matters.”

What Is Included In A Marketing Strategy?

A MARKETING OUTCOME: The end result a company wishes to achieve
A SWOT ANALYSIS: An internal and external review of an organization to determine its strengths, weaknesses, opportunities,
and threats.
THE TARGET AUDIENCE: The ideal customer a company wants to reach
A BUDGET: The money allocated to marketing efforts
A PRODUCT MIX: The analysis of product, price, place, and promotion
Marketing Tactics: The actions taken to accomplish a marketing objective
A Content Schedule: A living document that blueprints when and where content will be posted
A Marketing Timeline: A chronological plan, including an end date, of the marketing strategy
Accountability: What success will look like and how to record it

SWOT ANALYSIS
A SWOT ANALYSIS IS A FRAMEWORK FOR KNOWING THE INTERNAL AND EXTERNAL FACTORS THAT CAN MAKE OR
BREAK THE SUCCESS OF YOUR MARKETING GOALS.
THE TERM “SWOT” IS AN ACRONYM FOR:
S: STRENGTHS
W: WEAKNESSES
O: OPPORTUNITIES
T: THREATS

YOUR “STRENGTHS AND WEAKNESSES” ARE INTERNAL FACTORS WITHIN YOUR CONTROL, AND “OPPORTUNITIES
AND THREATS” ARE EXTERNAL FACTORS LIKE MARKET AND COMPETITION OUTSIDE YOUR CONTROL.

HOW TO CREATE A SWOT ANALYSIS

A SWOT ANALYSIS ISN’T COMPLETE WITHOUT AN OBJECTIVE. GUIDED BY AN OBJECTIVE, YOU KNOW THE EXACT
STRENGTHS, WEAKNESSES, OPPORTUNITIES, AND THREATS TO FIND.

HERE’S HOW TO THINK ABOUT EACH ONE WHEN CREATING YOUR SWOT ANALYSIS.

IDENTIFY YOUR OBJECTIVE

YOUR OBJECTIVE IS THE SPECIFIC OUTCOME YOU WANT FROM YOUR MARKETING PROCESS.
HAVING A DEFINED OBJECTIVE PROVIDES DIRECTION FOR YOUR TEAM AND ENSURES EVERYONE IS IN SYNC WITH
THE COMPANY’S NEEDS.

WHAT ARE YOUR STRENGTHS?

STRENGTHS ARE THE INTERNAL FACTORS, INCLUDING THE POSITIVE ATTRIBUTES OF YOUR COMPANY, THAT GIVE
YOU AN EDGE OVER THE COMPETITION.
OUTLINING YOUR STRENGTHS GIVES YOU A BIRD’S-EYE VIEW OF THINGS TO DOUBLE DOWN ON BECAUSE THEY
WORK.

WHAT ARE YOUR WEAKNESSES?

WEAKNESSES ARE FACTORS THAT CAN STOP YOU FROM ACHIEVING YOUR OBJECTIVE.

WHAT ARE YOUR OPPORTUNITIES?

OPPORTUNITIES ARE MARKETING TACTICS YOU HAVE YET TO TRY THAT BRING YOUR OBJECTIVE TO FRUITION.
IMPLEMENTING NEW OPPORTUNITIES LIKE TRENDS WILL GIVE YOU THE FIRST-MOVER ADVANTAGE, AND THAT CAN
POSITIVELY IMPACT YOUR BOTTOM LINE.

WHAT ARE YOUR THREATS?

THREATS ARE THE FACTORS THAT CAN DIMINISH THE CHANCES OF ACHIEVING YOUR MARKETING OBJECTIVE.
THEY ALSO INCLUDE EXTERNAL FACTORS THAT CAN MAKE YOUR BUSINESS GO UNDER. STATING YOUR THREATS
KEEPS YOUR TEAM ABREAST OF FACTORS THAT CAN UNDERMINE THEIR MARKETING EFFORTS. THIS WAY, THE
TEAM TRIES THEIR BEST TO MITIGATE THESE FACTORS.

12 TYPES OF MARKETING STRATEGY

Cause Marketing
Cause-Marketing is the type when businesses and companies support social causes to raise funds or spread awareness and
receive marketing benefits like customers and brand loyalty in return. According to some recent studies, approximately more
than 90% of the customers say that they would purchase from those companies and businesses that support their social cause
like; breast cancer, anti-bullying, anti-smoking, anti-suicide, etc.

Relationship Marketing
Relationship marketing is the art and process of developing a long-term relationship with customers. It’s much more than a
conventional transactional sale relationship, where your primary focus is on just selling the product/service.

Technological advancement has made customers more informed and empowered. Nowadays, the customer has all the power
and businesses follow this principle that the customer is always right. Relationship marketing is all about satisfying the needs and
wants of customers, getting their feedback, and making the product/service better.

Word of Mouth Marketing

Word of mouth marketing is based on the principle of making a good impression on customers. If the customers have good
experience with the company’s product/service, they would refer it to their friends and relatives and do the same in return. Word
of mouth marketing creates a chain reaction; if it works then it’s one of the most interesting marketing techniques.

Paid Marketing
Paid marketing also goes by the name of digital marketing, it’s a marketing strategy where businesses and companies target
customers based on their interests and previous interaction with the brand. It’s a costly technique, but if you plan it well, then it
would give you better results

Diversity Marketing
Diversity marketing is a technique that businesses employ when they have to deal with a diverse population. It means devising a
different marketing plan for different customer segments based on their attitude, behavior, beliefs, views, and needs.

Transactional Marketing
Transactional marketing is a marketing type when retailers employ different methods like discounts and coupons to increase
sales. The purpose is to encourage and motivate customers to purchase more and more products. It’s because sales have
become very difficult in recent times due to crowded competition in the market. Transactional marketing is the opposite to
relationship marketing.

E-Marketing
E-Marketing also goes by the name of internet marketing strategy. It means that the company or business would use the internet
for marketing its product and services.
Search engine optimization (SEO), paid marketing, sponsored post, guest posts, advertisements, banners, video and written
ads, and e-mail marketing are some of the main examples of e-marketing.

Undercover Marketing
Undercover Marketing also goes by the name of stealth marketing. It’s a very intelligent form of marketing strategy where
businesses and companies advertise their product/service or brand without showing that they’re marketing it. In undercover
marketing strategy, brands manipulate the perception of customer into believing that they aren’t aware of them.

Offline Marketing
Offline Marketing also goes by the name of traditional marketing. It means businesses the business and companies employ
traditional channels for marketing. Like, TV, radio, print media, billboards, pamphlets, and newspaper ads are some of the main
examples of offline marketing.
In this age of technological revolution and e-marketing, it may seem like offline or traditional marketing is out of business. But the
worlds’ leading brands still rely on the traditional marketing channels to reach more audiences along with e-marketing.

Brand Positioning Strategy

A brand strategy is a comprehensive plan for linking your distinctive value to the appropriate target at every point of contact.
Brand positioning occurs regardless of whether you consciously include it in your marketing plan. You can affect this view
proactively by designing your brand positioning before publishing content and defining your brand voice first.
Consider these key factors as you define your brand positioning:
 Relevancy
 Uniqueness
 Credibility

SEO Content Strategy

SEO is mainly concerned with content. With content marketing, SEO as we know it accelerated and gained popularity. Content
marketers today have a greater potential than ever to leverage SEO-driven strategy.

Content Marketing Strategy

The content strategy ends in the publication of successful content. While you may have prepared your content and blog pieces,
promoting them and ensuring that they reach your audience is an entirely different challenge.
FACTORS AFFECTING CONSUMER BEHAVIOR
THESE FACTORS HELP DETERMINE WHETHER A PERSON WILL PURCHASE AN ITEM.

FOLLOWING ARE THESE FIVE FUNDAMENTAL FACTORS:

 psychological
 social
 cultural
 personal
 economic