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  • Formulating Marketing Strategy and Plan: Class 3

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    Rohit Kumar
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    This document discusses marketing strategy and the marketing mix. It provides frameworks for understanding customers and positioning statements. The marketing mix, also called the 4Ps, includes product, price, place, and promotion. An alternative framework is the 4Cs which focuses on customer solution, customer cost, convenience, and communication. The document also discusses changing consumer behaviors and how firms must adapt their value propositions accordingly. Finally, it defines what a value proposition is - a persuasive message that convinces customers why a product or service will better solve their problems than competitors.

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    Class 3 and 4Strategy and plan

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    This document discusses marketing strategy and the marketing mix. It provides frameworks for understanding customers and positioning statements. The marketing mix, also called the 4Ps, includes product, price, place, and promotion. An alternative framework is the 4Cs which focuses on customer solution, customer cost, convenience, and communication. The document also discusses changing consumer behaviors and how firms must adapt their value propositions accordingly. Finally, it defines what a value proposition is - a persuasive message that convinces customers why a product or service will better solve their problems than competitors.

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    © All Rights Reserved
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    16 views24 pages

    Formulating Marketing Strategy and Plan: Class 3

    Uploaded by

    Rohit Kumar
    This document discusses marketing strategy and the marketing mix. It provides frameworks for understanding customers and positioning statements. The marketing mix, also called the 4Ps, includes product, price, place, and promotion. An alternative framework is the 4Cs which focuses on customer solution, customer cost, convenience, and communication. The document also discusses changing consumer behaviors and how firms must adapt their value propositions accordingly. Finally, it defines what a value proposition is - a persuasive message that convinces customers why a product or service will better solve their problems than competitors.

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    of 24

    Formulating Marketing Strategy

    and plan
    CLASS 3
    Readings- Reflect
    • Starbucks
    • DUCK DUCK GO
    Marketing Process
    The Marketing Mix
    The set of controllable, tactical marketing tools that the firm
    blends to produce the response it wants in the target market.
    • Product: Variety, features, brand name, quality, design,
    packaging, and services.
    • Price: List price, discounts, allowances, payment period, and
    credit terms.
    • Place: Distribution channels, coverage, logistics, locations,
    transportation, assortments, and inventory.
    • Promotion: Advertising, sales promotion, public relations, and
    personal selling.
    Marketing Mix and the Customer

    Four Ps Four Cs
    • Product • Customer solution
    • Price • Customer cost
    • Place • Convenience
    • Promotion • Communication

    5
    5C framework
    • Customer Needs What needs do we seek to
    satisfy?
    • Company Skills What special competence do we
    possess to meet those needs?
    • Competition Who competes with us in meeting
    those needs?
    • Collaborators Who should we enlist to help us
    and how do we motivate them?
    • Context What cultural, technological and legal
    factors limit what is possible?
    8
    9
    Changing Consumers
    • BANK- Wallets -Digital and Door Step
    • E commerce- Across categories (loyal to discounts)
    • Television – streaming (Netflix, Amazon prime etc)
    • Movies- Experience more than Content
    • Travel- MMT, Paytm, OYO, Air bnb
    • Investment- ZERODHA etc
    • Music (Buying products to streaming)
    • Newspaper and books- Digital– Kindle
    • Car- own to rent (OLA, UBER, ZOOM etc)
    • Restaurants- Swiggy, Zomato etc (variety and convience)
    • Parlour- Urban Clap etc
    11
    Positioning Statement
    A VALUE PROPOSITION IS…

    • Part of a firm’s business model


    • An element of strategy
    • A reflection of the value a firm offers its customers
    • And finally… A carefully crafted marketing message
    – Communicates a clear point of differentiation
    SO…– IsWHAT IS A VALUE
    highly persuasive
    PROPOSITION?
    – Supports lead generation and sales
    – And more…
    DEFINITION - VALUE PROPOSITION

    • A value proposition describes why a customer


    should buy a product or service
    • It targets a well defined customer segment
    • It convinces prospective customers that a
    particular product or service will add more
    value or better solve a problem than
    competitive products or services
    Consumer View point
    • "I want to buy this product or idea because it
    will..."
    • "The things I value most about the offer are..."
    • "It is better than competing products or ideas
    because..."
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