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Marketing Strategy
Marketing Strategy
The marketing plan is the central instrument for directing and coordinating the marketing effort. Strategic marketing plan target markets and value propositions that will be offered based on an analysis for the market opportunities Tactical marketing plan-market tactics ,including product features ,promotion ,merchandising ,pricing, sales channel, service.
Strategic planning
Define the business-companies often define business in terms of products ,now it is in terms of customer needs. A business can be defined in terms of customer groups ,customer needs and technology Large companies manage different businesses each requiring its own strategy-SBU (strategic business units)
Strategic planning
1. 2. Assessing growth opportunitiesIntensive growth-review opportunities for improving existing products. company considers whether to gain more market share with its current products in their current markets (market penetration). whether it can develop new markets for existing products (market development ), or develop new products for its current markets (product development strategy ) . Company can review opportunities to develop new products for new markets (diversification strategy)
3. 4. 5.
Diversification growth
When good opportunities can be found outside the present businesses Types of diversifications Concentric strategy-new products that have technological or marketing synergies with the existing product ,even if they are meant for new customers Horizontal strategy-new products with new technology ,unrelated to the existing products, for current customers.
Types of diversification
Conglomerate strategy-new business that have no relationship with the current markets, technology or ,products. DOWN SIZING AND DIVESTING OLDER BUSINESS
Strategic formulation
Strategy is a game plan for achieving its goals. Porters generic strategies-overall cost leadership in terms of production cost etc, differentiation, focus on a particular segment. Strategic alliances-product or service alliance, promotional alliances, logistics alliances ,pricing collaborations.
1. 2. 3. 4. 5.
BCG Matrix
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MIS
Philip Kotler defines MIS as a system that consists of people, equipment and procedures to gather, sort, analyze, evaluate and distribute needed, timely and accurate information to marketing decision makers
Components of MIS
Internal Records System 2. Marketing Intelligence System 3. Marketing Research System 4. Analytical Marketing System
Research Instruments There are mainly two types of research instruments: questionnaires and mechanical devices Sampling Plan Now the researcher must prepare a sampling plan which outlines who should be surveyed (Sampling Unit), How many should be surveyed (Sample Size) and how should they be selected for the survey (Sampling Procedure).
Contact Methods Now the researcher has to decide how the respondent should be contacted.The choices of methods available are mail, telephone, personal interview or online interview.
Step III Collect the Information Step IV-Analyze the information Step V Present the findings