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Developing Marketing Strategy. Chapter 07. A Successful Strategy:. Enhances coordination among functional areas of organization Defines resource allocation Leads to a superior market position. Elements Of Strategy. The objective(s) to be attained Strategic alternative(s) Customer targets
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Developing Marketing Strategy Chapter 07
A Successful Strategy: • Enhances coordination among functional areas of organization • Defines resource allocation • Leads to a superior market position
Elements Of Strategy • The objective(s) to be attained • Strategic alternative(s) • Customer targets • Competitor targets • The core strategy • Marketing mix support • Functional programs support
Characteristics of good objectives • Should have quantified standards of performance • Should be ambitious enough to be challenging, but not unrealistic • Should have a time frame within which to achieve the objectives
Increasing Sales/Market Share • Market Development Strategies • Market Penetration Strategies
Components of Positioning • Customer targets • Competitor targets • Core strategy
Key Considerations for Selecting a Customer Target • Size/growth of the segment • Opportunities for obtaining competitive advantage • Resources available
Positioning Decision Steps • Identifying alternative positioning themes • Screening alternatives according to whether they are • meaningful to and believable by customers • feasible given the firm and product resources • competitively sensible • helpful for meeting the product objective
Positioning Decision Steps (Contd.) • Selecting the position that best satisfies these criteria • Implementing programs consistent with the product position selected
Five areas for differentiation • Quality • Status and image • Branding • Convenience and service • Distribution
Five As of Brand Building • Awareness • Associations • Attitude • Attachment [loyalty] • Advocacy
Ten guidelines for building strong brands • Brand identity • Value proposition • Brand position • Execution • Consistency over time • Brand system • Brand leverage • Tracking • Brand responsibility • Invest
Basic customer strategies • Customer acquisition • Customer retention • Customer expansion • Customer deletion