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Mastering Marketing Strategy for Business Success

Learn how developing a successful marketing strategy enhances coordination, resource allocation, and market position to achieve objectives and key components for strategic alternatives. Explore hierarchy of objectives, strategic sales boosting, positioning decisions, and brand building guidelines.

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Mastering Marketing Strategy for Business Success

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Presentation Transcript

  1. Developing Marketing Strategy Chapter 07

  2. A Successful Strategy: • Enhances coordination among functional areas of organization • Defines resource allocation • Leads to a superior market position

  3. 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

  4. Hierarchy of Objectives

  5. 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

  6. Strategic Alternatives

  7. Increasing Sales/Market Share • Market Development Strategies • Market Penetration Strategies

  8. Components of Positioning • Customer targets • Competitor targets • Core strategy

  9. Key Considerations for Selecting a Customer Target • Size/growth of the segment • Opportunities for obtaining competitive advantage • Resources available

  10. Target Segments for Handspring

  11. 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

  12. Positioning Decision Steps (Contd.) • Selecting the position that best satisfies these criteria • Implementing programs consistent with the product position selected

  13. Total Product Concept

  14. Five areas for differentiation • Quality • Status and image • Branding • Convenience and service • Distribution

  15. Joint Space for Colas

  16. Brand Value Chain

  17. Five As of Brand Building • Awareness • Associations • Attitude • Attachment [loyalty] • Advocacy

  18. Some Brand Attribute and Image Dimensions

  19. Ten guidelines for building strong brands • Brand identity • Value proposition • Brand position • Execution • Consistency over time • Brand system • Brand leverage • Tracking • Brand responsibility • Invest

  20. IBM Notebook Computers: Purchase versus Positive Opinion

  21. Basic customer strategies • Customer acquisition • Customer retention • Customer expansion • Customer deletion

  22. Strategy over the Life Cycle

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