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Commercial Thinking David Elverson

Commercial Thinking David Elverson. What is this?. Marketing is. Marketing is finding out what your customers [stakeholders] want, positioning your product or service to meet that need and communicating your superior customer value American Marketing Association.

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Commercial Thinking David Elverson

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  1. Commercial Thinking David Elverson

  2. What is this?

  3. Marketing is... • Marketing is finding out what your customers [stakeholders] want, positioning your product or service to meet that need and communicating your superior customer value American Marketing Association

  4. Product Led Organisations – Ford in the early days, ‘you can have it any colour as long as its black’ Sales Led Organisations – you will buy this double glazing if I sit in your front room long enough and use every sales trick in the book Market and customer led organisations – what can we find out about the market and about our customers so we are delivering such a good service that everyone wants to work with us

  5. Summary of the Commercial Development Process Knowing what you are up against Which markets to compete in How to compete in them Segmentation Understanding your strengths Defining Customer Targets Strategic Objectives Strategic Focus Competitor Analysis Differential Advantage The Marketing Mix Monitoring Performance Implementation Making it work for your organisation Continuously improving Developing a marketing plan

  6. PESTLE P olitical E conomic S ocio-cultural T echnological L egal E nvironmental

  7. Resources and Competency Framework Unique Threshold Resources Competencies Johnson and Scholes

  8. Strategic focus New ways of differentiating offering according to segments perception Decide which segments will waste resources by not being profitable input Understand different customer characteristics and perceptions Defining customer targets Decide which segments to target • Accessibility • Size of segment • Growth potential • Profitability • Fit with company strengths • Relative weakness of competition outcome Alternative ways of segmenting the market Group customers buying in terms of: • How • When • What • Why Which segments to compete in

  9. Competition • Budget Level – budget spent in two separate ways to meet separate needs (buy homecare or spend money on heating!) • Generic competition – same product delivered in a different way (buy homecare or go into a residential home) • Brand competition – buy my title or another title (buy from Joe Bloggs Homecare or Jane Smith Homecare) • Internal substitution – DIY (relatives do it themselves)

  10. Brand Power Wheel

  11. Costing / Pricing PRICE High Medium Low High PRODUCT QUALITY Medium Low

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