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Marketing Strategy: Strategies, Positioning, and Marketing Objectives

Chapter 8. Marketing Strategy: Strategies, Positioning, and Marketing Objectives. Figure 8.1 The process of developing a marketing strategy and plan. Figure 8.1 The process of developing a marketing strategy and plan ( continued ). Marketing Strategy.

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Marketing Strategy: Strategies, Positioning, and Marketing Objectives

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  1. Chapter 8 Marketing Strategy: Strategies, Positioning, and Marketing Objectives

  2. Figure 8.1 The process of developing a marketing strategy and plan.

  3. Figure 8.1 The process of developing a marketing strategy and plan (continued).

  4. Marketing Strategy The selection of a course of action from among several alternatives that involves specific customer groups, communication methods, distribution channels, and pricing structures. A combination of selected target markets, positioning approach, and marketing mixes (the 8 Ps)

  5. Positioning The development of a service and marketing mix to occupy a specific place in the minds of customers within target markets

  6. Marketing Objective A measurable result that a hospitality or travel organization attempts to achieve for a target market within a specific time period, typically one or two years

  7. Figure 8.5 Summary of the characteristics of the four target market focus strategies.

  8. Alternative Strategies for Product Life-Cycle (PLC) Stages • Introduction Stage • Rapid-skimming strategy • Slow-skimming strategy • Rapid-penetration strategy • Slow-penetration strategy

  9. Alternative Strategies for Product Life-Cycle (PLC) Stages (continued) • Growth Stage • Improving service quality and adding new service features and service elements • Pursuing new target markets • Using new channels of distribution

  10. Alternative Strategies for Product Life-Cycle (PLC) Stages (continued) Growth Stage (continued) Lower prices to attract more price-sensitive customers Shift some advertising emphasis away from building awareness to creating desire and action

  11. Alternative Strategies for Product Life-Cycle (PLC) Stages (continued) • Maturity Stage • Market-modification strategy • Product-modification strategy • Marketing-mix modification strategy • Brand extension strategy

  12. Alternative Strategies for Product Life-Cycle (PLC) Stages (continued) • Decline Stage • Reducing costs and milking the company • Selling off or getting out of the business

  13. Steps Required for Effective Positioning (The Five Ds) • Documenting • Deciding • Differentiating • Designing • Delivering

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