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Marketing Strategy

Marketing Strategy. Module 4 Business Plan Course Ryan Murray MBA, CBA. Marketing is a function of ROI. 5 Points to Market. Product/Service Relative Price Point Target Market Market Mediums Marketing Strategy. These Become Your Market Opportunity.

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Marketing Strategy

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  1. Marketing Strategy Module 4 Business Plan Course Ryan Murray MBA, CBA

  2. Marketing is a function of ROI

  3. 5 Points to Market • Product/Service • Relative Price Point • Target Market • Market Mediums • Marketing Strategy These Become Your Market Opportunity Your Marketing Strategy is unique to your business, but the Market Opportunity is the same for everyone

  4. 5 Points to Market • Product/Service • Relative Price Point • Target Market • Market Mediums • Marketing Strategy These are used to develop Your Marketing Strategy Your Marketing Strategy is unique to your business, the Market Opportunity is the same for everyone

  5. Relative Price Point $ $$ Relative in terms of your competition

  6. Developing Your Strategy Price Quality Differentiation

  7. Developing Your Strategy Price $ Relative Price Point $$$ Quality Differentiation

  8. Developing Your Strategy Price • The key is • Being able to beat the competition • Serve a market that isn’t being adequately addressed by the competition Quality Differentiation

  9. Understanding Competition • Competitive Advantage • Rate your company’s competitive advantage from 1 – 5 • (1 being little to none and 5 being virtually untouchable) 1 through 3: little to no chance of being profitable in the long run 4 or 5: good competitive advantage

  10. Understanding Competition Competition is defined as “ANYTHING that eats into your revenue” 4 Types of Competition • Direct Competition • Businesses that provide the same product/service • Indirect Competition • Businesses that provide a different product/service that meets the same need • Open Market • Customers in your market area that should be buying your product /service but aren’t • Yourself • Customers that already buy from you but should or would buy more

  11. Fruit Tree Theory • Pick the low hanging fruit first • Go for the abundant fruit next • (Don’t worry about the other 2)

  12. Discussion Points (if we have time) • Market Mediums • Marketing ROI • Measuring your results • Using a “control group” in your marketing • Marketing Budgets • Marketing Mistakes • Not doing it consistently • Not budgeting for it • Not planning • Buying “whatever” • Not buying anything

  13. Homework • Establish a marketing budget and implement it into your financial forecasting. Make sure that your sales forecast is a function of marketing and write the relation as part of your business plan. • Determine whether you are focusing on price, quality, and/or differentiation. • If your competitive advantage is below 4, brainstorm with your management team ways to strengthen your competitive advantage. • Provide a written description of your marketing strategy. Make sure that it is well enough written that someone outside of the business could implement the strategy based on your description.

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