7 strategic marketing

STRATEGIC MARKETING

What is…..???

• Strategy:

“strategy is a plan of action designed to achieve a vision”

Key Parameters

• Direction• Market scope• Competitive advantage• Resources• Environment• stakeholders

Strategy & Levels of Business

• Corporate strategy• Business Unit strategy• Operational strategy

Strategic Analysis

• PEST analysis• Scenario planning• Five forces analysis• Market segmentation• Competitor analysis• SWOT analysis

The Need

• Difficult to define market boundaries• Customers demanding “superior value”• Customers becoming more aware• External influences• Innovation

Market-driven Strategy

FOCUS

• Market• Customers that form the market

Characteristics

• Becoming market oriented• Determining distinctive capabilities• Matching customer value requirements with

capabilities• Achieving superior performance

What is market oriented?

• Continuous creation of superior customer value

• Use of superior organizational skills in understanding & satisfying customers

• Ethical behavior within the organization & with other stakeholders

• Support & involvement of entire work force• Continuous monitoring

Market oriented…..

Continuous Monitoring:

• Changing customer needs & wants• Impact of changes on customer satisfaction• Increased rate of product innovation• Build competitive advantage

Distinctive Capabilities

“the essence of strategy is in the activities--- choosing to perform activities differently or to perform different activities than rivals”

---By Michael Porter

Challenges…..

• Globalization• Technology diversity & uncertainty• Ethical behavior & social responsiveness

ICICI Prudential

Exploring Retirement Solutions-The hidden Goldmine

Market Scenario

• 11% of working Indians were covered for post retirement

• Increase of life expectancy• Rising medical costs• Inflation• Low awareness• Attitude as barrier

The Opportunity

• Sizable working population without retirement cover

• 30 to 40 years age group a big market• Retirement solutions not focused by LIC• Very less contribution of pension products in

portfolio

The Challenge…..

• Re position the concept of retirement planning

• Convince the consumers to invest early

Approach

Objective…..

• Creating a new market• Fix sales target-INR 400 million• Share in total pensions market- 10 %• Contribution of pension to portfolio- 20 %

Target Audience

• Chief wage earner• Retirement planning has low importance

Creative Strategy

“Retire from work & not from life”

Communication Programs

• Retirement solutions seminars• Direct marketing campaign• Retirement planner• Retirement calculator

Multi-Media Strategy

Objective: Customer interaction through various touch points using 24 hrs cycle

• TV• Radio• Print• Outdoor• Internet• Direct Marketing• PR

RESULTS

• 35000 calls • 3000 e-mails• High response rates from mailers

Change of Attitude:The average age of a person investing in ICICI

Pru dropped to 38.5 yrs

RESULTS

• Sales achieved worth INR 740 million• 23% share in pensions market