marketing strategy “marketing” by paul baines, chris fill and kelly page. referenced throughout....
TRANSCRIPT
Marketing Strategy “Marketing” by Paul Baines, Chris Fill and
Kelly Page. Referenced throughout. ARRIVAL coaching has put the content into a
simpler and easier layout to understand.
Objectives
• To gain an understanding of the importance of a marketing strategy
• Understand how to set up a marketing strategy
Introduction
• A marketing strategy cannot be completed without completing a business strategy.
• Baring in mind that marketing is the “management process responsible for identifying, anticipating and satisfying customer requirements profitably.”
• A marketing strategy focuses on how this can be achieved with the end result typically an increase of revenue and profitability through product diversification/ development, market development/ diversification, brand development, increased distribution channels
Benefits of a marketing strategy • Assists in achievement of the business strategy• With a focused goal it can encourage the
development of products; which enable the business to become market leaders
• Increase the brand value • Increase brand/ product awareness• Identify new products/ markets
What is needed to set up a marketing strategy? • Need to consider:-
– Resources and capabilities (within company)– The external (macro environment)– Competitors (Porter’s 5 forces) – Target customers (demographics, geographic, psychographics) – CREATIVITY TO THINK OF SOMETHING UNIQUE.
• This can be achieved through structured market research (qualitative/ quantitative & secondary vs primary data) and undertaking a SWOT analysis.
Competitor identification
Need to consider
• Organisation’s vision• Organisation's value• Organisation’s mission• The business strategy
Marketing Mix
• The marketing mix– Product – Price – Place – Promotion
Promotional Mix
• Advertising • Public Relations• Direct Marketing • Personnel selling • Offers • Sponsorship
DIGITAL MARKETINGCREATE A LOT OF ONLINE NOISE.
• ONLINE PRESENCE IS VITAL. ANYTHING ELECTRONIC WITH A SCREEN NEED TO HAVE YOUR BRAND.
- Social Media - Website - Email campaigns- Analytics - eSurveys/ feedback/ contact forms …. Just a few examples of digital marketing.
OVERALL• SET GOALS & OBJECTIVES. • IDENTIFY RESOURCES AND CAPABILITIES • IDENTIFY COMPETITORS• RESEARCH THE EXTERNAL ENVIRONMENT• IDENTIFY TARGET CUSTOMERSThen ….• DEVELOP MARKETING MIX• DEVELOP PROMOTIONAL MIX • + set up your online presence.