Marketing Strategies

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Transcript of Marketing Strategies

  • Marketing Strategies

    (updated June 2015)

  • Unit topics

    Developing the marketing environment Competitive marketing strategies New product development Customer satisfaction and related


    Interactive and relationship marketing


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  • Competitive strategies are the method by which you achieve a competitive advantage in the market. There are typically three types of competitive strategies that can be implemented. A mixture of two or more of these strategies is also possible depending on your business' objectives and current market position.

    1.cost leadership 2.differentiation 3.focus strategy.

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    Cost leadership The aim of this strategy is to be a low-cost producer relative to your competitors and is particularly useful in markets where price is a deciding factor. Cost leadership is often achieved by carefully selecting suppliers and production techniques to minimise production, distribution and marketing costs. However you need to be aware of any serious loss in quality that may render low cost ineffective.

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    Differentiation A differentiation strategy seeks to develop a competitive advantage through supplying and marketing a product that is in some way different to what the competition is doing.

    If developed successfully this strategy can potentially reduce price sensitivity and improve brand loyalty from customers.

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    Focus strategy This strategy recognises that marketing to a homogenous customer group may not be that effective a strategy for the product the business is selling. Instead the business focuses its marketing efforts on a different selected market segments. That is, identify the needs, wants and interests of the particular market segments and customise marketing techniques to reflect those characteristics.

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    Activity In a 1/4 sheet of yellow paper

    Pick one competitive Strategy. Choose a tourism destination or attraction in the Philippines or the world that show this strategy point out the salient features.

    30 minutes

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    New Product Development Product development, whether it be the development of new products or refreshment of existing products is the cornerstone for the success of a tourism business. Without appropriate products or services that are relevant to visitor demand a business cannot survive. Product development should be based on the findings of the Planning process of business development, in particular the situation analysis and strategic planning phases. The planning process identifies the market potential and goals for business development and growth, while the product development phase is the implementation of specific actions for the business.

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    A product development plan can be developed as a guide for the successful management of the product development and implementation process.

    A product development plan looks at the marketing mix including product, price, place, promotion and packaging.

    The type of product development will depend on the stage of development of the business.

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    The Passages to Innovation Program developed by the Canadian Tourism Commission identifies the four quadrants of product development: Q1 Existing Customers / Existing Products: a low risk strategy that aims to refresh existing products for the current market segments; Q2 New Customers / Existing Products: a medium risk strategy that looks at repositioning existing products with a new market segment; Q3 New Customers / New Products: a very high risk category that all new businesses start in. Extensive research and a unique selling point is required; Q4 Existing Customers / New Product: a high risk strategy that presents new products to existing customers that are stilled aligned with the markets needs.

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    Customer Satisfaction and Related Strategies


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    customer relationship Create touch points across various

    phases of the customer experience. If customers have recently purchased a product or service, be sure to follow up and give them an opportunity to provide feedback on the experience.

    Reward loyalty. A little goes a long way.

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    customer relationship Keep in touch. By regularly reminding

    customers youre there if they should have any needs, youre likely to be the first one they think of when a need arises.

    Consistently deliver top-notch quality and service.

    Stay educated. Be aware of what your competition is doing, what the market is doing, and new trends in your industry


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    A good relationship is give and take. In order to go that extra mile, consider holding a monthly or quarterly giveaway to treat customers and give thanks for their business.

    Be courteous. Treat employees and customers with the utmost respect and courtesy. They deserve it and are often your biggest cheerleaders.

    Listen. If asked, customers will be vocal about their needs. Do more listening than talking and do your best to offer them what they need.

    customer relationship

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    customer relationship Be engaged. In a study by the American Society for

    Quality, 68 percent of lost customers are turned away because of an attitude of indifference on the part of a service provider.

    Establish sound processes for addressing customer issues. Take care of issues as quickly and effectively as possible. If a solution will take longer than anticipated, provide frequent updates so customers know the status of the situation.


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    Interactive Marketing


    Interactive marketing relies on customers expressing their preferences so that marketers can produce more relevant marketing messages. Unlike the outbound marketing of the past, interactive marketing creates a two way dialogue between a business and its customers

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    Relationship Marketing

    Marketing activities that are aimed at developing and managing trusting and long-term relationships with larger customers. In relationship marketing, customer profile, buying patterns, and history of contacts are maintained in a sales database, and an account executive is assigned to one or more major customers to fulfill their needs and maintain the relationship.

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    Traditional Marketing focuses on single transactions with customers, relationship marketing is oriented toward continuous customer contact. Relationship marketing continuous to involve and integrate customers, suppliers, and other stakeholders into a firms developmental and marketing activities (McKenna 1992) resulting in interactive relationships.

  • Marketing environment

    Marketing strategy

    Competitive marketing strategies

    new product development

    Customer satisfaction Related Strategies :

    Relationship Marketing