Marketing Strategies & Plans

By:-P. Joel Prakash15N31E00H0

Department o f MBAMALLA REDDY COLLEGE OF

ENGINEERING AND TECHNOLOGY2015-17

DIFFERENCE BETWEEN MARKETING STRATEGIES & PLANS

Strategy: Your marketing strategy is an explanation of the goals you need to achieve with marketing efforts. Marketing strategy is shaped by business goals. Business goals and marketing strategy should go hand-in-hand.

Plan: Marketing plan is how you are going to achieve the marketing goals. It's the application of marketing strategy a roadmap that will guide you from one point to another.

Strategy is the thinking & Planning is the doing.

Various Strategies of Marketing

Segmentation

Value Addition

Mass Customization

Product Market Fit

Customer Service

Segmentation

Geographic

• Region/state• Size• Density• Climate

Demographic

• Age• Gender• Family life

cycle/size• Education• Religion/race• Nationality• Income• Occupation• Generation• Social class

Psychographic

• Social class• Life style• personality

Behavioral

• Usage status• Usage rate• Benefits

Market segmentation

Value AdditionGuarantees: The cost is usually very small, but

they can go a long way towards gaining customer confidence. This can reduce a buyer's resistance.

Delivery: Most customers put reliability first, speed second. This does not always have to be

free.Service: Very important to customers, and a

major way to retain customer loyalty. Difficult to establish credibility for new customers, since

'service' has to be experienced to be truly believed.Credit: Can add value to some customers. But

make sure that your own finances will not be damaged. Finance companies could be used - and

some of them will pay you a commission.Packaging & presentation: The more

professional and attractive the packaging, the more the perceived value of the product will be.Quality assurance: International standards,

such as ISO 9000 accreditation can be of value, but reputation is equally important.

Mass Customization Mass customization refers to a company's

ability to efficiently mass produce products that meet individual consumer wants and needs.

High product sales->mass production High customer satisfaction->owning specific

uniqure product Components of mass customization are:

1. Computer based information system2. Just in time production3. Flexible manufacturing

Product Market Fit Product market fit is possible by

assessing the product usage in both existing and new markets

Customer Service Your customers respond better to what you do for

them rather than what you say you’re going to do; and this is exactly why outstanding customer service needs to be part of your marketing strategy.

Customer service and marketing should have a harmonious relationship

MARKETING

PLAN

IMPORTANCE OF MARKETING PLAN

It helps in avoiding future uncertainties It helps in management by objectives It helps in achieving objectives It helps in coordination and

communication among the departments

It helps in control. It helps the customers in getting

complete satisfaction.

Designing the EFFECTIVE MARKETING PLAN

Assessment of marketing situation

Set marketing objectives Develop marketing strategies Design marketing programmes

and allocate budgets Developing control procedures

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