At the heart of any business strategy is a marketing

strategy.Businesses exist to deliver

products that satisfy customers.

Marketing Strategy

Simple marketing is a process of creating value for the both parties’ buyer and seller profitably. And strategic marketing is doing same thing well, on large scale and strategically.

What's the difference between a marketing

strategy and a marketing plan?

The marketing plan, can be thought of as the practical application of your marketing strategy.

Marketing plan includes details about your business' unique selling proposition, pricing strategy, the sales and distribution plan and your plans for advertising and promotions.

While marketing strategy provides the goals for your marketing plans. It tells you where you want to go from here. The marketing plan is the specific roadmap that's going to get you there.

Marketing Strategy An organization's strategy that combines all of its marketing goals into one comprehensive plan. A good marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and sustain the business.

The marketing strategy is the foundation of a

marketing plan.

Developing a Marketing Strategy:1. Plans and objectives are generally tested for

measurable results. Commonly, marketing strategies are developed as multi-year plans, with a tactical plan detailing specific actions to be accomplished in the current year.

2. Time horizons covered by the marketing plan vary by company, by industry, and by nation, however, time horizons are becoming shorter as the speed of change in the environment increases. Marketing strategies are dynamic and interactive. They are partially planned and partially unplanned.

3. Marketing strategy needs to take a long term view, and tools such as customer lifetime value models can be very powerful in helping to simulate the effects of strategy on acquisition, revenue per customer and churn rate.

4. Marketing strategy involves careful scanning of the internal and external environments.

Internal Environmental Factors .

Internal environmental factors include the marketing mix and marketing mix modeling, plus performance analysis and strategic constraints.

External environmental factors include customer analysis, competitor analysis, target market analysis, as well as evaluation of any elements of the technological, economic, cultural or political/legal environment likely to impact success.

External Environmental Factors

5. A final step in developing a marketing strategy is to create a plan to monitor progress and a set of contingencies if problems arise in the implementation of the plan.

Note: “ A key component of marketing strategy is often to keep marketing in line with a company's overarching mission statement. “

The Marketing Mix -consists of answers to a series of product and

customer related questions. 1. Market selection

a. Who are the customers or subset (segment) of customers you are targeting?

2. Product planninga. What products are the

company going to design or OEM for the selected customers?

b. What are the product features uniquely targeting this market?

c. How will the product be packaged?

a. Pricing is a quantitative expression of the value of the product to the customer.

b. Pricing should be designed like a feature consistent with the use of the product.

c. What will you charge for and How much?

d. How will the customer pay and when?

3

4. Placea. Which channel, direct,

wholesale or retail channels best moves and delivers the product and its benefits to the selected market?

5. Promotiona. Positioning: What is the message

that states the purpose and benefits of the product in the market and how it competes?

b. Selling: Direct or indirect through others?

c. Communications: How will people be informed about your product, showing them how it can be useful, and persuading them to buy it?

d. Support and Service

How does the customer get help if needed to make the product work and replacing or repairing it when it’s broken?

What are the Types of Marketing Dominance Strategy?

Strategies based on market dominance - In this scheme, firms are classified based on their market share or dominance of an industry.

Strategy Building Stage Product strategy: what is your product and what need it will fulfill of your customers? Price strategy: what price you will select for your product that your target market can easily afford. Place strategy: how will you distribute your product to your customers? What channel you will involve in your placing strategy?

Promotion strategy: What media you will use to spread your product information to your customers? How will you promote your product? What manners most helpful for your product promotions? Are social media helpful for your promotional strategy? What method you will use to position your product? What will be your positioning strategy?

After sale strategy: Will you provide after sale service? Will you give warranty or guarantee? Who will give service to customer, you or your partners?

Implementing the Strategy1.Just follow your strategy and carry on.

2.Use your full resources and absolute mediums.

3.Keep you branding and messaging consistent.

4.Each medium has pros and cons. Leverage the pros as much as possible.

5. Focus on your strategy and keep your eyes on the market.

Monitoring your strategy

Who will monitor it?

YOU!

The actual selling process breaks down into two components called the decision making unit (DMU) and the decision making process (DMP).

The DMU) decision making unit

consists of all of the people who will play a role in the decision to purchase a product. The marketing mix program must understand the needs of each of these individuals and find a way to communicate the marketing message to each of them. These people are typically identified as:

Real-life marketing

Buyer – the person who actually issues the check. (For example the purchasing agent, or the individual consumer)Decider – the person or group that actually says this is the product we want, i.e. the MIS managerInfluencer – who helps the decider decide, i.e. the press, analysts, peers, evaluation groupsUser – the individual or group who actually uses the product and derives benefit from it

The decision making process (DMP) The people included in the decision making unit (DMU) interact to make the purchasing decision.The (DMP) is a description of this interaction. By understanding this process a salesperson can best understand who, how, and when to work on getting the customer order.

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