Marketing Strategy Steps
-
Upload
francis-bukenya -
Category
Economy & Finance
-
view
94 -
download
2
Transcript of Marketing Strategy Steps
PH BuchPH Buch
1
EDIInternational Training Programme on Women Empowerment
through Entrepreneurship Development
Marketing:
Concept, Need, Tools & Techniques
By
Padmin Buch
March 10,2015
For academic discussions only. Details, data & assumptions are indicative
PH BuchPH Buch
Market Analysis and Marketing
Market Study :Define the nature of the product and
identify who may be willing and able to buy it.
Marketing :How to approach the MarketPlan, Strategy and mechanism
PH BuchPH Buch
Why Marketing Strategy
Mere awareness ( by potential customers) about the product / service is not sufficient
Necessary to convince them of its utility
Also to facilitate to acquire it This is marketing
25
PH BuchPH Buch
Marketing Strategy
MS-a plan for approaching & securing the target market
In the face of competition
PH BuchPH Buch
Develop Marketing Strategy
Analysis of collected information pertaining toCustomer needsCompetitorsMarket environment
Leads to a set of Market related decisions
PH BuchPH Buch
28
Current marketing situationCurrent marketing situation
Market situation Competitive situation Distribution situation Macro environment
PH BuchPH Buch
Market Strategy : Basis required
Demand-Supply Gap Consumer needs Competitors’ strategy External environment
29
PH BuchPH Buch
Strategy :Understand Global Trade Environment ( GTE)
An international marketer is required to understand, evaluate and work out various parameters before venturing in to any country.
These parameters are called environmental factors.
They determine the Strategic components :direction &purpose
PH BuchPH Buch
GTE (Contd..)
Major Environmental factors
Political Economic Socio-cultural Competitive
Financial Legal Technological Infrastructural Labour related
Are these Risk Factors ? ? ?
PH BuchPH Buch
32
GTE GTE (Contd.)(Contd.)
Environment-factors vary from country to country
Even region specific variation Also from product to product Focused analysis of dynamics of
these factors crucial To formulate business strategies Lack of such analysis have affected
even large and resourceful MNCs
PH BuchPH Buch
34
Economic Factor
Home Country Economy : Policies and regulations
Host Country Economy : Size of market, Indutrialisation , Banking , FE mechanism, Purchasing power, Economic diversity
Global level Economy : Global trade bodies & Schemes
PH BuchPH Buch
35
Global Trade Finance :Global Trade Finance :
International OrganisationsInternational Organisations
Set up to maintain orderly international financial conditions
To Provide Capital To provide guidance & direction Particularly for economic
development in developing countries
PH BuchPH Buch
37
Political EnvironmentPolitical Environment
More applicable in politically unstable countries
Home countryHost countryMix of Economic, Legal &
Socio-cultural elements
PH BuchPH Buch
39
TechnologyTechnology
Technology : Computerization, R & D, Automisation, etc.
The need of the business / project for technology inputs
Prevailing level of technology as a whole in Home & Host countries
Receptivity and Comfort zone in the Host country
PH BuchPH Buch
41
GTE : Legal FrameworkGTE : Legal Framework
Developed Countries: System approach Developing countries: Linked with
political status Least Developed : Non-existent Home Country & Host Country International Trade Loans Global Trade organizations
PH BuchPH Buch
43
GTE : Competitive EnvironmentGTE : Competitive Environment
From home as well as host country Level & Nature of Competition Linked with economic & socio-
cultural status of host country Technological factors Global Trade :Competition an integral
component Market-research required
PH BuchPH Buch
45
Socio-Cultural FactorsSocio-Cultural Factors
Demography Values & Beliefs Languages Religion Sensitivity to
issues
National tastes/preference
Female workforce Buyer behavior Mixed population Holidays
PH BuchPH Buch
46
Environmental Factors Influencing Global TradeEnvironmental Factors Influencing Global Trade
Entity Environment Activation End Result
International Firm
Economic
Political
Socio-cultural
Legal
Technological
Competitive
Manufacturing
Investment
Trading
Marketing
International Destinations
PH BuchPH Buch
47
Market identification, Segmentation &Market identification, Segmentation & Demand assessment Demand assessment
Understand own product Identify & locate Direct / indirect
customers Segments
User segmentsGeographical segmentsEconomic segmentsAge / Gender specific segments
Consumption : quantum, pattern, Exports : existing & potential
PH BuchPH Buch
48
Market & MarketingMarket & Marketing
Four ‘P’s of MarketingProductPricePromotionPlace
PH BuchPH Buch
Develop Market Strategy : Market related decisions
Product featuresPackagingProduct mix
Pricing Promotion
Branding
Distribution channels Servicing
PH BuchPH Buch
Classification Features Product Mix Brand Policy Packaging Substitute / Alternate
products
Product /ServiceProduct /Service
50
PH BuchPH Buch
Pricing : ApproachesPricing : Approaches
Cost-based Buyer based Competitor based Channel price build
up Statutory or
Regulatory
51
PH BuchPH Buch
Pricing : StrategiesPricing : Strategies
Rapid skimming Rapid penetration Slow penetration Psychological Discriminatory Loss leader
52
PH BuchPH Buch
PromotionPromotion
Trade shows / Expositions Media advertisement Free / No-Risk Trials Lobbying Warranty service Technical services Public relations
53
PH BuchPH Buch
DistributionDistribution
Nature of the ProductConsumer segmentsCostServicing channel membersHome baseRegulatory aspectsCompetitors’ practices
54
PH BuchPH Buch
56
Major Questions For Major Questions For Market Planning GuideMarket Planning Guide
Marketing Overview:What business are you in ?What are your marketing goals for
next year ? Your sales and profit goals?
What might keep you from achieving these goals ?
What is your marketing budget ?
PH BuchPH Buch
57
MAJOR QUESTIONS FOR MARKET MAJOR QUESTIONS FOR MARKET PLANNING GUIDEPLANNING GUIDE
Products and Services: What are the benefits of your products/services? What is special about your products/services?
Customers and Prospects: Who are you current customers ? What are their buying habits ? Why do your customers buy your goods/ services ? What is your market share ? Is your market share growing, shrinking or stable?
PH BuchPH Buch
58
Major Questions Major Questions For Market Planning GuideFor Market Planning Guide
Competitive Analysis: Who are your competitors ? What do your competitors do better than you ? What do you do better than your competitors ? What is your competitive position ?
Price, Location and Sales Practice: How do you establish prices ? How does your location affect you ? What are your sales practices ?
PH BuchPH Buch
59
Major Questions Major Questions For Market Planning GuideFor Market Planning Guide
Strengths and Weaknesses: What is your business strong at ? What is your business weak at ?
Advertising and Promotion: What is your advertising and promotion
budget ? What are your advertising and promotion
objectives ? How do you promote your business ?
PH BuchPH Buch
60
Major Questions Major Questions For Market Planning GuideFor Market Planning Guide
Strategic Marketing:What marketing problems have
you discovered so far ?
How do you plan to solve these
problems ?How do you plan to achieve these
goals ?
PH BuchPH Buch
Integrated ApproachMarket, Production & Plant Capacity
Market analysis Demand estimate Estimation of Market share Market Strategy to achieve this share Market Programme to execute Provides estimates on Quantum , Timing
& Financial aspects Production programme Plant capacity & Inventory decisions
PH BuchPH Buch
63
THANK YOU !THANK YOU !
. . . . . . Padmin BuchPadmin Buch
______________________________________________________________________________________________________________
For academic discussions only. For academic discussions only. Details, data & assumptions are indicativeDetails, data & assumptions are indicative