Resources

Ansoff matrix for Nokia HW Ansoff matrix worksheet

Selecting marketing strategies

Lesson objectives

Explain the meaning of marketing strategies

Introduce the four strategies of the Ansoff matrix

Analysing markets and marketing What type of forecasting might be used in each of the following six cases? Justify your views.

1. Predicting sales of raincoats in November.

2. Forecasting the sales of fashion accessories.

3. Predicting the likely attendance at a football match.

4. Investigating how customers might react to a price cut.

5. Forecasting sales of plain black socks.

6. Estimating sales of a newly patented invention.

Selecting Marketing Strategies

A market analysis should enable a marketing manager to understand where the market is and where it is going.

This should feed into developing a marketing plan.

The Marketing Strategy is the long-term marketing plan aimed at achieving the marketing objectives.

The basic idea behind the marketing model

Analysis of where we are

Determining how we compete

Developing a plan

Review

Marketing Model

1. Setting Marketing Objectives

2. Gathering data needed to decide on a strategy

3. Assessing alternative marketing strategies & implementing the choices

4. Planning & implementing the marketing mix, in accordance with the strategy

5. Controlling & reviewing the outcome of marketing decisions

Constraints

1.Objectives

2. Market information & analysis

3. Alternatives & choices

4. Planning the marketing mix

5. Control & review

Budgetary Control

Draft market plans

Market research

Forecasting

Businesses have to identify what segments exist in a market.

SEGMENTATION

Then they decide which segments they want to target.

TARGETING

Then they decide how to position themselves.

POSITIONING

The requirements of each segment differ. So effective marketing requires managers to understand these needs, decide on which segments are likely o be profitable for the business and then develop appropriate plans.

STP

The challenges facing Nokia

To boost sales Nokia could target existing customers to get them to upgrade iPhone / Android customers to get them switch Blackberry users to get them to switch Current non-Smartphone users (older people?)

Each of these would be a different strategy to achieve the same objective of increasing sales.

Which of the above strategies would you recommend and why?

What might Nokia do if…

It was trying to sell more to existing customers?

It was trying to develop new products and offering these to existing customers?

It was trying to target new segments of its existing market?

It wanted to offer new products to new markets.

Write your ideas on your sheet for what you think

this might involve.

What might Nokia do if…

Market penetration

New Product Development

Market Development

Diversification

Ansoff’s matrix…

Existing New

Existing

New

products

MA

RK

ETS

Homework

Using Coca Cola to Explain Ansoff’s Matrix

Answer all three questions in no more than two sides of A4