7 strategic marketing
TRANSCRIPT
STRATEGIC MARKETING
What is…..???
• Strategy:
“strategy is a plan of action designed to achieve a vision”
Key Parameters
• Direction• Market scope• Competitive advantage• Resources• Environment• stakeholders
Strategy & Levels of Business
• Corporate strategy• Business Unit strategy• Operational strategy
Strategic Analysis
• PEST analysis• Scenario planning• Five forces analysis• Market segmentation• Competitor analysis• SWOT analysis
The Need
• Difficult to define market boundaries• Customers demanding “superior value”• Customers becoming more aware• External influences• Innovation
Market-driven Strategy
FOCUS
• Market• Customers that form the market
Characteristics
• Becoming market oriented• Determining distinctive capabilities• Matching customer value requirements with
capabilities• Achieving superior performance
What is market oriented?
• Continuous creation of superior customer value
• Use of superior organizational skills in understanding & satisfying customers
• Ethical behavior within the organization & with other stakeholders
• Support & involvement of entire work force• Continuous monitoring
Market oriented…..
Continuous Monitoring:
• Changing customer needs & wants• Impact of changes on customer satisfaction• Increased rate of product innovation• Build competitive advantage
Distinctive Capabilities
“the essence of strategy is in the activities--- choosing to perform activities differently or to perform different activities than rivals”
---By Michael Porter
Challenges…..
• Globalization• Technology diversity & uncertainty• Ethical behavior & social responsiveness
ICICI Prudential
Exploring Retirement Solutions-The hidden Goldmine
Market Scenario
• 11% of working Indians were covered for post retirement
• Increase of life expectancy• Rising medical costs• Inflation• Low awareness• Attitude as barrier
The Opportunity
• Sizable working population without retirement cover
• 30 to 40 years age group a big market• Retirement solutions not focused by LIC• Very less contribution of pension products in
portfolio
The Challenge…..
• Re position the concept of retirement planning
• Convince the consumers to invest early
Approach
Objective…..
• Creating a new market• Fix sales target-INR 400 million• Share in total pensions market- 10 %• Contribution of pension to portfolio- 20 %
Target Audience
• Chief wage earner• Retirement planning has low importance
Creative Strategy
“Retire from work & not from life”
Communication Programs
• Retirement solutions seminars• Direct marketing campaign• Retirement planner• Retirement calculator
Multi-Media Strategy
Objective: Customer interaction through various touch points using 24 hrs cycle
• TV• Radio• Print• Outdoor• Internet• Direct Marketing• PR
RESULTS
• 35000 calls • 3000 e-mails• High response rates from mailers
Change of Attitude:The average age of a person investing in ICICI
Pru dropped to 38.5 yrs
RESULTS
• Sales achieved worth INR 740 million• 23% share in pensions market