marketing strategies
TRANSCRIPT
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
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
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