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MARKETING AND SALES MANAGEMENT
CHECK POINT 86: MARKETING STRATEGIES

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1. what is a marketing strategy?
2. steps in the marketing strategy development process
3. examine strategic marketing factors
4. Current Situation Analysis
5. market demand evaluation
6. small business example
market evaluation report
7. customer evaluation
8. competition evaluation
9. small business example
competition evaluation report
10. evaluate the company's position in the marketplace
11. formulate marketing objectives
12. select a suitable marketing strategy
13. develop a detailed marketing mix strategy
14. for serious business owners only
15. the latest information online
 

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MARKETING AND SALES MANAGEMENT
CHECK POINT 86: MARKETING STRATEGIES

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1. what is a marketing strategy?
2. steps in the marketing strategy development process
3. examine strategic marketing factors
4. Current Situation Analysis
5. market demand evaluation
6. small business example
market evaluation report
7. customer evaluation
8. competition evaluation
9. small business example
competition evaluation report
10. evaluate the company's position in the marketplace
11. formulate marketing objectives
12. select a suitable marketing strategy
13. develop a detailed marketing mix strategy
14. for serious business owners only
15. the latest information online
 

DO I NEED TO KNOW THIS CHECK POINT?

 

WELCOME TO CHECK POINT 86

TUTORIAL 1 General Management TUTORIAL 2 Human
Resources Management
TUTORIAL 3 Financial Management TUTORIAL 4 Operations Management TUTORIAL 5 Marketing
And Sales Management
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2 7 12 17 22 27 32 37 42 47 52 57 62 67 72 77 82 87 92 97
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4 9 14 19 24 29 34 39 44 49 54 59 64 69 74 79 84 89 94 99
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HOW CAN YOU BENEFIT FROM CHECK POINT 86?

 
The main purpose of this check point is to provide you and your management team with detailed information about Marketing Strategie and how to apply this information to maximize your company's performance.
 
In this check point you will learn:
 
• What is a marketing strategy?
• About the basic steps in the marketing strategy development process.
• How to examine strategic marketing factors?
• About a current situation analysis and evaluation of internal marketing factors.
• About market demand and customer evaluation.
• About competition evaluation factors.
• About four types of a company's position in the marketplace.
• About formulating marketing objectives.
• About selecting a suitable marketing strategy.
• About developing a detailed marketing mix strategy. and much more.
 

LEAN MANAGEMENT GUIDELINES FOR CHECK POINT 86

 
You and your management team should become familiar with the basic Lean Management principles, guidelines, and tools provided in this program and apply them appropriately to the content of this check point.
 
You and your team should adhere to basic lean management guidelines on a continuous basis:
 
Treat your customers as the most important part of your business.
Provide your customers with the best possible value of products and services.
Meet your customers' requirements with a positive energy on a timely basis.
Provide your customers with consistent and reliable after-sales service.
Treat your customers, employees, suppliers, and business associates with genuine respect.
Identify your company's operational weaknesses, non-value-added activities, and waste.
Implement the process of continuous improvements on organization-wide basis.
Eliminate or minimize your company's non-value-added activities and waste.
Streamline your company's operational processes and maximize overall flow efficiency.
Reduce your company's operational costs in all areas of business activities.
Maximize the quality at the source of all operational processes and activities.
Ensure regular evaluation of your employees' performance and required level of knowledge.
Implement fair compensation of your employees based on their overall performance.
Motivate your partners and employees to adhere to high ethical standards of behavior.
Maximize safety for your customers, employees, suppliers, and business associates.
Provide opportunities for a continuous professional growth of partners and employees.
Pay attention to "how" positive results are achieved and constantly try to improve them.
Cultivate long-term relationships with your customers, suppliers, employees, and business associates.

1. WHAT IS A MARKETING STRATEGY?

A MARKETING STRATEGY

Business owners and marketing managers must be fully familiar with various procedures related to developing effective marketing strategies which represent the cornerstone of successful business performance.

A Marketing Strategy is a general statement outlining the way an organization plans to achieve its overall marketing objectives. The marketing strategy provides a general explanation of how a company intends to implement its Marketing Plan in a specific competitive environment. If the marketing plan represents the foundation of the company’s overall business plan, than the marketing strategy represents the foundation of the marketing plan.

As a business owner or marketing manager, you should view the development of your company’s marketing strategy as one of the most important things you must do. Since the prime mission of your company is to meet your customers’ specific needs by providing them with your products or services, and at the same time to generate profit and sound return on your investment, you must determine how your company will accomplish this goal.

ADDITIONAL INFORMATION ONLINE

4 Principles Of Marketing Strategy By Brian Tracy.
How To Make Your Content Go Viral By Jason Dehnert.
Best Marketing Strategy Ever! By Steve Jobs, Raytracesvin.
Marketing Strategy With Philip Kotler, London Business Forum.
What Is Your Social Media Marketing Strategy By The Catalyst Partnership.

2. STEPS IN THE MARKETING STRATEGY DEVELOPMENT PROCESS

THE MARKETING STRATEGY DEVELOPMENT PROCESS

The Marketing Strategy Development Process entails five basic steps that are outlined below (Steps 1 - 5).

STEPS IN THE MARKETING STRATEGY DEVELOPMENT PROCESS

Step 1: Examine Strategic Marketing Factors (Variables).

     
Company's
Specialization
And Resources
 

Market
Demand

  Customers   Competition
     

Step 2: Evaluate The Company's Position In The Marketplace.

Step 3: Formulate Marketing Objectives.

Step 4: Select A Suitable Marketing Strategy.

New 
Venture
Strategy

Growth
Strategy

Market
Development
Strategy

Market
Retention
Strategy

Balancing
Strategy

Step 5: Develop A Detailed Marketing Mix Strategy.

     
Product
Strategy
 

Pricing
Strategy

  Promotional
Strategy
  Distribution
Strategy
     

Step 6: Prepare A Marketing Plan.

3. EXAMINE STRATEGIC MARKETING FACTORS

STEP 1: EXAMINE STRATEGIC MARKETING FACTORS

The Marketing Strategy Development Process begins with a comprehensive analysis of the existing situation in the marketplace. This requires examination of several Strategic Marketing Factors outlined below.

KEY STRATEGIC MARKETING FACTORS

Factor

Question

Company Specialization And Resources

  • • What types of products or services are offered to customers at    present?
  • • Should certain products or services be phased out and new ones   added?
  • • Does the company have a sufficient number of employees, financial   resources, equipment, and experience to meet the demand for   products or services?
  • • Does the company have products or services under recognizable   brand names?

Market Demand

  • • How strong is the demand for specific products or services in the   marketplace?
  • • What is the trend of the market demand?
  • • What are the requirements for new products or services?
  • • How is the demand for products and services generated by different   market segments?

Customers

  • • How do different customers make their buying decisions?
  • • How satisfied are different customers with the company's ability to   meet their needs?
  • • Which elements of the marketing mix are particularly influential in the   company - customer relations?

Competition

  • • Who are the major competitors?
  • • What is the strategy of major competitors regarding the elements   of the marketing mix?
  • • What is the influence of major competitors on the company's   performance in various market segments?
  • • What is the company's growth potential in the existing competitive   market environment?
 

ADDITIONAL INFORMATION ONLINE

7 Small Business Marketing Strategies By Stefan Boyle.
Key Success Factors Explained By Mark Wolters, Wolters World.
3 Factors Buyers Demand In Your Marketing Plan By Eric Keiles.
Factors To Consider In Marketing A Product By Peggy Collins, eHow.
How To Align Your Brand With Your Sales Strategy By Jorg Dietzel, Videolane.

4. CURRENT SITUATION ANALYSIS

CURRENT SITUATION ANALYSIS

Current Situation Analysis starts with a detailed examination of the company's offerings in the marketplace. The business owner and the marketing manager must obtain a clear picture about the market environment in which the company operates at present.

The whole Range Of Products Or Services offered by the company needs to be  evaluated in terms of profitability and competitiveness in the marketplace. Those products or services that prove to be unprofitable, ineffective, or unpopular with customers should be examined with an option of being phased out.

New products or services, on the other hand, should be considered in order to meet the changing market requirements. The company's ability to satisfy existing and future market requirements should be carefully examined at this stage. This entails a brief evaluation of Internal Marketing Factors outlined below.

INTERNAL MARKETING FACTORS

The
 Company's Organizational Structure

Experience 
Of The
Management
Team

Quality 
And 
Skills Of
 Employees

Financial
 Resources

Plant
And
 Equipment

Overall
 Efficiency
 In The Company

In addition, all company offerings should be evaluated in light of the existing laws and regulations imposed by federal and local governments and other relevant organizations.

Finally, you and your marketing manager should conduct SWOT Analysis and evaluate your company's marketing performance. This includes evaluating your company's strengths, weaknesses, opportunities, and threats in terms of marketing your products and services in the marketplace and meeting your customers' specific needs.

SWOT Analysis is discussed in detail in Tutorial 1.

ADDITIONAL INFORMATION ONLINE

Business Situation Analysis By David Furse, eHow.
Situation Analysis Part 1 By Dan McCarthy, MarketingManSite.
Situation Analysis Part 2 By Dan McCarthy, MarketingManSite.
SWOT Analysis: How To Perform One? By Erica Olsen, Virtual Strategist.
Conducting A Situation Analysis By Matt Alanis, Alanis Business Academy.

5. MARKET DEMAND EVALUATION

MARKET DEMAND EVALUATION

The actual Demand For Products And Services in the marketplace represents the second strategic marketing factor that needs to be considered. It is essential that the marketing manager obtain relevant information pertinent to the specific demand generated by various market segments.

The primary sources of this information are MIS and Market Research. All market segments which may generate meaningful demand for the company's products or services should be identified and examined by a market segmentation process.

In addition, a detailed Market Measurement And Forecasting procedure should be completed. This procedure will provide the marketing manager with in-depth knowledge regarding specific requirements for products or services, trends, and opportunities in the marketplace.

As a result of market measurement and forecasting procedures, the marketing manager will be able to summarize important information in a Market Evaluation Report. A typical illustration of this report is presented below.

ADDITIONAL INFORMATION ONLINE

Market Equilibrium By Khan Academy.
Change In Market Equilibrium By Khan Academy.
Supply And Demand The Market Mechanism By Economics Revealed.
Supply, Demand And Markets Overview P.1 By Roger K. Strickland, TheWyvern66.
Supply, Demand And Markets Overview P.2 By Roger K. Strickland, TheWyvern66.

6. BUSINESS EXAMPLE
MARKET EVALUATION REPORT

MARKET EVALUATION REPORT

7. CUSTOMER EVALUATION

CUSTOMER EVALUATION

The third strategic marketing factor to be examined by the marketing manager relates to Customers. The marketing manager should understand specific aspects related to the existing and potential customers as outlined below.

SPECIFIC ISSUES RELATED TO CUSTOMERS

1.

The real needs of current and prospective customers.

2.

The nature of customers' activities.

3.

How current and prospective customers make their buying decisions.

 

FEEDBACK FROM SALES PEOPLE

It is also important to obtain Feedback From Sales People about customers' satisfaction with the company's products or services. All problems related to product or service performance and poor quality should be identified at this stage.

All elements of the Marketing Mix ("The Four P"): Product - Price - Promotion - Place (Distribution), should be carefully examined in light of an effective market penetration. Any inefficiency in this regard should be evaluated and minimized, or eliminated, if possible.

ADDITIONAL INFORMATION ONLINE

Identify Customer Needs By Perry Belcher.
Array Formula Database Customer Evaluation By ExcellsFun.
Identifying Customer Needs By Clayton Christensen, Big Think.
How To Identify Your Prospects' Real Needs By FirepoleMarketing.
The Consumer Buying Process By Matt Alanis, Alanis Business Academy.

8. COMPETITION EVALUATION

IMPORTANCE OF COMPETITION EVALUATION

Competition represents the fourth important strategic marketing factor. All major competitors must be identified, if possible, and their respective size and activities carefully examined by the marketing manager. 

The prime issue for consideration is the strategy adopted by each competing organization in terms of products or services development, prices, promotional efforts, and distribution. Thus, the Competition Evaluation Factors relate directly to "The Four P" marketing concept outlined below.

COMPETITION EVALUATION FACTORS

     
Product 
Or Service Development
 

Prices 
Of Products 
Or Services

  Promotion
Of Products
Or Services
  Distribution
Of Products
Or Services
 

COMPETITIVE INTELLIGENCE SYSTEM

It is also essential to understand and evaluate the influence of existing Competition on the company's performance in various market segments. 

Since it is often difficult to obtain meaningful information about competition, it is important to develop a Competitive Intelligence System which should become an integral part of the MIS. This kind of system could provide important information during the marketing strategy development process and could enhance the company's chance for successful performance.

As a result of a detailed evaluation of the existing competition, the marketing manager will be able to summarize important information in the Competition Evaluation Report. A typical illustration of this report is presented below.

ADDITIONAL INFORMATION ONLINE

Business Competition By Marie Forleo.
Study Your Business Competition By Brian Tracy.
Competition In The Marketplace By Jeff Schneider.
Competition In The Marketplace By Susan Feldman, TV4Startups.
The Five Competitive Forces That Shape Strategy By Michael Porter, HBR.

9. SMALL BUSINESS EXAMPLE
COMPETITION EVALUATION REPORT

COMPETITION EVALUATION REPORT

10. EVALUATE THE COMPANY'S POSITION IN THE MARKETPLACE

STEP 2: EVALUATION OF THE COMPANY'S POSITION IN THE MARKETPLACE

Examination of strategic marketing factors enables the marketing manager to assess the Company's Position In The Marketplace and to establish preliminary objectives. Philip Kotler and Gary Armstrong, for example, suggest that in terms of its market position, any organization may be identified as one of four types described below. (23)

FOUR TYPES OF POSITIONS IN THE MARKETPLACE

Market 
Leader

  • • A market leader usually has three basic objectives:
  • • Expansion of the total market.
  • • Protection of its market share.
  • • Steady increase of this share.

Market 
Challenger

The main objectives of the market challenger are:

  • • To attack the market leader.
  • • To expand aggressively in the marketplace taking the place of other    competing firms in the industry.

Common strategies used by the market challenger firm are:

  • • Price cutting and price discounts.
  • • Extended credit facilities.
  • • Improved quality and service.
  • • An intensive advertising campaign.

Market 
Follower

The market followers are the larger firms, and their basic philosophy is to "not rock the boat," usually because of fear that they may lose more than they can gain in the process. The main objectives of market followers are to ensure their active participation in the growth of the market and to maintain their market share.

Market
Nicher

The market nichers, are smaller firms that choose to operate in a particular part of the market without attracting attention from the larger firms. The main objective of the market nichers is to specialize in a narrow market, to service a particular type of customer, and to offer a special range of products and services within a limited geographic area. The vast majority of all small businesses belong to this category.

 

ADDITIONAL INFORMATION ONLINE

Market Challenger By B2BWhiteBoard.
The Market Leader Strategy By Carter Schelling.
Market Leader, Market Challenger, Or Market Follower? By Ian Johnson.
How Windows Really Became The Market Leader Part 1 By Peestandingup.
How Windows Really Became The Market Leader Part 2 By Peestandingup.

11. FORMULATE MARKETING OBJECTIVES

STEP 3: FORMULATE MARKETING OBJECTIVES

Proper evaluation of the company's position in the marketplace makes it possible to establish accurate Marketing Objectives for a specified period of time. Marketing objectives are usually defined for one fiscal year, providing initial budget parameters for the company's planned performance. Typical marketing objectives are illustrated below.

EXAMPLES OF TYPICAL MARKETING OBJECTIVES

1.

To increase sales of Product Line A by 20 percent.

2.

To introduce new Product Line B to five market segments.

3.

To maintain a 25 percent market share for Product Line C.

4.

To replace Product Line C with the Product Line D in five existing market segments.

5.

To eliminate Product Line F from six market segments.

6.

To develop a new brand for Product Line X.

 

ADDITIONAL INFORMATION ONLINE

Think Branding GenC By Katie Elfering.
How To Simplify Strategic Planning By SelfLearnEN.
Virgin's Branding Strategy By Richard Branson, Marlenabraeu.
The Importance Of Branding In A Small Business By E. Drake And H. Parker.
How To Align Your Brand With Your Sales Strategy By Jorg Dietzel, VideoLane.

12. SELECT A SUITABLE MARKETING STRATEGY

STEP 4: SELECT A SUITABLE MARKETING STRATEGY

Depending upon the company's position in the marketplace and its specific objectives, the marketing manager must select a suitable Marketing Strategy. Five basic marketing strategies may be selected by the company at this stage as illustrated below.

FIVE BASIC MARKETING STRATEGIES

1.

The New Venture Strategy.
New venture strategy represents a totally new undertaking by the organization. This may entail, for example, developing a new manufacturing facility or launching a new product line.

2.

The Growth Strategy.
The growth strategy directs the organization toward continuous expansion of business activities in the marketplace, modification of existing products and services, and development of new ones.

3.

The Market Development Strategy.
The market development strategy prescribes a continuous improvement of the existing lines of products or services offered by the organization in conjunction with the development of additional markets.

4.

The Market Retention Strategy.
The market retention strategy guides the organization in maintaining its existing position in the marketplace. A certain product or service line may be modified and business activity may be increased. However, the company is expected to offer the same products or services in the existing market.

5.

The Balancing Strategy.
The balancing strategy directs the organization in balancing the level of its business activities in order to achieve the desired profit and market share objectives. In this instance, the company is not expected to develop new products or services, nor is it required to expand into new markets.

 

ADDITIONAL INFORMATION ONLINE

4 Principles Of Marketing Strategy By Brian Tracy.
22 Brilliant Social Media Marketing Tips By Ryan Moore.
7 Small Business Marketing Strategies By Stephan Boyle.
KDP Select Free Promo Marketing Strategy By Tom Corson-Knowles.
The Right Target Audience For Your Business Marketing By 118BusinessInfo.

13. DEVELOP A DETAILED MARKETING MIX STRATEGY

STEP 5: DEVELOP A DETAILED MARKETING MIX STRATEGY

Selection of an appropriate marketing strategy provides overall direction for the company's business activities during the forthcoming fiscal year. Specific details pertinent to the selected marketing strategy must include four elements of the Marketing Mix Strategy as illustrated below.

FOUR ELEMENTS OF THE MARKETING MIX STRATEGY

     
Product 
Strategies
 

Pricing 
Strategies

  Promotional
 Strategies
  Distribution
 Strategies

The specific marketing strategies related to each element of the marketing mix are discussed next. Upon the development of detailed marketing strategies, the marketing manager is expected to proceed with the formulation of a suitable marketing plan.

Note:

Product Strategies are discussed in detail in Tutorial 5.
Pricing Strategies are discussed in detail in Tutorial 5.
Promotional Strategies are discussed in detail in Tutorial 5.
Distribution Strategies are discussed in detail in Tutorial 5.

ADDITIONAL INFORMATION ONLINE

The Seven Ps Of The Marketing Mix By Victor Holman.
Marketing Mix: Product Strategies By LearnMarketing.
5 Promotional Strategies That Work By Theresa Delgado.
Marketing Mix/4 P's: Pricing Strategies By Product Life Cycle.
Top 5 Most Lucrative Sales By Brian Tracy And Brendon Burchard.

14. FOR SERIOUS BUSINESS OWNERS ONLY

ARE YOU SERIOUS ABOUT YOUR BUSINESS TODAY?

Reprinted with permission.

15. THE LATEST INFORMATION ONLINE

 

LESSON FOR TODAY:
A Good Marketing Strategy Is To Find A Niche
In The Market That's Waiting To Be Filled!

Joe Griffith

Go To The Next Open Check Point In This Promotion Program Online.