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STRATEGYMARKETING

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By: JERAMEEL PALCON LU

MARKETING STRATEGYDEFINITIONS MARKET STRATEGY PLANNING MARKET STRATEGY SPECIFICATIONS MARKETING MIX

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DEFINITIONS MARKETING MIXMARKET STRATEGY SPECIFICATIONS

MARKETING STRATEGYMARKET STRATEGY PLANNINGD E F I N I T I O N

STRATEGY

MARKETING

A strategy that integrates an organization's marketing goals into a cohesive whole. Ideally drawn from market research, it focuses on the ideal product mix to achieve maximum profit potential. The marketing strategy is set out in a marketing plan.

MARKETING STRATEGY

MARKETING CONCEPT

MARKETING MIXMARKET STRATEGY SPECIFICATIONSMARKET STRATEGY PLANNING

MARKETING STRATEGY

STRATEGYIt is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.

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D E F I N I T I O N

MARKETING CONCEPT

MARKETING MIXMARKET STRATEGY SPECIFICATIONSMARKET STRATEGY PLANNING

MARKETING STRATEGY

STRATEGYAs applied to small business, marketing means identifying what the customers want and satisfying this want through the right product, the right price, the right location, and the right information.

B

D E F I N I T I O N

MARKETING CONCEPT

MARKETING MIXMARKET STRATEGY SPECIFICATIONSMARKET STRATEGY PLANNING

MARKETING STRATEGYD E F I N I T I O N

MARKETING

Refers to a plan of action designed to achieve a particular goal.

B

MARKETING CONCEPT

MARKETING MIXMARKET STRATEGY SPECIFICATIONSMARKET STRATEGY PLANNING

MARKETING STRATEGYD E F I N I T I O N

MARKETINGThe marketing concept provides a guiding principle to small business which is making a match between its intended customers and its products or services. To achieve the desired match, the following questions must be answered:

B

STRATEGY

MARKETING MIXMARKET STRATEGY SPECIFICATIONSMARKET STRATEGY PLANNING

MARKETING STRATEGYD E F I N I T I O N

MARKETING

B

STRATEGY

Who are my customers?

What products or services are required by my customers?

At what price are the products or services required?

At what place are the products or services required?

At what time are the products or services required?

How do the customers want the products or services delivered?

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MARKETING MIXMARKET STRATEGY SPECIFICATIONSMARKET STRATEGY PLANNING

MARKETING STRATEGYD E F I N I T I O N

MARKETING

B

STRATEGY

Devise a marketing strategy

Use marketing research

Develop a marketing mix

Identify the size of the geographic market area to be served.

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To be able to answer the said questions, the following must be undertaken:

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(STEINHOFF AND BURGESS)

DEFINITIONS MARKETING MIXMARKET STRATEGY SPECIFICATIONS

MARKETING STRATEGYM A R K E T S T R AT E G Y P L A N N I N G

MARKET STRATEGY PLANNING PROCESS

MARKET STRATEGY PLANNING

BACK

DEFINITIONS MARKETING MIXMARKET STRATEGY SPECIFICATIONS

MARKETING STRATEGYM A R K E T S T R AT E G Y P L A N N I N G

MARKET STRATEGY PLANNING PROCESS

MARKET STRATEGY PLANNING It is an activity of a small

business which seeks to find alternative opportunities and develop profitable marketing strategies.

DEFINITIONS MARKETING MIXMARKET STRATEGY SPECIFICATIONS

MARKETING STRATEGYM A R K E T S T R AT E G Y P L A N N I N G

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MARKET STRATEGY PLANNING PROCESS

MARKET STRATEGY PLANNING IDENTIFY STRENGTHS AND

WEAKNESSES OF BUSINESS

ANALYZE EXTERNAL ENVIRONMENT

IDENTIFY ATTRACTIVE MARKET OPPORTUNITIES

DETERMINE APPLICABLE MARKETING MIX

DETERMINE SIZE OF MARKET AREA

IDENTIFY TARGET MARKETS

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BACK

DEFINITIONS MARKETING MIX

MARKETING STRATEGYMARKET STRATEGY PLANNINGM A R K E T S T R AT E G Y S P E C I F I C AT I O N S

APPLICABLE MARKETING MIX

TARGET MARKETING

SIZE OF MARKETING AREA

TARGET MARKETING

APPLICABLE MARKETING MIX

SIZE OF MARKETING AREA

MARKETING STRATEGY SPECIFIES THE FOLLOWING:

DEFINITIONS MARKETING MIX

MARKETING STRATEGYMARKET STRATEGY PLANNINGM A R K E T S T R AT E G Y S P E C I F I C AT I O N S

TARGET MARKETING

SIZE OF MARKETING AREA

This refers to the activity that seeks “to identify a fairly homogenous or similar group of customers to whom a company wishes to appeal.”

APPLICABLE MARKETING MIX

STEPS

DEFINITIONS MARKETING MIX

MARKETING STRATEGYMARKET STRATEGY PLANNINGM A R K E T S T R AT E G Y S P E C I F I C AT I O N S

TARGET MARKETING

SIZE OF MARKETING AREA

TARGET MARKETING Steps under target marketing:

APPLICABLE MARKETING MIX

STEPSSTEPS1. IDENTIFICATION OF TARGET MARKET.

2. IDENTIFICATION OF THE CHARACTERISTICS OF TARGET MARKET.

3. MEASUREMENT OF THE SIZE OF THE TARGET MARKET AREA.

IDENTIFICATION OF TARGET MARKET

IDENTIFICATION OF THE CHARACTERISTICS OF THE TARGET MARKET

MEASUREMENT OF THE SIZE OF THE MARKET AREA

DEFINITIONS MARKETING MIX

MARKETING STRATEGYMARKET STRATEGY PLANNINGM A R K E T S T R AT E G Y S P E C I F I C AT I O N S

TARGET MARKETING

SIZE OF MARKETING AREA

TARGET MARKETING

APPLICABLE MARKETING MIX

STEPSSTEPS

IDENTIFICATION OF THE CHARACTERISTICS OF THE TARGET MARKET

MEASUREMENT OF THE SIZE OF THE MARKET AREA

IDENTIFICATION OF TARGET MARKET

TARGET MARKETIs the particular market

segment that the company wishes to serve.

FOR AN EXAMPLE:

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DEFINITIONS MARKETING MIX

MARKETING STRATEGYMARKET STRATEGY PLANNINGM A R K E T S T R AT E G Y S P E C I F I C AT I O N S

TARGET MARKETING

SIZE OF MARKETING AREA

TARGET MARKETING

APPLICABLE MARKETING MIX

STEPSSTEPS

MEASUREMENT OF THE SIZE OF THE MARKET AREA

IDENTIFICATION OF TARGET MARKET

“To be able to serve the target market properly, its characteristics must be known by the small business operator.”

IDENTIFICATION OF THE CHARACTERISTICS OF THE TARGET MARKET

Characteristics of the target market:1. Age2. Sex3. Family size4. Family life cycle5. Income6. Occupation7. Religion8. Race9. Nationality

DEFINITIONS MARKETING MIX

MARKETING STRATEGYMARKET STRATEGY PLANNINGM A R K E T S T R AT E G Y S P E C I F I C AT I O N S

TARGET MARKETING

SIZE OF MARKETING AREA

TARGET MARKETING

APPLICABLE MARKETING MIX

STEPSSTEPS

IDENTIFICATION OF TARGET MARKET

IDENTIFICATION OF THE CHARACTERISTICS OF THE TARGET MARKET

To effectively serve the target market, the following must be known:

1. Number of potential customers.

MEASUREMENT OF THE SIZE OF THE MARKET AREA

Knowing the number of potential customers will provide the means of ascertaining the most economical approach to reach them. This will even help in deciding whether or not to continue adapting the target market.

2. The population growth trend of the market area

Information about the growth trend of the market area is very important for the firm. To most companies, growing markets offer several advantages. One of them is expanding sales potential.

DEFINITIONS MARKETING MIX

MARKETING STRATEGYMARKET STRATEGY PLANNINGM A R K E T S T R AT E G Y S P E C I F I C AT I O N S

TARGET MARKETING

SIZE OF MARKETING AREA

APPLICABLE MARKETING MIX

STEPSSTEPS

IDENTIFICATION OF TARGET MARKET

IDENTIFICATION OF THE CHARACTERISTICS OF THE TARGET MARKET

MEASUREMENT OF THE SIZE OF THE MARKET AREA

DEFINITIONS MARKETING MIX

MARKETING STRATEGYMARKET STRATEGY PLANNINGM A R K E T S T R AT E G Y S P E C I F I C AT I O N S

TARGET MARKETING

SIZE OF MARKETING AREASIZE OF MARKETING AREA

STEPSSTEPS

IDENTIFICATION OF TARGET MARKET

IDENTIFICATION OF THE CHARACTERISTICS OF THE TARGET MARKET

MEASUREMENT OF THE SIZE OF THE MARKET AREA

APPLICABLE MARKETING MIX

DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNINGMARKET STRATEGY SPECIFICATIONS

MARKETING STRATEGYM A R K E T I N G M I X

CONTROLLABLE VARIABLES

THE MARKETING MIX

PRODUCT OFFERING

PRICE

PROMOTION

PLACE

DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNINGMARKET STRATEGY SPECIFICATIONS

MARKETING STRATEGYM A R K E T I N G M I X

CONTROLLABLE VARIABLES

MARKETING MIX

PRODUCT OFFERING

PRICE

PROMOTION

PLACE

THE MARKETING MIXThe MARKETING MIX

refers to the combination of the controllable marketing variables that a manager uses to carry out a marketing strategy in pursuit of the firm’s objectives in a given target market.

DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNINGMARKET STRATEGY SPECIFICATIONS

MARKETING STRATEGYM A R K E T I N G M I X

CONTROLLABLE VARIABLES

THE MARKETING MIX

PRODUCT OFFERING

PRICE

PROMOTION

PLACE

CONTROLLABLE VARIABLES

PRODUCT OFFERING

PRICE

PROMOTION

PLACE

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THE MARKETING MIX IS BLENDING OF THE FOLLOWING CONTROLLABLE VARIABLES:

DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNINGMARKET STRATEGY SPECIFICATIONS

MARKETING STRATEGYM A R K E T I N G M I X

CONTROLLABLE VARIABLES

THE MARKETING MIX

PRICE

PROMOTION

PLACE

CONTROLLABLE VARIABLES

PRODUCT OFFERING1

PRODUCT OFFERINGThe product offering

must provide customers with value that will be preferred over the competition. It may involve a physical good, a service, or a combination of both.

DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNINGMARKET STRATEGY SPECIFICATIONS

MARKETING STRATEGYM A R K E T I N G M I X

CONTROLLABLE VARIABLES

THE MARKETING MIX

PROMOTION

PLACE

CONTROLLABLE VARIABLES

PRICE2

PRODUCT OFFERING

PRICE

The price is what is charged for products offered. The right price must be determined in relation to cost of producing and selling the product. The price of the competition must also be considered.

DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNINGMARKET STRATEGY SPECIFICATIONS

MARKETING STRATEGYM A R K E T I N G M I X

CONTROLLABLE VARIABLES

THE MARKETING MIX

PLACE

CONTROLLABLE VARIABLES

PROMOTION3

PRODUCT OFFERING

PRICE

PROMOTION

Promotion refers to communicating information between the company and potential buyers to influence buying attitudes and behavior.

Personal sellingaThis involves direct

communication between sellers and potential customers.

AdvertisingbThis consists of any form of

paid, non personal presentation of ideas, goods, or services.

Sales promotioncThis refers to promotion

activities that stimulate interest, trial, or purchase by final customers.

DEFINITIONS MARKETING MIXMARKET STRATEGY PLANNINGMARKET STRATEGY SPECIFICATIONS

MARKETING STRATEGYM A R K E T I N G M I X

CONTROLLABLE VARIABLES

THE MARKETING MIX

CONTROLLABLE VARIABLES

PLACE4

PRODUCT OFFERING

PRICE

PROMOTION

PLACE

This refers to making products available in the right quantities and locations, when customers want them.

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DEFINITIONS MARKETING MIX

MARKETING STRATEGYMARKET STRATEGY PLANNINGM A R K E T S T R AT E G Y S P E C I F I C AT I O N S

TARGET MARKETING

SIZE OF MARKETING AREA

APPLICABLE MARKETING MIX

STEPS

PUBLISHING FIRM

EXAMPLE

IDENTIFYING THE TARGET MARKET

ELEMENTARY STUDENTS

HIGH SCHOOL STUDENTS

COLLEGE STUDENTS

PROFESSIONALS

IDENTIFIED WITH HIGHLY DESIRABLE

CHARACTERISTICS

IDENTIFIED WITH MODERATELY DESIRABLE

CHARACTERISTICS

IDENTIFIED WITH LESS DESIRABLE

CHARACTERISTICS

IDENTIFIED WITH LESS DESIRABLE

CHARACTERISTICS

MARKET

ING

SEGM

ENTS

TARGET MARKET

IDENTIFIED WITH

HIGHLY DESIRABLE CHARACTERISTICS