Marketing Strategies and Plan

transcript

AJ.PHINYAR

•Marketing strategies and plan• Marketing and Customer Value

• Corporate and Division Strategic Planning

• Business Unit Strategic Planning

• Marketing Plan

• Digital Marketing Plan

Produces the product

Sell the product

RICH!!!

Where should we apply marketing into business?

• Customer Value

• The Value Delivery Process

• The Value Chain

• Core business process

• Core Competency

Choosing the value (STP)

Providing the value (Marketing mix)

Communicating the value (Channel) Th

A central marketing concept, is primarily a combination of quality, service,

and price (q-s-p). (Kotler P., 2016)

Photo credit: Porter’s Value Chain (business-to-you.com, 2018)

A tool for identifying ways to create more customer value

• The market-sensing process: look around the market

• The new-offering realization process: R&D

• The customer acquisition process: Target - Market new customers

• The customer relationship management process: deep understand current customers

• The fulfillment management process: manage order, payment and shipping

Source of competitive advantage

Applications in A wide variety of markets

Difficult for competitors

to imitate

Characteristics of core competency

Corporate / Divisionstrategic planning

Strategic Business Unit (SBU)

Marketing Plan

• Long-term plan (3-5 years)

• Create by C-Level Management

• Provide Vision and Mission

• Not much detail

• Normally 1 year plan

• Normally create by marketing team

• Provide Goal and Objective

• Provide tactic and action plan

Establish

3 key areas of strategic planning:

1. Managing the businesses as an investment portfolio

(Budgeting)

2. Assessing the market’s growth rate and the company’s

position in that market (Forecasting)

3. Establishing a strategy (Direction & Action Plan)

What does it take to be a successful CMO?

1. Act as the visionary for the future of the company. 2. Build adaptive marketing capabilities. 3. Win the war for marketing talent.4. Tighten the alignment with sales.5. Take accountability for returns on marketing

spending.

Strategic Marketing Plan

Tactical Marketing Plan Implementation Controlling

Marketing Plan

- Target markets- Value proposition- Analysis market

opportunities.

- Product features- Promotion- Merchandising- Pricing- Sales channels- Service

1. Corporate and Division Strategic Planning

2. Business Unit Strategic Planning

3. Develop a marketing plan for each business unit

Four corporate planning activities:

1. Defining the corporate mission

2. Establishing Strategic Business Units (SBUs)

3. Assigning resources to each strategic business unit

4. Assessing growth opportunities

1. Defining the corporate mission

• What is our business?

• Who is the customer?

• What is of value to the customer?

• What will our business be?

• What should our business be?

Peter Drucker’s classic questions

Mission statement : develops collaboration and provides purpose, direction, and opportunity

Five major characteristics of good mission statement

1. Focus a limited number of goals

2. Stress major policies and values

3. Define the major competitive spheres

4. Take a long-term view

5. Short, memorable, and meaningful22

Mission statement : develops collaboration and provides purpose, direction, and opportunity

Five major characteristics of good mission statement

1. Focus a limited number of goals

2. Stress major policies and values

3. Define the major competitive spheres

4. Take a long-term view

5. Short, memorable, and meaningful23 This Photo by Unknown Author is licensed under CC BY

“To be Earth’s most customer-centric company, where customers can find and discover anything they might want to buy online, and

endeavors to offer its customers the lowest possible prices.”

“To give people the power to share and

make the world more open and connected.”

“To organize the world’s information and make it universally accessible

and useful.”

“To refresh the world…To inspire moments of

optimism and happiness…To create

value and make a difference.”

“To relentlessly build amazing products at honest prices to let everyone in the world

enjoy a better life through innovative technologies.”

2. Establishing Strategic Business Units (SBU)

Each SBU has their own strategy and budget. Three characteristics of SBU:

1. It is a single business, or a collection of related businesses, that

can be planned separately from the rest of the company.

2. It has its own set of competitors.

3. It has a manager responsible for strategic planning and profit

performance, who controls most of the factors affecting profit.

26 Photo credit: Strategic business unit (ceopedia.org, 2016)

27Photo credit: Apple SBU (Darwin on Vested.co.in, 2019)

3. Assigning resources to each strategic business unit

Decide how to allocate corporate resources to each SBUs by

using:

• GE/McKinsey Matrix

• BCG’s Growth-Share Matrix / Boston Matrix

29Photo credit: WHAT IS THE GE MCKINSEY MATRIX? (Martin on cleverism.com, 2015)

30Photo credit: WHAT IS THE GE MCKINSEY MATRIX? (Martin on cleverism.com, 2015)

4. Assessing growth opportunities

• Include planning new businesses, downsizing, and terminating older

businesses.

• Select 3 options of growth

• Or downsizing and divesting older businesses

Opportunities for growth

Intensive Growth(within current

businesses)

market-penetration strategy

market-development strategy

product-development strategy

diversification strategy

Integrative Growth(build or acquire

businesses related to current businesses)

Backward

Forward

HorizontalDiversification Growth

(add attractive unrelated businesses)

• The Business Mission

• SWOT Analysis

• Goal Formulation

• Strategic Formulation

• Program Formulation and Implementation

• Feedback and Control

Most marketing plans cover one year in anywhere from 5 to 50 pages with the following sections.

• Executive summary (+ Mission Statement)

• Situation analysis (5C’s analysis / SWOT / STP)

• Marketing strategy

• Marketing tactics

• Financial projections (a sales forecast, an expense forecast, and a break-even analysis)

• Implementation controls

39Source: https://www.slideteam.net/different-types-of-marketing-tactics-used-in-business.html

40Source: https://www.marketingcharts.com/charts/budget-trends-by-channel-2019-2020

Since 2019, digital ad spending

overtake traditional media ad

spending around 20 billions us

dollars in United State America.

Source: https://techcrunch.com/2019/02/20/emarketer-digital-ad-forecast/

– RACE Framework

The RACE Framework consists of these four steps or online marketing activities designed to help brands engage their customers throughout the customer lifecycle. There is an initial phase of PLAN, which involves creating the overall digital strategy, objective setting and plan.

1. Reach – Grow your audience

2. Act – Prompt interaction

3. Convert – Achieve sales

4. Engage – Encourage repeat business

Source: Digital Marketing Strategy Planning Template (Smart Insight, 2020)

– RACE Framework

Source: Digital Marketing Strategy Planning Template (Smart Insight, 2020)

The Six Pillars of Effective Digital Marketing

– RACE Framework

Chapter 3: Connecting with customers:

- Analyzing consumer market

- Analyzing Business market

Marketing Strategies and Plan

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