Marketing Strategy Marketing-mix strategies are the plans the organization will take to reach objectives (e.g., use
Marketing Strategy
Marketing-mix strategies are the plans the organization will take to reach objectives (e.g., use premium pricing to establish an image of quality). Marketing tactics are the tools to be used to put a strategy into play (e.g., set high reference prices on the website). The SWOT and target- market analyses should be the springboard for marketing strategies. For example, if awareness is low, what marketing-communications strategies and tools must be used? Marketing strategies should describe what will be done, how it will be done, who will do it, where it will be done, when it will be done, why it will be done, and sometimes how much it will cost. Don’t forget to:
Remember who the organization’s customers are
Base strategies on research, not assumptions
Use the situation analysis and market research to develop strategies
Positioning
Create a positioning strategy for the product and explain why it was chosen. Will it create a clear, positive, and distinctive image in the minds of target customers? Is it based on real competitive advantages? Is the positioning based on specific product benefits that are value- drivers for target markets? When developing a positioning strategy, organizations need to create a positioning map that shows the intended position relative to key competitors on benefits that customers desire. Also, create a positioning statement that illustrates the underlying strategy (e.g., Carnival Cruise Lines: The Fun Ships). The positioning strategy should drive the marketing mix; the marketing mix should be consistent with the position.
Product Strategy
Define the product from the customer’s perspective using solid, research-based understanding of the customer: How does this product satisfy customers’ needs and wants? What are the key product benefits (core product)? What is the actual (facilitating and supporting) product? What will the branding strategy be? If the organization is marketing a service, describe relevant people, process, and physical evidence strategies that are critical to delivering on the value proposition:
– People Strategy (for Services)
If the service will be “high touch,” describe internal marketing strategies. How will the organization communicate the marketing message and service promise to the people who will be interactive marketers for the service?
– Process Strategy (for Services)
If the service depends on a smooth process (e.g., quick-service restaurant, wedding-catering), describe how the organization will manage the process to ensure service quality.
– Physical Evidence Strategy (for Services)
If the service will rely on physical cues or setting for differentiation, describe the servicescape (e.g., décor, atmosphere, lighting, music) and important physical evidence (e.g., menus, signage) that will be used to enhance the customer experience. How will the organization make the intangible service promise tangible? How will physical evidence facilitate the service promise? Describe in words or images the key aspects of the physical-evidence strategy.
Price Strategy
How will the organization price the product? Why? Describe an overall pricing strategy and rationale. Identify costs and reseller mark-ups (if applicable), etc. What specific pricing tactics will be used use, and why? Does the organization know what price(s) target customers are willing to pay?
Promotion Strategy
How will the product be promoted (and why)? What marketing-communications tools will be used and how will strategies be implemented? What types of media, message, schedule, etc., will be used? For example, if print media advertising will be used to generate awareness, which publications are appropriate (at what cost?) and why? Does the media match the target market(s)?
Place Strategy
How/where will the product be distributed or located? Why? Is the distribution strategy based on customer information? What were the selection criteria? If the organization plans to distribute through intermediaries (e.g., retailers), what channels will be used and how will the organization gain trade acceptance?
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