Marketing Strategy Overview

The process of obtaining something desired from someone by offering something in return.

Focuses on efficiently producing and distributing goods. The emphasis is on low costs and mass production.

Focuses on creating high-quality products that meet customer needs. It emphasizes innovation, performance, and features.

Focuses on aggressive selling and promotion to persuade customers to buy products. Emphasis is on convincing customers.

Focuses on understanding and meeting customer needs and wants. It emphasizes researching and satisfying customers.

A type of exchange with no social elements or further communication. It focuses on the transaction itself.

Creating value through economies of scale, offering value propositions, and making products available and affordable.

Focuses on creating products and services that are environmentally responsible and sustainable.

The overall context in which a company operates, encompassing both internal and external factors.

The internal factors within a company that influence marketing decisions.

The external factors outside a company that influence marketing decisions. It includes the microenvironment and macroenvironment.

The forces close to the company that affect its ability to serve its customers, including the company itself, its suppliers, marketing intermediaries, customer markets, competitors, and publics.

The larger societal forces that affect the microenvironment, including demographic, economic, natural, technological, political, and cultural forces.

The process of identifying, analyzing, and planning for the forces that affect a company's marketing activities.

The set of controllable, tactical marketing tools that a company uses to produce the response it wants in the target market.

A strategic plan that outlines how a company will achieve its marketing objectives. It includes a marketing audit, SWOT analysis, objectives and issues, marketing strategy, marketing mix, budgets, and controls.

The relative importance of a product attribute for a consumer.

How easily a product attribute stands out to consumers.

A model explaining how consumers make choices based on their perceived value of different attributes.

A decision-making rule where consumers only consider options that meet a minimum threshold for a specific attribute.

A decision-making rule where consumers choose options that score high on a particular attribute.

The feeling of uncertainty or doubt associated with making a purchase.

The emotional tension experienced by consumers after making a purchase, often triggered by doubts or concerns.

Word-of-mouth communication about a product or service, significantly amplified by positive reviews.

When consumers are highly invested in a purchase, carefully consider multiple brands, and perceive significant differences between them. This often applies to expensive, infrequent purchases with high self-exposure, such as cars or computers.

Consumers are highly involved in the purchase but perceive minimal differences between brands. They prioritize price and convenience, often choosing familiar brands to reduce post-purchase dissonance. Examples include ceramics or expensive clothes.

Habitual buying behaviour occurs when consumers have low involvement and perceive little difference between brands. They rely on familiarity and convenience, making purchase decisions based on routine or past experiences.

Consumers with low involvement but perceive significant differences between brands. They enjoy trying new things and switching brands frequently based on boredom or novelty.

The degree to which a consumer is willing to invest time and effort into a purchase decision. It is influenced by perceived risk and the importance of the product or service.

Dominating shelf space, advertising heavily, and preventing stock shortages to encourage habitual buying behaviour. This strategy ensures consumers can easily find and purchase the product.

Consumers perceive significant differences between brands but have low involvement in the purchase decision. This often leads to brand switching based on boredom, novelty, or the desire for something different.

Consumers are highly involved in the purchase and perceive significant differences between brands. This often happens with expensive, infrequent purchases, such as cars or computers.

A unique selling proposition (USP) identifies what makes your brand stand out from the competition, focusing on a single, compelling attribute.

A positioning strategy defines how your brand is perceived in relation to its competitors based on price, features, and overall value.

This strategy offers a basic product at a very low price, aiming to capture customers who prioritize affordability.

This strategy aims to offer the same level of quality and features as competitors but at a lower price. It can be difficult to sustain as it challenges market norms.

This strategy aims to offer more value and features than competitors at a lower price, making it challenging to achieve but potentially rewarding.

This strategy aims to offer more features and quality than competitors at the same price, emphasizing value for money.

This strategy aims to offer a premium product with superior quality, features, and experience at a higher price, appealing to customers who value luxury and exclusivity.

This statement articulates the brand's value proposition, target audience, and competitive advantage. It highlights how the brand solves a specific problem or fulfills a specific need for its target customer.

The process of identifying a need for a specific product or service within a company, triggered by internal or external factors. For example, launching a new product or attending a trade show.

This stage involves creating a detailed document that outlines the specific characteristics, quantity, and requirements of the desired product or service. It involves input from different departments like production and accounting.

This step involves creating a precise list of technical specifications and features required in the product or service. It involves value analysis - evaluating the potential costs and benefits of different options.

This stage involves identifying and researching potential suppliers who can provide the required product or service. This could include consulting existing vendors, exploring new options, or using online resources.

The purchasing department evaluates potential suppliers based on various factors like quality, delivery performance, ethical practices, price, communication, technical support, and past performance.

This stage involves preparing a formal order document (Purchase Order - PO) that clearly outlines the product specifications, quantities, delivery date, warranty, and return policies.

The purchasing department checks with the users who use the product or service to assess their satisfaction and determine if the purchase was successful. This involves monitoring the effectiveness and potential improvements.

The process of buying something again, potentially modifying it based on learnings from the first purchase.