Marketing Plan Strategies PDF

Developing Marketing Strategies and a Marketing Plan Looking for Opportunities: ​ PepsiCo finds opportunity in the growing groups of consumers who search for health options ​ They also pursue value through novel packaging, such as smaller packages to help consumers limit the...

Developing Marketing Strategies and a Marketing Plan Looking for Opportunities: ​ PepsiCo finds opportunity in the growing groups of consumers who search for health options ​ They also pursue value through novel packaging, such as smaller packages to help consumers limit their calorie or sodium consumption ​ Such versatility and diversity represent key strengths of the board's corporate brand What is a Marketing Strategy - ​ Marketing Strategies Identify: ​ A firm target markets ​ A related marketing mix - the 4 Ps and the bases upon which the firm plans to build a sustainable competitive advantage ​ ->Leads to sustainable competitive advantage Sustainable Competitive Advantage ​ Strong brand ​ Innovative capabilities ​ Extensive distribution network ​ Loyal customers What is a Sustainable competitive advantage? a)​ A broad description of the firm's objectives and the scope of its activities b)​ Tool used to evaluate marketing performance c)​ Something the firm can consistently do better than its competitors d)​ A written document that discusses competitor strengths and weaknesses, and the firm's advantages over them Developing Customer Value: ​ Customer excellence, operational excellence, locational excellence, product excellence -> macro strategies for developing customer value Customer Excellence: ​ Retain loyal customers ​ Provide excellent customer service ​ Disney’s Mymagic + system enables users to swipe their magic band wristbands to get on rides, make purchases, and open their hotel room door Operational Excellence ​ Efficient operations -> excellent supply chain management -> strong supplier relationships (cycle) ​ Amazon Prime service offers 2-day shipping so customers can get their orders quickly Product Excellence: ​ High perceived value + Effective Branding and positioning ​ Tafino kombucha offers 3 flavors: ginger lemon, jasmine hibiscus, and apricot rose Locational Excellence: ​ Starbucks and Tim Hortons - 3 most important things in retailing are: location, location, location Multiple Sources of Advantages: ​ Customer value ​ Customer service ​ Customer relations ​ Great prices ​ Good service = good value ​ Westjet Airlines provides good service at a good price - a good value - and has fun doing it Customer Excellence Focuses on? a)​ Having products with high perceived value and effective branding and positioning b)​ Developing value-based strategies for retaining loyal customers and providing excellent customer service c)​ Having a good physical location and internet presence d)​ Efficient operations and excellent supply chain and human resource management Developing a Marketing Plan: Step 1: Another Example: Non- Profit Step 2: Conduct a Situation Analysis (using SWOT) Step 3: Identity and evaluate Opportunities by using STP: ​ Segmentation -> targeting -> positioning Which of the following refers to a group of consumers who respond similarly to a firm’s marketing efforts? a)Market segment b)Target market c)Targeting d)Positioning Portfolio Analysis: Boston Consulting Group Matrix (BCG): One of the keys in place and value delivery is to provide the consumer _____________. a)a wide product selection b)merchandise they want at the time they want it c)a variety of media communication methods d)accessible management personnel to handle complaints Which of the following is NOT considered a marketing growth strategy? a)Market penetration b)Diversification c)Product development d)Sequential Planning Growth Strategies: Market Penetration ​ Existing marketing mix ​ Existing customers Growth Strategies: Market Development Strategy ​ Existing marketing offering ​ New market segments (domestic, international) not currently being served Growth Strategies: Product Development ​ New product/service ​ Current target market Growth Stratgies: Diversification ​ New product/service ​ New market segment not currently being served A diversification strategy introduces a new product or service to a market segment that _____________. a)is currently not served b)includes many ethnicities c)already exists d)does not traditionally respond to mixed media