Marketing Strategy

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Marketing Strategy

• Achieving A Competitive Advantage

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Marketing Strategies must

• be geared to the needs of the consumer
• be geared to the strategies of the competitors
• reflect the business size and industry position
• begin with an in-depth competitor analysis

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Competitor Analysis includes...

• comparison of value
• assessment of level of customer satisfaction
• monitoring of competitors (WHO)

• understanding competitor strategies/objectives
• identifying strength/weaknesses
• guess at competitive response to business
  decisions

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Marketing Strategy vs Industry Position

• Market Leader - dominate market and set pace
• Market Challengers - aggressively but
  strategically attack and/or follow
• Market Followers - follow the lead of competitors
  to ensure market stability
• Market-nicher - specialize in overlooked areas or
  ignored by competitors

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Competitive Strategy and the Marketing Mix

• Marketing Mix - controlled use of Price, Product,
  Promotion and Place to meet the needs of the
  target market
• Remember Price is related to the buyers
  perception of VALUE!

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Market Positioning

• A products position is the way the product is
  defined by the consumer on attributes important
  to them
• your product vs the competing ones

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A products position combines...

• perceptions, impressions and feelings which can
  be influenced by the marketing mix

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Positioning Strategies

• Product attributes - price, performance
• Need fulfillment or benefit
• Directly against competitor
• Away from competitor

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Three Steps In Positioning ...

• Identify possible competitive advantages
• select the correct one(s)
• communicate and deliver

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Competitive Advantage

• Offering the consumer greater Value than the
  competition based on the consumers needs and
  buying criteria

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Creating The Difference...

• Product Differentiation can include quality,
  features, performance, style and design,
  consistency, durability, reliability,
  repairability

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Creating the Difference..

• Service Differentiation can include speed,
  convenience, delivery, installation and repair,
  customer training and consultant/sales support

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Creating The Difference...

• Personnel Differentiation comes from careful
  selection of customer-contact people and
  consistent training

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Creating The Difference...

• Image Differentiation is a product of everything
  the company does from sponsoring events to logo
  design, colour and celebrity choice

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Select The Difference

• Important to the target buyers perception of
  value/benefit
• Distinctive from the competition
• Superior customer benefit over competition

• Easily communicated
• Not easily copied
• Affordable to buyer
• Can be introduced profitably

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RememberTo be successful, the company must
do a better job than its competitors of
satisfying target consumers.