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Module 3: Marketing strategy (Marketing objectives (objectives (static…
Module 3: Marketing strategy
Marketing objectives
reconciled with corporate objectives, politicies, strategies
defined through results of a marketing analysis
starting for marketing strategies
objectives
static marketing objectives
dynamic marketing objectives
objectives are operationalized into goals for specific market segements and marketing tools
Marketing strategy
determine the company's behavior on the sales market
differentiation from competitors
positioning
by defining a target market
application of marketing tools
general directions/approaches for reaching marketing objectives
basis for controlling the application of different marketing tools, performance and innovation processes
2 strategies
competitivenes through market positioning (market-based view, outside-in perspective)
contrats to "Ressource base view" (inside-out perspective)
Market segmentation
why
differentiated marketing?
recognition in the market
customer involvement
products features
market nurturing tools can be used in a segment-specific way
Segmentation criteria
socio-demographic (income, age, gender,..)
psychographic (value system -> liberal/conservativ)
needs/motivation
geographic (rural, urban,..)
should be guided by purchase behavior and benefit
What?
divide market in different segments/groups of customers with similar needs
Requirements for market segmentation characteristics
accessibility
stability over time
measurability
economic viability
informational value for the use of marketing tools
for suppliers of industrials goods
relevance to buying behavior
Important terms
cluster analysis (statistical method, in a customer group)
optimum segmentation intensity
multi-level market segmentation
Choice of target market
Selection criteria
(strategic questions)
Nurturing costs
Strategic significance of a market segment
Market size
Positioning
how the company sees themselves in the market, what criteria are particular to your product (design, price,..) → you can give specific characteristics to your product
illustrations of positioning (matrix!)
Differentiation
Design of brand
core brand identity
extended brand identity
brand essence
Brand
: a symbol or a name that has a monopoly poisition for a specific use in the consumer's mind
you make the difference between you and your competitors (the brand) by positioning
Application of marketing tools
Determinants for the use of marketing tools
type/goals of customer retention
phase of customer process
2.nature of marketing goal/conflict of goals
types of customer decision
types of customers
industry environment
Focus
" on the maturity of the industry
" on involvement
Tool application dependent on the phase of the buying cycle
" on customer retention objectives
