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Marketing Strategy (Firm (Must Define itself (Not by Product it sells,…
Marketing Strategy
Firm
Must Define itself
Not by Product it sells
Customer Benefit provided
Value Creation
Entitles Firm to have a portion of value as profits
To be in business
Must sustain process of creating value over time
Major Activities
Target Market Selction, Positioning in custumers minds
Plan
Marketing activities
To achieve desired positioning
Peter Drucker
Business Enterprise Functions
Marketing
Innovation
Everything else is detail
Marketing
Process
Firm Creates Value
For Chosen Customers
Plan
Value is created for custmer
On a sustained basis
Marketing Strategy Development
Series of steps to create a marketing strategy
Analysis of 5Cs
Customer Needs
Company Skills
Competition
Collaborators
Context
Helps with Specification of Target Market
Desired Positioning
Target Market Selection and Product Positioning
2 Questions
Who is the buyer the firm is attempting to serve?
Firms must determine
Firm must first determine how to describe its customers
How to differentiate its customers
This is nothing but Segmentation
How much customization is the Firm Attempting?
4 Options
Mass Market
Market Segments
Market Niches
Individuals
Firm must determine where it wants to play among 4 options for customization