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Topic 9 - Strategy Implementation (New Principles of Marketing (Don'…
Topic 9 - Strategy
Implementation
Strategic Marketing
Issues
How to make advert more interactive
To use exclusive dealerships or multiple channels of distribution
How to take advantage of Facebook and other platforms
To be a price leader or a price follower
New Principles
of Marketing
Don't just talk with consumers, work with them
Give them reason to participate
Listen and join the conversation outside your company's website
Attract, attract, attract
Do not control online conversation, let it flow freely
Embrace instead of messaging and chatting
Market
Segmentation
Explanation
Subdividing of a market
Widely used in implementing strategies
allow firm to operate with limited resources
4Ps
Place
Product
Promotion
Price
Alternate Bases for
Market Segmentation
1. Geographic
Region
Country size
2. Demographic
Age
Gender
Income
3. Psychographic
Social class
Personality
4. Behavioural
User status
Usage rate
Loyalty status
Product
Positioning
Explanation
Entails developing schematic representation that reflect on your products / services compare to competitors'
AKA, Perceptual Mapping
Steps
Select key criteria that differentiate the products and services
Diagram a 2D product- positioning map with specified criteria on each axis
Plot major is in resultant four quadrant matrix
Identify areas where the company's products / services could be most competitive in the market
Develop a market plan to position competitors' products and services opportunity
Rules
Look for the hole or vacant
Do not serve 2 segments with the same strategy
Do not position yourself in the middle of the map
Effective Strategy
Uniquely distinguish a company from the competition
Customers would have lower expectations on your company
Research and Development
(R&D) Issues
Explanation
Be leaders or followers in R&D
Stress on basic or applied research
Spend quite a lot of money on R&D
Strategy
Be the first one to market new technology products
Be an innovative imitator - minimise the risks and cost of start - up
Be a low - cost producer by producing similar products but less expensive
Management Information
System (MIS)
Process is facilitated immensely in firms that have an effective information system
Mobile Computing
Mobile tracking of employees
Mobile apps for customers