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CHAPTER 4 DIGITAL MARKETING STRATEGY - Coggle Diagram
CHAPTER 4 DIGITAL MARKETING STRATEGY
EXTERNAL INFLUENCES
EMERGING OPPORTUNITIES & THREATS
COMPETITOR STRATEGIES
Intermediary analysis
Assessing opportunities and threats
S.W.O.T.
SO Strategies (Attacking Strategy)
WO Strategies (Build Strengths for Attacking Strategy)
ST Strategies (Defensive Strategies)
WT Strategies (Build strengths for Defensive Strategy)
MARKET STRUCTURE AND DEMAND
INTERNAL INFLUENCES
BUSINESS OBJECTIVES & STRATEGY
MULTICHANNEL MARKETING STRATEGY
Matrix for Evaluating DM Business Investment Alternatives
P1: High Priority (Implement)
P2: Medium Priority (Reduce Scope / Defer)
P3: Medium Priority (Reduce Scope / Defer)
P4: Low Priority (Don't Implement / Defer)
Marketing Strategy Considerations for Channel
Selections
Marketing and Communication Goals
Level of Control Required
Access to Segment
Customer Influences on Channel Choice
Knowledge
Experience
Preference
Actions
Channel Dimensions Affecting Channel Choice
Purpose of channel (purchasing/information)
Type of Channel (Physical/Virtual/Mobile)
Degree of accessibility
Types of communications the channel facilitates
Nature & Flexibility of interface
Level of convenience the channel offers
Switching Costs
Organisations's flexibility
Setting Goals and Objectives
The online revenue contribution
Set smart objectives
Framework for objective setting
Strategy Formulation and Implementation
Market Development Strategies
Diversification Strategies
Market Penetration Strategies
Product Development Strategies
Key Decisions in Strategy Development
Market and product strategies
Business and revenue model strategies
Target Marketing Strategies
Positioning and Differentiation
Customer engagement and Social Media Strategy
Multichannel distribution strategy
Multichannel communication strategy
Online Communication Mix and Budget
Organization capabilities and governance to support digital transformation
DM PLANNING
FAILURE
Underestimating customer demand for online services
Intense competition (existing & new)
Duplication of resources
Insufficient resources and capabilities
Relevant customer data not collected/utilized
Lack of control
Lack of senior management support
SOLUTION
Research demand, set objectives, allocate sufficient resources
Analyse the market
Improve internal communications
Ensure budget and specific specialist digital skills are available
Research to ensure best knowledge of target customers
Able to measure and analyse regularly corrective action
Ensure support for long term digital transformation plan
HOW TO STRUCTURE
Situation Analysis
Objectives
Strategy
Tactics
Actions
Control
Situation Analysis
Initial (Laggard)
Managed (Developing Capability)
Defined (Competent Average Capability)
Quantified (Above-sector average capability)
Optimized (Market Leading Capability)
Online Lifecycle Management Grid
Online value proposition strategy
Online targeted reach strategy
Offline targeted reach strategy
Online sales efficiency strategy
Offline sales impact strategy