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Chapter Nine: DEFINING MARKETING STRATEGIES - Coggle Diagram
Chapter Nine: DEFINING MARKETING STRATEGIES
MARKETING STRATEGY AND ACTION PROGRAMS
Key elements of marketing strategies
• Market research and segmentation
• SWOT analysis
• Setting SMART goals
• Aligning marketing efforts with broader organizational goals
PRODUCT OR SERVICE/ IDEA
To effectively market a product or service, businesses must
Understand customer needs and preferences
Ensure quality, innovation, and value
Differentiate the offering through unique selling points
Continuously adapt to market trends and customer feedback
the areas of distinction in such product
Design and Packaging
The brand name
The price
Warranty
Image/ Differentiation
After-sales Service
Delivery time
Features and Benefits
Style /Variety and Line Extensions
Quality
Product Lifecycle
PRICING
Key considerations in pricing
• Cost-based pricing
• Value-based pricing
• Competitive pricing
• Dynamic pricing
Penetration Pricing
• Skimming Pricing
fundamental factors to consider in fixing an appropriate price for a new product
• The product quality
• Nature of the components (expensive or cheap)
• Costs of production or procurement
• Cost of promotion
• Freight or transportation cost
• Desired mark-ups
• Competitors’ prices
• Discounts involved
• Cost of service
• Cost of distribution
Considerations
• Price elasticity of demand
• Psychological pricing
• Discounts, bundles, and promotional offers
DISTRIBUTION / Place
Distribution sstrategien
• Direct distribution
Indirect distribution
Omnichannel distribution
Logistics and supply chain management
• Franchising
PROMOTION
Effective promotional strategies
• Advertising
Public relations (PR)
Sales promotions
Personal selling
Digital marketing
Content Marketing
services marketing
People
Process
Physical Evidence
• Cleanliness and ambiance of a store or office.
• Packaging, branding, and presentation.
• Testimonials, reviews, and case studies