5 Marketing Strategies

5 Marketing Strategies - Contemporary Marketing, Second...

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Contemporary Marketing, Second Canadian Edition Boone/ Kurtz/MacKenzie/Snow PART THREE OF THE MARKETING PLAN Marketing Strategies In this section of the marketing plan you will develop your marketing strategies. The end result of this process will be a plan that possess both internal and external fit – i.e., leverage the organization’s strengths, minimize the effect of or eliminate its weaknesses, take advantage of the external opportunities, and minimize the effect of, or avoid, market threats. The first step in the process is to identify the segment(s) in the market you want to target. Next, the optimal positions of your product mix, product lines, and individual product items are selected. From this point forward, you will plan how to support the sales of your products via promotional, distribution, and customer service efforts. The strategic dimensions can be viewed via a continuum ranging from inadequate, adequate, to leadership. This perspective is meant to provide a basis from which to compare the relative strategic targets (not necessarily “positions,” as strategy is more about where you want to be, than where you actually are) of the industry players (i.e., your competitors). The “relative” consideration is important because it implies that the target is judged by how it stacks up against competitors in the consumers’ mind (i.e., your place in the market). This is to say that you can spend an extremely high amount of money, time, effort, resources, attention, etc., on a particular dimension and still not be seeking a leadership position because others in the industry are targeting the same position (i.e., level of focus). In other words, your focus could be considered adequate, as this level of focus on a particular dimension is the “cost of doing business” (i.e., what is expected by consumers and required to compete in this industry given your overall comprehensive business strategy and it’s corresponding fit and trade-off requirements, as well as the industry forces). Similarly, a leadership position might be somewhat “easily” achieved if other players in the industry are not (or can’t) focused on this dimension. It is important to note that “adequacy” is not necessarily a “bad thing.” Rather, it implies that a firm is focusing on (doing) what at least minimally (and perhaps optimally) needs to be done to compete with respect to a particular
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Boone /Kurtz/MacKenzie/Snow ~ Contemporary Marketing, Second Canadian Edition Part Three of the Marketing Plan dimension. An inadequate strategy (position) is by its nature, a “bad thing,” as it implies that a firm is not focusing on (doing) what minimally needs to be done to compete with respect to a particular dimension. As such, a recommendation will need to be made to elevate this status to at least adequate, if not to pursue a leadership focus/position. Leadership is literally defined as surpassing all other competitors on a particular
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5 Marketing Strategies - Contemporary Marketing, Second...

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