Mark2051 Notes
MARK2051
What is marketing strategy? The process of matching the organisation’s strengths to the customer needs, with the aim of achieving a competitive advantage in the market. The combination of product, price, distribution and promotion most suited to a particular group of consumers. • Goal: the create a sustainable competitive advantage in the market • All the elements of the marketing strategy that lead to the development of the competitive advantage require good understanding of consumer behaviour Marketing strategy process: • 1. Segment: understand consumers a. Determine the dimensions (age, geography, subculture) b. Determine the heterogeneity c. Define the needs & goals 2. Target: choose consumers a. Evaluate each segment in relation to organisational strengths and weaknesses b. Choose the segment with the highest potential for strategic match (organisation strength – customer needs) 3. Position: offer utility differentiate prevent copy a. Designing the company’s offering and image so they occupy a meaningful and distinct competitive position in the target customer’s minds Marketing Levers
What is Consumer Behaviour? The dynamic interaction of cognition, behaviour and environmental events by which human beings conduct the exchange aspects of their lives.
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Positioning is implemented by using 4 main marketing mix levers o Product o Communication o Price o Distribution
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Understanding the psychological & sociological antecedent of consumer decision process allows prediction of consumer responses This understanding feeds into design of marketing stimuli (product attributes, advertising messages, price signals and distribution channels) that elicit responses desired by the company.
Problem Recognition & Consumer Goals
Problem recognition: the result of the awareness of the difference between the actual and the desired states of being Problem: a need state that requires action to eliminate
What is marketing strategy? The process of matching the organisation’s strengths to the customer needs, with the aim of achieving a competitive advantage in the market. The combination of product, price, distribution and promotion most suited to a particular group of consumers. • Goal: the create a sustainable competitive advantage in the market • All the elements of the marketing strategy that lead to the development of the competitive advantage require good understanding of consumer behaviour Marketing strategy process: • 1. Segment: understand consumers a. Determine the dimensions (age, geography, subculture) b. Determine the heterogeneity c. Define the needs & goals 2. Target: choose consumers a. Evaluate each segment in relation to organisational strengths and weaknesses b. Choose the segment with the highest potential for strategic match (organisation strength – customer needs) 3. Position: offer utility differentiate prevent copy a. Designing the company’s offering and image so they occupy a meaningful and distinct competitive position in the target customer’s minds Marketing Levers
What is Consumer Behaviour? The dynamic interaction of cognition, behaviour and environmental events by which human beings conduct the exchange aspects of their lives.
Th
ink
sw
•
Positioning is implemented by using 4 main marketing mix levers o Product o Communication o Price o Distribution
ap
Do
cu
me
nt
• •
Understanding the psychological & sociological antecedent of consumer decision process allows prediction of consumer responses This understanding feeds into design of marketing stimuli (product attributes, advertising messages, price signals and distribution channels) that elicit responses desired by the company.
Problem Recognition & Consumer Goals
Problem recognition: the result of the awareness of the difference between the actual and the desired states of being Problem: a need state that requires action to eliminate