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- A Strategic
Marketing
Framework
Chapter
2
2-1
- Key Learning Points
Elements of a complete marketing
strategy
Developing a value proposition
Developing competitive advantage
Positioning products and services
The product life cycle and how it
affects marketing strategies
2-2
- Figure 2-1:
A Complete
Marketing Strategy
2-3
- Marketing Strategy
Objectives
– Mission statements describe the
customer orientation or business
philosophy
– Corporate objectives state the
overall goals to be achieved in
financial terms
2-4
- Marketing Strategy
Characteristics of well-written
objectives:
– Lists a quantified standard of
performance
– Designates a clear time frame
– States goal in measurable terms
– Should be challenging but realistic
2-5
- Marketing Strategy
Customer and competitor targets
– Which customer
groups should
be targeted?
• Begin by
considering
the strategic
alternatives outlined in Figure 2.2
2-6
- Figure 2-2:
Strategic Alternatives
2-7
- Marketing Strategy
Targeting the
Key Strategies company’s own
customers
Market – Should be a high priority
Penetration Targeting competitor’s
customers
Market – Riskier and more
expensive strategy
Development
– Common in slow growth
markets
– Price promotions are key
2-8
- Marketing Strategy
Targeting nonbuying
Key Strategies customers in currently
targeted segments
Market – Is it profitable?
Penetration Targeting new
customers in new
Market segments
Development – Will it require the
introduction of new or
modified products?
2-9
- Marketing Strategy
Market Development Strategies:
Entering Foreign Markets
– Requires decisions related to:
• The choice of country or countries to enter
• The timing of the entry
• How to operate in the chosen countries
– Five factors should be considered when
deciding how to enter a foreign market
2 - 10
- 2 - 11
- Marketing Strategy
Product Features
– After formulating
objectives and
determining
customer and
competitor
targets, the next
key decision is to
select the specific
features to include
in the product.
2 - 12
- Marketing Strategy
Product Features
– Different features are often used to
attract different segments.
– Features may be product-specific or
package-related.
– Creating several versions of a
manufactured good can be very
expensive.
– Services and information packages are
more easily tailored.
2 - 13
- Discussion Question
Ketchup, margarine, and even
peanut butter have successfully
used packaging innovations,
such as the squeeze container,
to appeal to new markets.
Can you think of a current
product that could appeal to a
different market segment if the
packaging were changed
in some fashion? Explain.
2 - 14
- Marketing Strategy
Core Strategy
The Value
Proposition
Differentiation
Product
Positioning
2 - 15
- Marketing Strategy
Summarizes into a
Core Strategy single paragraph:
– The customer
The Value – The competitive
Proposition targets
Differentiation – The customer’s
reason for buying
Product your brand
Positioning Forms the basis for
the marketing mix
2 - 16
- Product & Service
Decisions
Value Proposition
For (target segment n), the
(product/brand name) is a
(product category) that
unlike (competitor targets),
(statement of primary
differentiation).
2 - 17
- Marketing Strategy
Competitive
Core Strategy advantages (CA)
should have three
The Value characteristics:
Proposition – CA should generate
customer value
Differentiation – Increased value must
be perceived by the
Product consumer
Positioning – CA should be difficult
to copy
2 - 18
- Product & Service
Marketing Strategy
Decisions
Key Decisions Approaches to
General
Creating Competitive Advantage
Cost- or price-based advantage
Quality-based or differentiation
advantage
Perceived quality or brand-
based advantage
2 - 19
- Marketing Strategy
Cost- or Price-Based Advantage
– Difficult to achieve
– Two primary methods of creating a
cost- or price-based advantage:
• Being the largest producer and benefiting
from economies of scale
• Taking advantage of the experience curve
– Strict cost control can also help smaller
firms or those with less experience to
develop a cost-based advantage
2 - 20
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