management essay
Leila@
presentation1.pptxMarketing Strategies
“Marketing strategy consists of the complete plan for accomplishment of the organization’s mission and stated objectives” (Stotlar)
“Describes method for achieving the objectives” (Hiebing & Cooper)
Action plan
Strategic Market Management: “system designed to help you make decisions regarding a fit between your organization’s goals and resources and changing market opportunities” (Gray)
Marketing Strategies
Traditional Market Strategies
New market penetration
First may be best / but risky
Can “fix” positioning in minds of consumer
Have existing consumers buy at a higher rate (escalator concept based on usage rates) ex: Health Club members-retention
Market expansion
Goal is to increase current product sales to new customers -increase market share
Create new promotions/develop awareness
Product Development
Create new products for existing customers (product line extensions)
What other products do customers need to satisfy their “product consumption experience”?
Diversification
New products for new consumers
Niche Marketing-target small, definable segment of specialized consumers
Marketing Strategies
Brand Management
Meaning and value of brand
Positioning
Team as Brand-high loyalty
Relationship Marketing
Interactions between company and consumer
Touch points / one-to-one
Cut through mass media marketing clutter
Tribal Marketing
Focuses on connections between consumers
Survive on emotional connections
Linked by a shared passion/emotion
