Marketing Strategy concepts, questions, projects. Strategic marketing is what is being carried out by a business that has clearly documented marketing strategy that is guiding all its marketing activity. It covers things like Mission, Vision and Values, Objectives, Target audience, Competitive Positioning. Strategic marketing helps an organisation differentiates itself from the competition so that it can provide better service and value to its customers. Marketing management is the process of planning and making strategies to promote a business.
What is Marketing?
Marketing is a tool that companies use to sell their products and services. It refers to the various techniques and strategies that companies use to make a product more appealing to a prospective buyer.
Over the years, these strategies have undergone changes, based on the change in the business environment, based on knowledge acquired about the consumer decision making process, and based on other factors/drivers such as technology, concern for the environment and so on.
Marketing is all about placing the right product in the right place, at the right time, and of course the right price. In order to achieve this, marketers use various tools and techniques, marketing mix being the most commonly used tool.
So while business have been using traditional marketing techniques for a long time to sell their products, modern business scenarios are complex and fragmented, and marketers will need to use integrated marketing practices to provide a consistent and coherent message to the audience.
Marketing refers to the various activities that businesses undertake in order to promote its own brand name and its products by using various forms of communication with potential customers. Businesses spend significant amount of money on marketing and branding in order to improve their sales and form a good image in public, and the good thing is that these efforts also benefits the consumer as well as the society in several ways.
Marketing Mix
Marketing mix includes the marketing tools that a firm uses to meet its marketing objectives in the target segment.
The marketing mix is commonly executed through the 4P’s of marketing (Price, Product, Promotion and Price), buy may include additional Ps such as packaging, positioning and people depending on what is being marketed.
The point is that smart marketers adapt to changing business scenarios and come up with effective solutions to the problems they face.
Examples of Marketing Mix
Marketing Mix (4P’s) for a family run garden center and restaurant which also offers flowers and local produce.
- Product: Food, meat, drink, gardening supplies.
- Price: The producs will be priced based on cost-plus pricing strategy. The pricing will cover the costs and will make a slight profit.
- Promotion: Organize an event at the garden centre, attract customers (give them a good day out), sell them goods. The event will be promoted through social media platforms such as Facebook, Twitter, and Instagram to target local community.
- Place: The products will be sold at the garden center and through online channel.
Marketing Mix (7Ps) for a new product line (athleisure wear):
PRODUCT: High quality sports apparel clothing range suitable for usage as daily wear or as exercise attire. Items in the product line satisfy the target market’s requirements; quality, comfort, affordability, functionality, and accessibility (findings of primary and secondary research).
PROMOTION: Digital marketing including social media marketing, influencer marketing, Email marketing. PR event.
PRICE: To keep the range inclusive and to maintain price parity with competitors (such as Tommy Hilfiger), the product range would maintain the same pricing structure – Premium pricing strategy (providing products at a higher cost to imply high quality and brand reputation).
Promotional price strategy will be used in conjunction with special occasions and flash sales during certain times of the year. Prior to these discounts, intensive promotional and advertising will be launched.
PLACE: The apparel line will be made available for purchase online on the website/app.
PEOPLE: Existing staff to be used and moved from other departments.
PROCESS: Description an photos of new clothing range to be added on the company website and app. Customer purchases to be made available online. Existing payment methods to be used. The current technological infrastructure is currently prepared for handling both the new processes and the anticipated rise in new orders. However, the systems will be continuously monitored and updated.
Marketing Plan
Marketing Plan is often used for a new business idea or new product line.
It involves assessing the internal environment to understand if a company possesses the capabilities and requirements to successfully launch a new product range. It also assesses the influence of the external environment on the industry, which could impact business from the new product range.
This involves undertaking market research (can involve both primary and secondary research) to understand market size, trends. 4P (or 7P), competitor analysis is done.
The importance of researching the target market is critical before planning a marketing campaign. A good understanding of those who are more likely to use the goods or services is vital so that marketing can be more effectively directed at them.
Finally, marketing strategy (with budget and KPIs to measure success) is created to promote the new business/product line.
Marketing Strategy vs. Marketing Plan
Marketing Strategy is an explanation of the goals you need to achieve with your marketing efforts. Your marketing strategy is shaped by your business goals. It consists of the “what” has to be done.
Marketing plan is how you are going to achieve those marketing goals, a roadmap that will guide you from one point to another. It consists of the “how” has to be done.
Here’s an example:
Business Objective: To gain broader market adoption.
Marketing Strategy: Introduce into new market segments.
Marketing Plan: Develop a marketing campaign that reaches out, identifies with and focuses on that specific segment.
Hush Puppies: Marketing Planning
Hush Puppies is a lifestyle brand that provides shoes, eyewear, watches, and clothing for both men and women.
Hush Puppies history is rooted in innovation from inventing the first truly casual shoes to developing technologies that make the shoes more comfortable, lightweight and worry-free.
The brand strives to constantly evolve Hush Puppies – make it world-renowned, comfort, bringing customers the most advanced technologies available in footwear today.
TARGET AUDIENCE
Audience demographics & psychographics.
Males and Females between 20-40 years where the audience should be belonging to ClassA, CiassB, and chunk of ClassC who requires: comfort, functionality, and style. People wearing these shoes should need to feel natural, relaxed, authentic, with a young spirit, free, simple and healthy.
ADVERTISING OBJECTIVE (Campaign Goals)
New campaign to increase brand awareness and demand of the Hush Puppies shoes.
CONSUMER MESSAGE (Driving Idea)
Shoes made as per your Restyle and choices.
KEY CONSUMER BENEFIT (Message)
It provides comfort, functionality, and style that touches the lives and imaginations.
BENEFIT SUPPORT (Product Details)
- Whether it is water, stain, and scuff resistant WorryFreeSuede, or the newest exclusive technology. WaveReflex featuring extreme flexibility and technologies like Zero G, Bounce, etc. Hush Puppies strives to provide benefits that enables to find one more reason to relax.
- Dual-density foam footbed wth contoured arch for better grip and elegant shoe designs.
- Handstitched and Ermronmental aware products.
COMPETITION
AllenCooper, LeeCooper. Bianca, NavyFont, RedTape. Adidas, Nike, Puma and others (as well as other premium Bata product lines too is a setback).
ADVERTISING TONE
Trustworthy, Comfortable, Durable, Modern, Innovative
ADVERTISING MEDIUM
In-store and Outdoor Advertising, Magazines Advertisement, and Social Network Advertisements.
ADVERTISING tone & Medium is about Brand voice and communication channels.
Measuring Success of Your Plan
It’s important to measure the success of a marketing plan.
To monitor success, you must use KPIs, benchmarks such as:
- KPI’s relating to growth and profitability include Revenue
- Return on marketing investment
- Leads, growth in website traffic over the timeframe of the campaign launch. Leads generated from email promotions, the community,
- Retention rate community and discounts
- Customer acquisition cost
- Growth and Profits
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