1a- Marketing Strategy Flashcards
Marketing 4 P’s
Marketing Strategy
Product - what to sell
Price - how much to sell for
Promotion - how and where to advertise
Place (distribution) - where to buy product
BCG Model (SBU Strategy)
measure market growth and market share of a product; Cash Cows, Stars, Question Marks, Dogs
Cash Cows (BCG Model)
- High share, low growth
- Steady earners
- Classic Coke
Stars
BCG Model
- High share, high growth
- best performers
- Apple AirPods
Question Marks (BCG Model)
- Low share, high growth
- Unknown how they will preform over time
- new products, unsure
Dogs
BCG Model
- Low share, low growth
- Money wasters
- Rainbow bread
Marketing Mix
Marketing Strategy
Create, Communicate, Deliver Value
Segmentation, Targeting, Position
Segmentation
Marketing Mix
where are groups in the market
Target
Marketing Mix
what group in the market do we sell to
Position
Marketing Mix
how do we adjust ourselves to fit target group
Marketing Groups
Marketing Strategy
sell to SWING GROUP through eyes of LOVE GROUP, don’t bother with HATE GROUP
Product Market Expansion Matrix
Marketing Strategy
How a company increases market share
-Market Penetration, Product Development, Market Development, Diversification
Market Penetration
Product Market Expansion Matrix
- existing product, existing market
- updated iPhone models
Product Development
Product Market Expansion Matrix
- new product, existing market
- Apple watch
Market Development
Product Market Expansion Matrix
- existing product, new market
- Deadpool 2 in China
Diversification
Product Market Expansion Matrix
- new product, new market
- iPad created tablet market
Marketing Philosophies
Marketing Strategy
Orientations: Product, Societal, Sales, and Market
Product Orientation
Marketing Philosophies
all about the product
if we build is they will come, As Seen On Tv
Societal Orientation
Marketing Philosophies
do well by doing good
help the environment and world, Toms SunPak
Sales Orientation
Marketing Philosophies
Aggressive techniques
sell, sell, sell; door to door sales, Vivint
Market Orientation
Marketing Philosophies
customer is king
what do consumers want
Lifetime Value of a Customer
Marketing Strategy
Expensive to Acquire
Cheap to maintain
Value increase over time
Path to Profitability
Marketing Strategy
Market Environment
- > Marketing Mix
- -> Profitability Drivers
- –> Profit
Profitability Drivers
Marketing Strategy
Capture value: Customer Acquisition Customer Retention Sales per customer Margin
Marketing Strategy
Marketing Strategy
- combination of Marketing Mix and 4 Ps
- Corporate, Market, SBU: Strategic Business Unit, Marketing Strategy
Corporate Strategy
Marketing Strategy
what business should the company be in
Strategic Business Unit Strategy (SBU)
Marketing Strategy
how do we effectively compete with others
-BCG Model
