Marketing Book Sections
|“||Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.||”|
The Organization's Marketing Strategy & Six Duties
focus on developing relationships with customers
The overall marketing strategy of an organization should focus on developing relationships with customers to understand their needs, and to develop goods, services, and ideas to meet those needs.
- Information Gathering: research potential customers, their needs, and spending habits in order to understand what sort of product, service, or idea they wish to buy.
- Evaluation of Organization Capabilities: decide what your organization can produce relatively well, and what your organization is not capable of producing based on the organization's specific strengths and weaknesses.
- Identify Market Opportunities: research the current market for a product idea, and look for an opportunity; such as no competition or strong demand.
- Set Objectives of Marketing Strategy: decide what results need to be achieved in order to reach the organization's goals; such as a specific increase in sales, or net profits.
- Formulate an Action Plan: List the specific steps the organization needs to take in order to implement the marketing plan, and assign the responsibilities to specific staff members.
- Monitor & Evaluate: Study the marketing plan regularly, at least once per quarter, to track performance against the set objectives.
Evaluating Market Opportunities
new products, new customers, and increasing sales to current customers
- Niche Strategy: Find a niche of customers under-served by current offerings.
- Growth Strategy: Increase revenue from existing market niches and deliver better offerings to new target markets.
- Defensive Strategy: Maintain leadership position by developing brand loyalty, mass distribution.
- Offensive Strategy: Adopt a policy of destroyer pricing to preempt the entry of new firms or drive away the existing competitors.
- Market Penetration: Increase sales of an organization's current products in the current market through a more aggressive marketing campaign.
- Market Development: Increase sales by selling current products in new markets, possibly to satisfy new consumer needs or to identify new market segments.
- Product Development: Offer new and improved products to the current market.
- Diversification: Move into multiple lines of revenue generation.