STRATEGIC MARKETING PLANNING SWOT ANALYSIS

Strategic marketing planning - is a process of Strengths - What does the company do best?
writing and following a plan to reach a specific goal. What is your company’s unique selling point?
To increase revenue, profits, and achieve greater Weaknesses - What areas does your organization
visibility, discourage competitors and improve need to improve? What resources do you lack?
appearance through a total rebranding. Opportunities - what opportunities can you take
- Seeks to anticipate future industry trends. advantage of based on your strength?
- Organization creates vision , articulates its Threats - What threats do your weaknesses
purpose and set strat. Goals that are long- expose you?
term and forward focused.
- Inform operational goals and incremental
milestones that need to be reached. CONSUMER BEHAVIOR AND MARKET
RESEARCH
Environmental analysis - also called
environmental scan, is a strategic tool used to Market Research - process of collecting and
identify and assess all external and internal analyzing data about a particular market. It involves
elements in a business environment. the use of various research methods such as
- Examines organizational and industry surveys, focus groups, interviews, and data
factors that can possibly or negatively affect analysis, to gain insights into consumer
the business and its success. preferences, behavior and attitudes.
Consumer Behavior - the study of how people
TYPE OF ENVIRONMENTAL ANALYSIS make decisions about what they buy, why they buy
● PESTLE it, when they buy it and how they use it. It is
● SWOT ANALYSIS influenced by a variety of factors including personal
preferences, cultural values, social influences, and
PESTLE ANALYSIS economic factors.

Political - local, state and federal government

policies, trade rules, tax regulations, and so on. MARKET RESEARCH TECHNIQUE
Economic - unemployment rates, economic growth
rates, foreign exchange rates, inflation, interest Surveys - with concise and straightforward
rates and more. questionnaires, you can analyze a sample group
Social - Demographic trends, consumer buying that represents your target market. The larger the
patterns, wealth distribution,attitudes and opinions, sample, the more reliable your results will be.
brand recognition, and so on. Focus groups - a moderator uses a scripted series
Technological - new technological discoveries and of questions or topics to lead a discussion among a
products, research and development areas, group of people. These sessions take place at
incentives for technology and so on. neutral locations, usually at facilities with
Legal - health and safety regulations, employment videotaping, equipment and an observation room
laws, product regulations, tariffs, and more. with one-way mirrors.
Environmental - climate and weather conditions, Personal interviews - like focus groups, personal
energy consumption regulations, environmental interviews include unstructured, open ended
policies, and more. questions. They usually last for about an hour and
are typically recorded.
Observation - Individual responses to surveys and
focus groups are sometimes at odds with people’s
actual behavior. When you observe consumers in
action by videotaping them in stores, at work or at
home, you can observe how they buy or use
products.
Field trials - placing a new product in selected
stores to test consumer response under real-life
selling conditions can help you make product
modifications, adjust prices, or improve packaging.

SMART MARKETING OBJECTIVES

Align with Business Objectives - Marketing

objectives should be aligned with broader business
goals and objectives. Understanding the company's
mission, vision, and overall strategy is crucial in
determining how marketing efforts can contribute to
achieving these objectives.

Specific - The more details, the better. Specifying

percentage increases, numbers, channels and a
time-frame by which to achieve the goal will provide
you with clear direction.
Measurable - What benchmarks or KPIs can be
utilized to measure your goal progress? Are there
programs available to integrate with your current
marketing channels to measure the data of your
goals?
Achievable - Goals are stepping stones that are
manageable and actionable. On one hand, you
want to ensure your goals are realistic and within
reach without risking burnout or demotivation from
your team. On the other hand, you don’t want to set
the bar so low that it compromises the
effectiveness of your efforts.
Relevant - Make sure your goals fall within the
ultimate goals of your business. If your business
relies solely on leads, you would focus on goals to
qualify and boost lead quality and quantity. If your
business is ecommerce only, you would specify
goals to boost online sales and reduce abandoned
shopping carts.
Time-bound - The time-bound category includes
creating a deadline for implementation and
measurement. It’s important to be realistic about
the time you provide for your goals, otherwise you
risk losing out on valuable assessment metrics or
demotivating your team.
 MARKET SEGMENTATION, AND TARGETING market based on demographics, needs, priorities,
AND POSITIONING common interests, and other psychographic or
behavioral criteria used to better understand the
TARGETING - in marketing involves breaking the target audience.
target audience into segments and then designing
market activities that will reach the segments most IMPORTANCE OF SEGMENTATION IN
likely to be responsive to your efforts. MARKETING STRATEGY
- Important because it’s a part of a holistic - Market segmentation can help you to
marketing strategy. It impacts advertising, improve the performance of your
as well as customer experience, branding, marketing campaigns by helping you to
and business operations. target the right people with the right
Positioning - the process of differentiating your
messaging at the right time.
brand or product from rivals on the market,
Segmentation enables you to learn
identifying your unique niche, and communicating
that to your target customer. more about your audience so you can
- Effective positioning is an inevitable part of better tailor your messaging to their
every brand’s or product’s success as it preferences and needs.
influences the way consumers perceive - can help with customer needs research
products, helps a brand stand out from the (also known as habits and practices
competition, and allows for building a good research) to deliver information about
reputation. customer needs, preferences, and
product or service usage. This helps you
UNDERSTANDING MARKET SEGMENTATION identify and understand gaps in your
offerings that can be scheduled for
- Companies can generally use three
development or follow-up.
criteria to identify different market
segments;
Homogeneity - or common needs within a BENEFITS OF EFFECTIVE SEGMENTATION
segment FOR BUSINESSES
Distinction - or being unique from other groups - Marketing segmentation takes effort and
Reaction - or a similar response to the market resources to implement. However,
successful marketing segmentation
campaigns can increase the long-term
profitability and health of a company.
INTRODUCTION TO MARKET SEGMENTATION
Several benefits of market segmentation
- The market for any product is normally
include;
made up of several segments. A ‘market’
1. Increased resource efficiency.
after all is the aggregate of consumers of a
given product. and , consumers (the end Marketing segmentation allows
user), who make a market, are of varying management to focus on certain
characteristics and buying behavior. There demographics or customers. Instead of
are different factors contributing to the trying to promote products to the entire
varying mindset of consumers. It is thus market, marketing segmentation allows
natural that many differing segments occur a focused, precise approach that often
within a market. costs less compared to a broad reach
approach.
MARKET SEGMENTATION - is the practice of
2. Stronger brand image. Marketing
dividing your target market into approachable
segment forces management to
groups. Market segmentation creates subsets of a
consider how it wants to be perceived
 by a specific group of people. Once the 5 types of market segmentation
market segment is identified, 1. Demographic segmentation-is one of
management must then consider what the most common types that marketers
message to craft. Because this use to section a group of people. It
message is directed at a target involves using easily identifiable traits to
audience, a company's branding and segment groups of people together
messaging is more likely to be very because they're likely to have similar
intentional. This may also have an needs, wants and habits. Ex.
indirect effect of causing better Age,ethnicity, gender
customer experiences with the 2. Behavioral segmentation-
company. concentrates on how the audience acts,
3. Greater potential for brand loyalty. particularly during the buying process. It
Marketing segmentation increases the groups customers based on their
opportunity for consumers to build long- shopping habits and interactions with
term relationships with a company. More the brand and others.
direct, personal marketing approaches Common factors to base behavioral
may resonate with customers and foster segmentation on include:
a sense of inclusion, community, and a ● Purchasing reason
sense of belonging. In addition, market ● Product benefits
segmentation increases the probability ● Buyer journey
that you land the right client that fits your 3. Geographic segmentation-
product line and demographic. categorizes customers based on their
4. Stronger market differentiation. physical location.
Market segmentation gives a company Examples of factors to use when analyzing
the opportunity to pinpoint the exact geographic location include:
message they want to convey to the ● Country
market and to competitors. This can ● ZIP code
also help create product differentiation ● Neighborhood
by communicating specifically how a ● City
company is different from its 4. Psychographic segmentation- is
competitors. Instead of a broad similar to demographic segmentation.
approach to marketing, management This type, however, focuses more on
crafts a specific image that is more likely emotional and mental characteristics
to be memorable and specific. rather than easily identifiable, data-
5. Better targeted digital advertising. focused characteristics.
Marketing segmentation enables a Factors you may use in psychographic
company to perform better targeted segmentation include:
advertising strategies. This includes ● Attitudes
marketing plans that direct effort ● Lifestyles
towards specific ages, locations, or ● Beliefs
habits via social media. 5. Firmographic segmentation- is similar to
demographic segmentation. However,
business-to-business (B2B) consumers
COMPONENTS OF MARKET are more likely to use this segmentation
SEGMENTATION method. It evaluates and groups B2B
 customers or organizations based on who use technology frequently or
their similar attributes. Luddites for people who are slow to
Examples of factors in firmographic adopt new technology.
segmentation may include: ● Transactional segmentation:splits
● Company size customers based on a customer's
● Number of employees previous interactions with the brand and
● Industry their behaviors. It may concern how the
6 OTHER TYPES OF MARKET customer found the business, the last
SEGMENTATION time they purchased from it or how
- While these are less common, some many times they purchased from it.
more types of market segmentation
include: SELECTING TARGET MARKET
● It is essential for the organizations or
● Generational segmentation: groups marketers to identify the set of people
customers based on their generation, whom they want to target. Marketers
such as the Silent Generation, must understand the needs and
Generation X, Millennials and expectations of the individuals to create
Generation Z. This type of segmentation its target market.
assumes that consumers in the same To select a target market, it is essential for
generation have similar preferences, the organizations to study the following
beliefs and behaviors. factors:
● Value segmentation: separates ● Understand the lifestyle of the
customers depending on the amount consumers
they're likely to spend. This requires ● Age group of the individuals
evaluating purchase habits, such as the ● Income of the consumers
value of the items purchased, how often ● Spending capacity of the consumers
customers purchase items and how ● Education and Profession of the people
many purchases they make. ● Gender
● Lifestage segmentation: creates ● Mentality and thought process of the
groups based on certain life events that consumers
require customers to buy particular ● Social status
items. This may include having a baby, ● Kind of environment individuals are
going to college, getting married, buying exposed to.
a house or other important life POSITIONING STRATEGY
milestones. ● A positioning strategy is a strategic
● Seasonal segmentation: divides marketing plan that helps determine
customers based on purchasing where your business stands in the
different items at specific times of the market and how it should be positioned
year. Holidays often affect purchasing to attract more customers. It is a
behaviors, particularly with certain types marketing strategy focused on
of food or spending more on gifts. distinguishing a brand from its
● Technographic segmentation: lumps competitors.
customers based on their relationship
with technology. It may involve
segments like early adopters for people
 COMPETITIVE ANALYSIS There are many ways to do a competitive analysis,
but there are 4 basic steps:
A competitive analysis is the process of identifying
competitors in your industry and researching their Identify your competition including direct competitors,
different marketing strategies. You can use this indirect competitors, and substitute competitors.
information as a point of comparison to identify your Gather information on products, services, pricing,
company’s strengths and weaknesses relative to each service area, reputation, and marketing tactics.
competitor.
STRUCTURED APPROACH TO CONDUCT A
COMPONENTS OF COMPETITIVE ANALYSIS COMPETITIVE ANALYSIS
Conducting a competitive analysis involves a systematic
Competitive analysis involves assessing the strengths and structured approach to gathering and analyzing
and weaknesses of current and potential competitors. information about your competitors. Here is a step-by-
The key components of competitive analysis include: step guide to conducting a competitive analysis:
1. Competitor Identification ● Define Your Objectives
2. Market Share Analysis ● Identify Competitors
3. Product or service Offering ● Gather Information
4. Pricing strategy ● SWOT Analysis
● Competitive Positioning
ASPECTS OF COMPETITIVE ANALYSIS
● Competitive analysis involves examining various ANALYZING COMPETITORS AND COMPETITIVE
aspects of competitors to understand their FORCES
strengths, weaknesses, Strategies and Market - A competitor analysis, also called competitive
positioning. Here are some key aspects to analysis and competition analysis, is the process
consider in competitive analysis: of examining similar brands in your industry to
1. Market share and size – Analyzing the market gain insight into their offerings, branding, sales,
share competitors holds and overall size and and marketing approaches.
growth of the market
2. Product or Service Competitors – Comparison COMPETITIVE ADVANTAGE AND DIFFERENTIATION
of the features , quality , pricing and value ● Refers to the business world, but can also be
proposition of your competitors. applied to a country, organization, or even a
3. Market Positioning – Understanding how person who is competing for something. To build
competitors position themselves in the market a competitive advantage, a company can use
and how they differentiate their products or one of three main methods: Differentiation:
services. Provide offerings that are superior in quality,
4. Distribution Channels – Examining the service, or features.
distribution channels used by competitors to ● Competitive differentiation is a strategic
reach customers and deliver products or positioning tactic an organization can undertake
services. to set its products, services and brands apart
5. Market and Advertising Strategies – from those of its competitors.
Analyzing the marketing tactics , advertising
campaigns and branding strategies employed by Through Competitor Analysis and Differentiation,
competitors. you can pinpoint your unique value propositions to
outshine your competition. This perceptive
comprehension gives you an unparalleled
competitive advantage, amplifies your market share,
TECHNIQUES IN CONDUCTING COMPETITIVE and enhances your product positioning.
ANALYSIS
- Techniques in conducting competitive analysis
conducting a competitive analysis involves
various techniques to gather and analyze
information about competitors.
 STRATEGIC MARKETING MANAGEMENT Cross-selling is a sales technique used to
persuade customers to purchase related or non-
UP-SELLING AND CROSS-SELLING related products in addition to the item they are
buying.
CROSS- SELLING- involves promoting different
products from different categories at once. This COMPONENTS OF UP-SELLING AND CROSS-
encourages customers to make additional, SELLING
unplanned purchases. One example of cross-
selling is encouraging customers to buy biscuits UPSELLING:
with their tea or coffee.
UPSELLING- on the other hand, is about 1. PRODUCT KNOWLEDGE: Having a deep
encouraging customers to choose a higher-value understanding of your products or services
product than they had originally planned. An is crucial for upselling.
example of upselling is suggesting a higher-priced, 2. CUSTOMER NEEDS ANALYSIS: By
luxury type of coffee rather than the store brand. asking the right questions and actively
listening to your customers, you can
DEFINITIONS AND DISTINCTIONS BETWEEN uncover their specific needs and
UP-SELLING AND CROSS-SELLING preferences.
Definition: Upselling is the practice of encouraging 3. VALUE PROPOSITION: Clearly
customers to purchase a comparable higher-end communicating the value and benefits of the
product than the one in question, while cross- upsell is essential.
selling invites customers to buy related or
complementary items. Though often used CROSS-SELLING:
interchangeably, both offer distinct benefits and can
be effective in tandem. Upselling and cross-selling 1. PRODUCT COMPLEMENTARITY: Identify
are mutually beneficial when done properly, products or services that naturally
providing maximum value to customers and complement the customer’s original
increasing revenue without the recurring cost of purchase.
many marketing channels. 2. CUSTOMER SEGMENTATION:
Segmenting customers based on their
BENEFITS OF UP-SELLING AND CROSS- preferences, buying behavior, or
SELLING FOR BOTH CUSTOMERS AND demographics can help identify the most
BUSINESS relevant cross-selling opportunities for each
For Customers: group.
1. Enhanced Shopping Experience 3. PROMOTIONAL PLACEMENT: Displaying
2. Satisfaction and Value cross-sell suggestions in strategic locations,
3. Saves Time and Effort such as during the checkout process or on
For Businesses: product pages, can increase visibility and
1. Increase in Revenue encourage customers to consider additional
2. Improved Customer Retention purchases.
3. Better Understanding of Customer Needs
ASPECTS OF UP-SELLING AND CROSS- IMPORTANCE OF UP-SELLING AND CROSS-
SELLING SELLING
Up-selling is a way for businesses to make more
money from existing customers and encourage Upselling and cross-selling allow you to
them to purchase additional products or services enhance the value generated from existing
that they may not have been aware of. Upselling customers, helping you attract returns on your
can be an effective tool in increasing customer existing investment without delay.
loyalty and boosting overall revenue.
ADVANTAGES AND DISADVANTAGES OF UP- CROSS-SELLING:
SELLING AND CROSS-SELLING
1. Track customer purchasing behavior-
Advantages: Cross-selling techniques are more likely to
1. Increased Revenue convert customers because these
2. Customer Satisfaction recommendations are based on products
3. Better Understanding of Customer Needs that they already bought or showed an
interest in.
Disadvantages: 2. Divide existing customers into segments
1. Risk of Annoying Customers and map out relevant product
2. May Lead to Complex Sales Process recommendations-Customer segmentation
3. Potential for Negative Customer Perception enables you to identify groups with similar
buying patterns so that you can suggest
COMMON PROBLEM ENCOUNTERED IN UP- complementary items.
SELLING AND CROSS-SELLING 3. Use auto-triggered messages to pitch at
the perfect time- Automated follow-up
1. Lack of relevance- One of the biggest messages can act as a gentle nudge for
mistakes you can make when upselling or customers, encouraging them to keep
cross-selling is to offer something that is not engaging with your brand.
relevant to your client’s needs, goals, or
preferences.
2. Poor timing- Another common pitfall of
upselling and cross-selling is to choose the
wrong time to make your offer.
3. Lack of value- third common challenge of
upselling and cross-selling is to fail to
communicate the value and benefits of your
offer clearly and convincingly.

STRATEGIES AND TECHNIQUES IN UP-

SELLING AND CROSS-SELLING

UPSELLING:

1. Pitch a relevant upsell- You need to

understand the type of upselling your
customer would appreciate instead of just
pushing any old upgrade at them.
2. Provide consistent value- Most
businesses assume that their job is over
when they have closed a sale.
3. Price correctly, offer a discount- Add-ons
should typically be priced at less than 50%
of the core offering.
 MARKETING MIX STRATEGIES ● Helps learn when and how to promote your
product or service to your customers
MARKETING MIX - Marketing Mix is a set of marketing
tools or tactics, used to promote a product or services in EXTENDED MARKETING MIX
the market and sell it. It is about positioning a product ● Physical Evidence -refers to the environment
and deciding it to sell in the right place, at the right price within which an organization interacts with a
and right time. The product will then be sold, according customer,
to marketing and promotional strategy. The components ● Promotion -refers to how you promote your
of the marketing mix consist of 4Ps Product, Price, products and services.
Place, and Promotion. In the business sector, the ● Price- Setting the price relates directly to the
marketing managers plan a marketing strategy taking first and second pillars. It's important to select a
into consideration all the 4Ps. price that reflects the quality of the product.
● Product -refers to the product or service that
ASPECTS OF MARKETING MIX you are selling. Compare your offering to similar
● Product: refers to the tangible goods or products and services in the market.
intangible services offered by the company to ● Process-the sixth pillar, helps marketers identify
meet the needs and wants of customers. It the customers' expectations and develop
includes product features, design, quality, strategies for how to meet those expectations.
branding, packaging, and variety. ● People- refers to your internal teams and any
● Price: refers to the amount of money that agencies that you may use, who are responsible
customers are willing to pay for the product or for sales, marketing, and providing your product
service. Pricing strategies involve decisions or service.
about setting the right price to maximize ● Place- refers to where and how you sell
profitability while remaining competitive in the products.
market.
● Place: Place refers to the distribution channels
used to make the product or service available to PRODUCT STRATEGY AND DEVELOPMENT
customers. This aspect of the marketing mix
involves decisions about distribution channels ● The product development strategy is one of the
(e.g., direct sales, retailers, online), logistics, parts of the corporate strategy and its focus on
inventory management, and channel the development of the new product. It outlines
management strategies. goals and funding for the new product. However,
● Promotion: is to communicate to consumers the objective of the product development
that they need this product and that it is priced strategy is to offer the new product in the best
appropriately. Promotion encompasses possible way in order to achieve a competitive
advertising, public relations, and the overall edge in terms of profit, revenue, or sales growth.
media strategy for introducing a product.

IMPORTANCE OF MARKETING MIX

There are several benefits of the marketing mix that

makes it important to businesses;
● Helps understand what your product or service
can offer to your customers
● Helps plan a successful product offering
● Helps with planning, developing and executing
effective marketing strategies
● Helps businesses make use of their strengths
and avoid unnecessary costs
● Helps be proactive in the face of risks
● Help determine whether your product or service
is suitable for your customers
● Helps identify and understand the requirements
of customers
PRICING STRATEGIES AND TACTICS consumer can recall a company, the brand may
have good brand awareness and strong
● Cost-plus pricing: Setting prices by adding a promotional strategies combined with reliable
markup to the cost of production. products or services.
● Competitive pricing: Pricing products or
services in line with competitors to stay DISTRIBUTION CHANNEL MANAGEMENT
competitive in the market.
● Value-based pricing: Setting prices based on ● Distribution channel management is the process
the perceived value to the customer rather than of managing transfer of products from producer
just the cost of production. to end customer. Distribution channel is the
● Penetration pricing: Setting low initial prices to medium or channel which companies use to
penetrate the market quickly and gain market carry products. It is a critical element in business
share. as this process is used to distribute products to
● Price skimming: Setting high prices initially and retailers & customers across various locations.
then gradually lowering them as the product ● A distribution channel is the network of
becomes less novel or competition increases. businesses or intermediaries through which a
● Bundle pricing: Offering discounts for good or service passes until it reaches the final
purchasing multiple products or services buyer or the end consumer. Distribution
together. channels can include wholesalers, retailers,
● Psychological pricing: Setting prices that distributors, and even the internet.
appeal to customers' emotions or perceptions
● Dynamic pricing: Adjusting prices in real-time INTEGRATED MARKETING COMMUNICATIONS
based on demand, competitor pricing, or other
factors. ● Integrated Marketing Communication or
● Promotional pricing: Offering temporary IMC is a marketing strategy that aligns and
discounts or special offers to stimulate sales. interconnects the various platforms and
● Geographical pricing: Adjusting prices based communication channels to create a
on location or market conditions.
singular branding message. Through the
use of an IMC approach towards marketing,
DISTRIBUTION STRATEGY a brand can achieve a variety of competitive
advantages.
● Distribution strategy is the method used to
bring products, goods and services to customers
or end-users. You often gain repeat customers
by ensuring an easy and effective way to get
your goods and services to people, depending
on the item and its distribution needs.

● A distribution strategy refers to the methods

and channels a company uses to deliver its
products or services from the point of production
to the end consumer. The overarching goal is to
move inventory as efficiently as possible while
delivering the best possible customer
experience.

PROMOTIONAL STRATEGY

● A promotional strategy is a tool marketers use

to raise brand awareness and increase sales for
a business. Brand awareness is a consumer's
ability to recall a brand when they're thinking
about purchasing to solve their challenges. If a