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    MKTNG Unit 8

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    Anusha Unnikrishnan
    The document discusses marketing strategies and competitive differentiation. It begins by defining a marketing strategy as a long-term guide for directing specific marketing tactics to reach prospective consumers and convert them into customers. It then discusses the importance of marketing strategies for gaining a competitive edge, developing profitable products and services, catering to customer needs, and helping organizations meet objectives. The document also outlines steps to create a marketing strategy and methods for achieving competitive differentiation through product, service, distribution, relationship, image, and price factors.

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    MKTNG Unit 8

    Uploaded by

    Anusha Unnikrishnan
    29 views15 pages
    The document discusses marketing strategies and competitive differentiation. It begins by defining a marketing strategy as a long-term guide for directing specific marketing tactics to reach prospective consumers and convert them into customers. It then discusses the importance of marketing strategies for gaining a competitive edge, developing profitable products and services, catering to customer needs, and helping organizations meet objectives. The document also outlines steps to create a marketing strategy and methods for achieving competitive differentiation through product, service, distribution, relationship, image, and price factors.

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    MKTNG UNIT 8

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    The document discusses marketing strategies and competitive differentiation. It begins by defining a marketing strategy as a long-term guide for directing specific marketing tactics to reach prospective consumers and convert them into customers. It then discusses the importance of marketing strategies for gaining a competitive edge, developing profitable products and services, catering to customer needs, and helping organizations meet objectives. The document also outlines steps to create a marketing strategy and methods for achieving competitive differentiation through product, service, distribution, relationship, image, and price factors.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    29 views15 pages

    MKTNG Unit 8

    Uploaded by

    Anusha Unnikrishnan
    The document discusses marketing strategies and competitive differentiation. It begins by defining a marketing strategy as a long-term guide for directing specific marketing tactics to reach prospective consumers and convert them into customers. It then discusses the importance of marketing strategies for gaining a competitive edge, developing profitable products and services, catering to customer needs, and helping organizations meet objectives. The document also outlines steps to create a marketing strategy and methods for achieving competitive differentiation through product, service, distribution, relationship, image, and price factors.

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    UNIT VIII

     
    DEVELOPING MARKETING STRATEGIES
    • A marketing strategy refers to a business's
    overall game plan for reaching prospective
    consumers and turning them into buyers of
    their products or services.]
    • It is a long-term guide for directing specific
    marketing tactics
    • Helps in product positioning and product
    differentiation
    Difference between Marketing strategy and
    Marketing Plan
    Importance of Marketing Strategy

    • Marketing strategy provides an organization competitive edge over it’s competitors.


    • Strategy helps in developing goods and services with best profit making potential.
    • Marketing strategy helps in creating an organizational plan to cater to the customer
    needs.
    • It helps in fixing the right price for organization’s goods and services based on
    information collected by market research.
    • Strategy ensures effective departmental co-ordination.
    • It helps an organization to make optimum utilization of its resources so as to provide
    a sales message to it’s target market.
    • A marketing strategy helps to fix the advertising budget in advance, and it also
    develops a method which determines the scope of the plan, i.e., it determines the
    revenue generated by the advertising plan.
    • In short, a marketing strategy clearly helps an organization reaches it’s
    predetermined objectives.
    How to create a marketing strategy (steps in developing marketing strategies)

    • 1. Define your business and marketing goals.


    • 2. Conduct market research. 
    • 3. Create a customer profile. 
    • 4. Synthesize and strategize. 

    Refer word document


    COMPETITIVE DIFFERENTIATION
    • Is a positioning tactic to strategically make the
    products/brands and services of the company
    set apart from its competitors
    • Staying unique in the market
    • The goal of competitive differentiation is to
    have the customer perceive an organization's
    offering as being superior when compared to
    other similar offerings/competitors products.
    TOOLS/METHODS OF COMPETITIVE DIFFERENTIATION

    1. Product Differentiation
    2. Service Differentiation
    3. Distribution Differentiation
    4. Relationship Differentiation
    5. Image/Reputation Differentiation
    6. Price Differentiation
    PRODUCT DIFFERENTIATION
    SERVICE DIFFERENTIATION
    • The easiness to get/order the product
    • Product Delivery time
    • Installation of the product
    • Customer training on how to use the product
    • Repair/after sales service
    DISTRIBUTION DIFFERNTIATION
    • Distribution channels
    • How easily can the consumers get your
    product before your competitor products
    • Speedy and reliable
    RELATIONSHIP DIFFERNTIATION
    • company personnel and customers
    • The employees are responsible for executing
    day-to-day client- facing communication, they
    are the linkage between the product and
    customer. (sales men/receptionist)
    • If that linkage breaks down, the business is
    destroyed.
    IMAGE DIFFERENTIATION
    • be recognized by the target audience
    • high levels of service, superior product quality,
    or performance.
    • Communication, advertising, and all types of
    media — written, digital, and audio, as well as
    the atmosphere of the physical place where
    customers encounter the business.
    PRICE DIFFERENTIATION

    • Customers would be willing to pay for your


    product.
    • Segmentation and differentiation allows a
    business to come close to maximizing the
    potential revenue by offering each segment a
    differentiated product at a different price.
    Factors To Consider For Differentiation

    Differentiation must result in the product being :

    1. Valuable: the perceived benefit/value exceeds the cost


    2. Important: delivers a benefit critical to success
    3. Distinctive: unique or offered in a distinctive way
    4. Superior: better technology
    5. Emotional: relates to a core emotion — love, desire
    6. Communicates: understood and visible
    7. Preemptive: cannot be easily copied
    8. Affordable: customers can pay the higher price
    9. Profitable: contribution/revenue exceeds cost
    END OF UNIT 8

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