Marketing strategy
A company's marketing strategy describes how it will place itself and the products it sells or the services it provides in the competitive marketplace. The strategy includes a discussion of target markets, product and pricing policies, and suggested marketing and promotional activities. Marketing strategies may differ depending on the situation of the individual business. However there are a number of ways of categorizing some strategies. The most common type represents a strategy based on market dominance where firms are classified based on their market share or dominance of an industry. Typically there are four types of market dominance strategies:
- Leader [to lead the market]
- Challenger [to compete with other businesses]
- Follower [to copy the style of other businesses]
- Nicher [to aim products at particular groups]
Marketing plan
The company's marketing plan is the written document which details the marketing methods selected [advertising, price promotions, etc.] and specific marketing actions or marketing activities. It also examines the resources needed [both financial and human] to achieve specified marketing objectives, such as an increase in sales or a successful product launch, over a given period of time. When compared with marketing strategy, marketing plan includes a list of actions to be taken.
Developing the marketing plan
Marketers develop a marketing plan using the stages known as AOSTC [Analysis, Objectives, Strategies, Tactics and Control]. All these features must be included in your marketing plan to achieve your objective, which is in most cases the increase in sales.
Analysis
Current market situation
Information on the competitors and the marketplace.
Competitor analysis
The competition in the marketplace. You will also need to include information on their prositioning - how they control the way the customers see the products or services or in other words how they market their products.
Product / service analysis
What makes your product different form others on the market.
Target market
Your customer groups or segments - for example teenagers or business people.
Objectives
Marketing goals
What you want to achieve, in terms of image and sales.
SMART objectives
Specific - be precise about what you are going to achieve
Measurable - quantify your objectives
Achievable - don't you want too much ?
Realistic - do you have the resources to make the objective happen ? [manpower, money, machines, materials]
Timed - when will you achive the objective ? [within a month ? by February 2012 ?]
Strategies
The approach to meeting the objectives
Which market segment ?
How will we aim the segment ?
How should we place within the segment ?
Tactics
Or 4 Ps [last week's article]
Product
Price
Place
Promotion
Control
How the success of the marketing plan will be measured. How each marketing activity will be assessed.
Spracované podľa: Farral, C. & Lindsley, M. Professional English in Use. Marketing. CUP. 2008. ISBN 978-0-521-70269-0
Exercise 1. Make word combinations with the words market and marketing using the words from the box. The match word combinations with the definitions below.
plan, situation, share, goals, activity, segment, strategy, dominance, place, methods
Marketing:
| 1 |
| 2 |
| 3 |
| 4 |
| 5 |
Market:
| 1 |
| 2 |
| 3 |
| 4 |
| 5 |
KEY: MARKETING: strategy, plan, methods, goals, activity; MARKET: dominance, share, situation, place, segment
Exercise 2. Now match word combinations with their definitions from the previous exercise
A. the techniques you can use to communicate with your consumers: _________________
B. the amount of sales of a particular type of product that a company has, compared with the total sales: __________________
C. the activity of competing with other companies to buy and sell goods, services, etc: _______________
D. any kinds of campaign that attract consumers to buy your product: ________________
E. a process that can helps an organization to concentrate its limited resources on the greatest opportunities to increase sales: ________________
F. all the circumstances and things that are happening in a market: ______________
G. a measure of the strength of a brand, product, service: ______________
H. a written document that details the necessary actions to achieve one or more marketing objectives: __________________
I. a group of possible customers who are similar in income, age, habits, etc: ______________
J. your main marketing objectives: _________________
KEY: A - marketing methods B - market share C - marektplace D - marketing activity E - marketing strategy F - marke situation G - market dominance H - marketing plan I - market segment J - marketing goals
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