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Dionte Williams Marketing Plan

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Dionte Williams Marketing Plan

  1. 1. Marketing Strategy Dionte Williams
  2. 2. What is a Marketing Strategy? • A Marketing Strategy identifies a firms target market(s), a related marketing mix (the 4 Ps), and the bases on which the firm plans to build a sustainable competitive advantage L02-1
  3. 3. What are some examples? ◦ (1) Bounty using life sized spills to promote their strong paper towel brand. ◦ (2) Loyalty Programs like the way Starbucks that offers promotions on the value of your loyalty to the company [1] [2]
  4. 4. 4 Key Macros • Customer Excellence: Focuses on retaining loyal customers and excellent customer service. • OperationalExcellence: Achieved through efficient operations and excellent supply chain and humanresources management • Product Excellence: Having products with high perceived value and effective branding and positioning • Locational Excellence: Having a good physical location and Internet presence.
  5. 5. Customer Excellence Customer excellenceis achieved when a firm develops value-based strategiesfor retaining loyalcustomersand providesoutstanding customer service. A companywould need a great product that’shigh quality, consumer and sometimesenvironmentallyfriendly, and incentive programsthat offer one to keep buying from the samecompany regardlessof competition
  6. 6. Operational Excellence This is the second way to achieve a sustainable competitive advantage through efficient operations, excellent supply chain management, and a strong relationship with suppliers. ◦ Sustainable competitive advantage: advantage over the competition that is not so easily copied and can be maintained over a period of time. [3]
  7. 7. Product Excellence The third way to achieve sustainable advantage occurs by providing products with high perceived value and effective branding and positioning. Many firms have difficulty developing a competitive advantage through their merchandise and service offerings, especially if competitors can deliver a similar products or services easily.
  8. 8. Locational Excellence Particularly important for retailers and service products. The three most important thing to retailing is location, location, location. Picture 4 shown to the left shows all the Starbucks coffee locations in New York, New York. Location Location. Notice how they dominate the lower Manhattan area. That many locations causes the market to focus on Starbucks while the rest of the coffee shops get lost behind all the Starbucks stores on every corner. [4]
  9. 9. The Marketing Plan ◦ PlanningPhase is step 1 in which marketing executives in conjunctionwith other top managers define the missionand or vision for the business. ◦ Implantation Phase the second step marketing managers identify and evaluate different opportunities by engaging in a process known as segmentation,targeting, and positioning. ◦ Step 3 they are responsiblefor implementing the marketing mix using the 4 Ps. ◦ Control Phase this phase entails evaluating the performance of the marketing strategy using marketing metrics and taking any necessary corrective actions. ◦ Lastly step 5 is to evaluate the entire process.
  10. 10. STEP 1: DEFINE THE BUSINESS MISSION Create a Mission Statement which is a broad description of a firms objectives. At IKEA our vision is to create a better everyday life for the many people. Our business idea supports this vision by offering a wide range of well-designed,functional home furnishing products at prices so low that as many people as possiblewill be able to afford them. [5]
  11. 11. Step 2: Conduct Situational Analysis ◦ After developing a missiona firm would use SWOT analysis that asses both the internal environment with regards to its Strengths,Weakness, Opportunities, and Threats. [6]
  12. 12. Step 3: Identify and Evaluate Opportunities Segmentation: divides the marketplace by the firm into subgroups Targeting: determines which of those segments it should pursue Positioning: decides how the product should be positioned to best meet the needs of those chosen targets
  13. 13. Step 4: Implement Marketing Mix ◦ When the firm has identified and evaluated different growth opportunities by performing STP analysis. Marketers implement the actual marketing-mix product, price, place, and promotionfor each product and service on the basis of what they believe their target market value will be.
  14. 14. Step 5: Evaluate Performance ◦ The final step is to evaluate the results of the strategy and implantationprogram using marketing metrics. ◦ A metric is a measuring system that qualifies a trend, dynamic, or characteristic. ◦ The final step is for understanding the causes of the performance regardless of whether that performanceexceeded met or fell below established goals enables firms to make appropriate adjustments.
  15. 15. Resources ▪ [1] photo https://influencermarketinghub.com/marketing-strategy- examples/ ▪ [2] photo https://influencermarketinghub.com/marketing-strategy- examples/ ▪ [3] photo https://www.smartsheet.com/content/operational- excellence ▪ [4] photo https://www.starbucks.com/store-locator?map=40.718845,- 74.008049,13z ▪ Ikea missionstatement https://bit.ly/30zmVbB ▪ [5] photo https://www.retaildetail.eu/en/news/furniture/ikea-sells- external-platform-first-time ▪ [6] photo https://www.wordstream.com/blog/ws/2017/12/20/swot- analysis ▪ Textbookpages: 29, 30, 31, 32, 33, 40, 41, 42, 43, 44, 45

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