Marketing Strategy Steps

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EDI
International Training Programme on Women Empowerment
through Entrepreneurship Development
Marketing:
Concept, Need, Tools & Techniques
By
Padmin Buch
March 10,2015
For academic discussions only.
Details, data & assumptions are indicative

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Market Analysis and Marketing
Market Study :
Define the nature of the product and
identify who may be willing and able to
buy it.
Marketing :
How to approach the Market
Plan, Strategy and mechanism

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Marketing : Tools & TechniquesMarketing : Tools & Techniques
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Marketing Strategy
A plan for achieving
Market share &
Penetration

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Why Marketing Strategy
 Mere awareness ( by potential
customers) about the product /
service is not sufficient
 Necessary to convince them of its
utility
 Also to facilitate to acquire it
 This is marketing
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Marketing Strategy
MS-a plan for
approaching & securing
the target market
In the face of competition

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Develop Marketing Strategy
 Analysis of collected information
pertaining to
Customer needs
Competitors
Market environment
 Leads to a set of Market related
decisions

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Current marketing situationCurrent marketing situation
 Market situation
 Competitive situation
 Distribution situation
 Macro environment

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Market Strategy : Basis required
 Demand-Supply Gap
 Consumer needs
 Competitors’ strategy
 External environment
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Strategy :
Understand Global Trade Environment ( GTE)
 An international marketer is required to
understand, evaluate and work out various
parameters before venturing in to any
country.
 These parameters are called environmental
factors.
 They determine the Strategic components :
direction &
purpose

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GTE (Contd..)
Major Environmental factors
 Political
 Economic
 Socio-cultural
 Competitive
 Financial
 Legal
 Technological
 Infrastructural
 Labour related
Are these Risk Factors ? ? ?

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GTEGTE (Contd.)(Contd.)
 Environment-factors vary from
country to country
 Even region specific variation
 Also from product to product
 Focused analysis of dynamics of
these factors crucial
 To formulate business strategies
 Lack of such analysis have affected
even large and resourceful MNCs

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Economy FactorsEconomy Factors

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Economic Factor
 Home Country Economy : Policies and
regulations
 Host Country Economy : Size of market,
Indutrialisation , Banking , FE mechanism,
Purchasing power, Economic diversity
 Global level Economy : Global trade
bodies & Schemes

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Global Trade Finance :Global Trade Finance :
International OrganisationsInternational Organisations
 Set up to maintain orderly
international financial conditions
 To Provide Capital
 To provide guidance & direction
 Particularly for economic
development in developing
countries

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Political EnvironmentPolitical Environment

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Political EnvironmentPolitical Environment
More applicable in
politically unstable
countries
Home country
Host country
Mix of Economic, Legal &
Socio-cultural elements

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TechnologyTechnology

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TechnologyTechnology
 Technology : Computerization, R & D,
Automisation, etc.
 The need of the business / project for
technology inputs
 Prevailing level of technology as a
whole in Home & Host countries
 Receptivity and Comfort zone in the
Host country

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Legal Environment

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GTE : Legal FrameworkGTE : Legal Framework
 Developed Countries: System approach
 Developing countries: Linked with
political status
 Least Developed : Non-existent
 Home Country & Host Country
 International Trade Loans
 Global Trade organizations

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Competitive Environment

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GTE : Competitive EnvironmentGTE : Competitive Environment
 From home as well as host country
 Level & Nature of Competition
 Linked with economic & socio-
cultural status of host country
 Technological factors
 Global Trade :Competition an integral
component
 Market-research required

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Socio-Economic Environment

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Socio-Cultural FactorsSocio-Cultural Factors
 Demography
 Values & Beliefs
 Languages
 Religion
 Sensitivity to
issues
 National
tastes/preference
 Female workforce
 Buyer behavior
 Mixed population
 Holidays

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Environmental Factors Influencing Global TradeEnvironmental Factors Influencing Global Trade
Entity Environment Activation End Result
International
Firm
Economic
Political
Socio-cultural
Legal
Technological
Competitive
Manufacturing
Investment
Trading
Marketing
International
Destinations

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Market identification, Segmentation &Market identification, Segmentation &
Demand assessmentDemand assessment
 Understand own product
 Identify & locate Direct / indirect
customers
 Segments
User segments
Geographical segments
Economic segments
Age / Gender specific segments
 Consumption : quantum, pattern,
 Exports : existing & potential

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Market & MarketingMarket & Marketing
Four ‘P’s of Marketing
Product
Price
Promotion
Place

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Develop Market Strategy :
Market related decisions
 Product features
Packaging
Product mix
 Pricing
 Promotion
Branding
 Distribution channels
 Servicing

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 Classification
 Features
 Product Mix
 Brand Policy
 Packaging
 Substitute / Alternate
products
Product /ServiceProduct /Service
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Pricing : ApproachesPricing : Approaches
 Cost-based
 Buyer based
 Competitor based
 Channel price build
up
 Statutory or
Regulatory
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Pricing : StrategiesPricing : Strategies
 Rapid skimming
 Rapid penetration
 Slow penetration
 Psychological
 Discriminatory
 Loss leader
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PromotionPromotion
 Trade shows / Expositions
 Media advertisement
 Free / No-Risk Trials
 Lobbying
 Warranty service
 Technical services
 Public relations
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DistributionDistribution
Nature of the Product
Consumer segments
Cost
Servicing channel members
Home base
Regulatory aspects
Competitors’ practices
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MARKET PLANNINGMARKET PLANNING
GUIDEGUIDE

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Major Questions ForMajor Questions For
Market Planning GuideMarket Planning Guide
Marketing Overview:
 What business are you in ?
 What are your marketing goals for
next year ? Your sales and profit
goals?
 What might keep you from achieving
these goals ?
 What is your marketing budget ?

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MAJOR QUESTIONS FOR MARKETMAJOR QUESTIONS FOR MARKET
PLANNING GUIDEPLANNING GUIDE
Products and Services:
 What are the benefits of your products/services?
 What is special about your products/services?
Customers and Prospects:
 Who are you current customers ?
 What are their buying habits ?
 Why do your customers buy your goods/ services ?
 What is your market share ?
 Is your market share growing, shrinking or stable?

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Major QuestionsMajor Questions
For Market Planning GuideFor Market Planning Guide
Competitive Analysis:
 Who are your competitors ?
 What do your competitors do better than you ?
 What do you do better than your competitors ?
 What is your competitive position ?
Price, Location and Sales Practice:
 How do you establish prices ?
 How does your location affect you ?
 What are your sales practices ?

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Strengths and Weaknesses:
 What is your business strong at ?
 What is your business weak at ?
Advertising and Promotion:
 What is your advertising and promotion
budget ?
 What are your advertising and promotion
objectives ?
 How do you promote your business ?

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Strategic Marketing:
What marketing problems have
you discovered so far ?
How do you plan to solve these
problems ?
How do you plan to achieve these
goals ?

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In Conclusion . . .In Conclusion . . .
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Integrated Approach
Market, Production & Plant Capacity
 Market analysis
 Demand estimate
 Estimation of Market share
 Market Strategy to achieve this share
 Market Programme to execute
 Provides estimates on Quantum , Timing
& Financial aspects
 Production programme
 Plant capacity & Inventory decisions

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THANK YOU !THANK YOU !
. . .. . . Padmin BuchPadmin Buch
______________________________________________________________________________________________________________
For academic discussions only.For academic discussions only.
Details, data & assumptions are indicativeDetails, data & assumptions are indicative

Marketing Strategy Steps

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