Marketing Strategies: Planning, Cost, Social, and Growth
Marketing Planning
Marketing planning is the process of defining a company’s marketing goals and creating a detailed plan for achieving them. This typically involves conducting market research, analyzing customer behavior, identifying target markets, and determining the best methods for reaching those markets. The marketing plan typically includes strategies for product development, pricing, promotion, distribution, and customer service. A well-designed marketing plan can help a company achieve its goals, increase sales and profits, and build strong relationships with customers.
Cost-Competitive Marketing Strategy
A cost-competitive marketing strategy involves positioning a company’s products or services as offering the best value for the price, compared to its competitors. The aim is to attract customers by offering a lower price or a better quality/price ratio than the competition. The cost-competitive strategy is often used by companies that have limited resources or are just starting out and are looking to establish themselves in the market.
Advantages of a Cost-Competitive Strategy
- Increased market share
- Attraction of price-sensitive customers
- Increased profitability
Disadvantages of a Cost-Competitive Strategy
- Limited differentiation
- Quality concerns
- Negative impact on customer loyalty
Social Marketing
Social marketing refers to the use of marketing techniques and principles to influence and change the behavior of individuals or communities for the greater social good. It is a type of marketing that seeks to improve the well-being of society by promoting behaviors that address social issues such as health, environmental sustainability, and community development. Social marketing campaigns aim to educate and persuade people to adopt healthier habits, change attitudes and beliefs, and engage in behaviors that benefit society as a whole.
Key Components of Social Marketing
- Research and analysis
- Message development
- Segmentation and targeting
- Evaluation and monitoring
External Marketing Audit
An external marketing audit is an analysis of a company’s marketing activities and the external environment in which it operates. The purpose of the audit is to identify areas for improvement and to develop a marketing plan that maximizes the company’s competitive advantage.
Checklist for Conducting an External Marketing Audit:
- Market analysis
- Competitor analysis
- Industry analysis
- Customer analysis
Growth Objectives in Marketing
Growth objectives in marketing refer to the strategies and goals that a company sets to increase its market share, revenue, and customer base.
Two Main Growth Objectives in Marketing:
- Market Penetration: The objective of market penetration is to increase the market share of existing products in existing markets.
- Product Development: The objective of product development is to introduce new products or services into existing markets. This can help companies to maintain their growth and increase their market share.
Consumer Value Marketing
Consumer value marketing is a marketing strategy that focuses on creating and delivering products and services that offer high value to customers. The goal of consumer value marketing is to create a strong and positive relationship with customers, which can lead to increased customer loyalty and repeat business. By delivering high value to customers, companies can differentiate themselves from their competitors and establish a competitive advantage in the market.
Types of Consumer Value
- Emotional Value: The customer perception, for instance, feeling safe in Volvos.
- Relational Value: The service that is related to the product. Relation within the customer and the company.