Post on 25-Dec-2015
Marketing Concepts
1. Mission Statement
2. Overall Company Objectives
3. Competitive Strategies
4. Marketing Objectives
5. Marketing Strategies
6. Marketing Programs
Mission Statement
The first stage in strategic marketing A mission statement is a brief description of
the company, no more than a few lines that describes where the company is and where it wants to go.
Targets clients/markets Principal products/services
– Adapted from Reference Guide for Kansas Food Processors, Kansas State University and Kansas Dept of Commerce and Housing, July 1998.
Overall Company Objectives
Specific goals to be achieved that move toward the mission statement.
Normally businesses create one and three year objectives
Types of objectives:– Profitability– Volume– Stability– Nonfinancial
Competitive Strategies
A competitive strategy is developed so a practice can create advantages over the competition
Types of competitive strategies:– Overall Cost Leadership– Differentiation– Niche Marketing
Marketing Objectives
Marketing Objectives are designed to help a company attain overall objectives
Five basic marketing objectives are:– 1. To achieve a viable level of sales or market
share– 2. Increase market share– 3. Maintain market share– 4. Maximize cash flow– 5. Sustain profitability
Marketing Strategies
A marketing strategy outlines exactly how marketing objectives will be achieved.
– Increase rate of purchase by: Broadening usage occasions for the product Increasing level of consumption
– Retain current clients by: Maintain satisfaction Meeting what the “competition” offers
– Acquire new clients : By line extensions Bundling Head-to-head market dominance
Marketing Programs
Marketing Programs are the detailed approaches to the four P’s– Products– Placement– Promotion– Pricing
Product
Your services as well as physical products Brand Management What are the core competencies of your
practice? Packaging/Appearance Quality Scope of product line Client Experience
Price
Competitive Pricing Incentives (discounts, coupons, etc) Net profit – make sure you are not operating
at a loss Financing options/Payment terms Bundling
Placement
Location, Location, Location– Who are the other competitors in the
area?– Is this a location close to or in your
target market geographically, demographically?
Promotion
How do you reach your target market? – Social Media Marketing
Facebook, Myspace
– SEO (Search Engine Optimization) Never depend on one method Marketing ROI Promotional Programs Community Service
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