7 strategic marketing

STRATEGIC MARKETING

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What is…..???

• Strategy:

“strategy is a plan of action designed to achieve a vision”

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Key Parameters

• Direction• Market scope• Competitive advantage• Resources• Environment• stakeholders

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Strategy & Levels of Business

• Corporate strategy• Business Unit strategy• Operational strategy

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Strategic Analysis

• PEST analysis• Scenario planning• Five forces analysis• Market segmentation• Competitor analysis• SWOT analysis

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The Need

• Difficult to define market boundaries• Customers demanding “superior value”• Customers becoming more aware• External influences• Innovation

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Market-driven Strategy

http://www.griffinstrategicmarketing.com/griffin-strategic-marketing/what-is-strategic-marketing

http://www.griffinstrategicmarketing.com/griffin-strategic-marketing/what-is-strategic-marketing

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FOCUS

• Market• Customers that form the market

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Characteristics

• Becoming market oriented• Determining distinctive capabilities• Matching customer value requirements with

capabilities• Achieving superior performance

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What is market oriented?

• Continuous creation of superior customer value

• Use of superior organizational skills in understanding & satisfying customers

• Ethical behavior within the organization & with other stakeholders

• Support & involvement of entire work force• Continuous monitoring

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Market oriented…..

Continuous Monitoring:

• Changing customer needs & wants• Impact of changes on customer satisfaction• Increased rate of product innovation• Build competitive advantage

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Distinctive Capabilities

“the essence of strategy is in the activities--- choosing to perform activities differently or to perform different activities than rivals”

---By Michael Porter

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Challenges…..

• Globalization• Technology diversity & uncertainty• Ethical behavior & social responsiveness

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ICICI Prudential

Exploring Retirement Solutions-The hidden Goldmine

http://www.iciciprulife.com/public/default.htm

Market Scenario

• 11% of working Indians were covered for post retirement

• Increase of life expectancy• Rising medical costs• Inflation• Low awareness• Attitude as barrier

The Opportunity

• Sizable working population without retirement cover

• 30 to 40 years age group a big market• Retirement solutions not focused by LIC• Very less contribution of pension products in

portfolio

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The Challenge…..

• Re position the concept of retirement planning

• Convince the consumers to invest early

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Approach


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Objective…..

• Creating a new market• Fix sales target-INR 400 million• Share in total pensions market- 10 %• Contribution of pension to portfolio- 20 %

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Target Audience

• Chief wage earner• Retirement planning has low importance

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Creative Strategy

“Retire from work & not from life”

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Communication Programs

• Retirement solutions seminars• Direct marketing campaign• Retirement planner• Retirement calculator

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Multi-Media Strategy

Objective: Customer interaction through various touch points using 24 hrs cycle

• TV• Radio• Print• Outdoor• Internet• Direct Marketing• PR

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RESULTS

• 35000 calls • 3000 e-mails• High response rates from mailers

Change of Attitude:The average age of a person investing in ICICI

Pru dropped to 38.5 yrs

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RESULTS

• Sales achieved worth INR 740 million• 23% share in pensions market

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7 strategic marketing

Marketing

Transcript of 7 strategic marketing