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Major problems:
Lack
of Product differentiation.
Fail in effective marketing.
Lack of unity among
departments.
Inefficient costing plans.
Non- conscious with Brand
Equity.
Bases of Differentiation:
Competitive advantage:
A product differentiation strategy
must meet the VRIO criteria
Is it Valuable?
Is it Rare?
Is it costly to Imitate?
Is the firm Organized to exploit
it?
Promotion:
Promotion is one of the key elements of
the marketing mix.
Promotional strategies can be developed
by
SegmentationDividing the marketing into
distinct groups
TargetingDeciding which of these groups
to communicate with, and how to talk to
them
PositioningHow the product or brand
should be perceived by the target groups
MessagingDelivering a specific message
in order to influence the target groups
SEGMENTATION:
Dividing potential customers into discrete groups is
vital if you want to increase the success rate of any
communications message.
Who are the potential customers?
How many sub-groups should you divide them into?
How do these groups differ?
What are their media consumption habits?
What are their expectations and aspirations?
What are their priorities?
How much disposable income do they have?
What are their buying habits?
Are they likely to have children?
How many holidays do they take a year?
How much money do they give to charity?
How can you help them?
TARGETING:
For
POSITIONING:
Positioning
ADVERTISING:
Once you have determined the positioning for
your brand, it's time to develop the
message in order to influence your target
groups. Advertising objectives should be
directly linked to your marketing plan, and
tend to fit into the following generic
categories:
Inform - raising awareness of your brand &
products, establishing a competitive
advantage
Persuade - generating an instant response
(usually driving sales)
Remind - to maintain interest and
enthusiasm for a product or service
SALES PROMOTION:
Consists
The 10 Commandments of
Creative Sales Promotion
Set specific objectives
2. Know how basic promotion techniques work
3. Use simple, attention-getting copy
4. Use contemporary, easy-to-track graphics
5. Clearly communicate the concept
6. Reinforce the brands advertising message.
7. Support the brands positioning and image.
8. Coordinate promotional efforts with other
marketing plans.
9. Know the media you work with.
10. Involve the trade.
1.
Repositioning
Strategies:
Repositioning
is the process of
creating a new or modified brand,
company, or product position.
A company may enhance or modify
a position, based on market
feedback.
Yahoo! repositioned from online guide to
Web portal.
Amazon repositioned from worlds largest
bookstore to Earths biggest selection.
Facebook now hosts many business page
profiles and third-party applications.
CONCLUSION:
It's