DEFINITION Mar keting str ate g y is a process that can allow an or ganization to concentr ate its limited resour

ces on the g reatest oppor tunities to increase sales and achieve a sustainable competitive advanta ge

Cont.

Marketing strategy should be centered around the key concept that customer satisfaction is the main goal.

BMMS 5103 MARKET DRIVEN STRATEGY

Chapter 1

Introduction

THE STUDY OF STRATEGIC MARKETING

STRATEGIC MARKETING IS A MARKET DRIVEN PROCESS OF STRATEGY DEVELOPMENT, TAKING INTO ACCOUNT A CONSTANTLY CHANGING BUSINESS ENVIRONMENT AND THE NEED TO DELIVER SUPERIOR CUSTOMER VALUE

Market Driven Strategy

Market driven strategy is a method of focusing an organization's energies and resources on a course of action which can lead to increased sales and dominance of a targeted market niche

Cont
A marketing strategy combines product development, promotion, distribution, pricing, relationship management and other elements; identifies the firm's marketing goals, and explains how they will be achieved, ideally within a stated timeframe.

Cont.
Marketing strategy determines the choice of target market segments, positioning, marketing mix, and allocation of resources. It is most effective when it is an integral component of overall firm strategy, defining how the organization will successfully engage customers, prospects, and competitors in the market arena.

Cont
It is most effective when it is an integral component of overall firm strategy, defining how the organization will successfully engage customers, prospects, and competitors in the market arena.

Cont
Corporate strategies, corporate missions, and corporate goals. As the customer constitutes the source of a company's revenue, marketing strategy is closely linked with sales.

Cont..
.. A key component of marketing strategy is often to keep marketing in line with a company's overarching mission statement

MARKET ORIENTATION AS A PHILOSOPHY

A BUSINESS IS A MARKETORIENTED WHEN ITS CULTURE IS SYSTEMATICALLY AND ENTIRELY COMMITTED TO THE CONTINUOUS CREATION OF SUPERIOR CUSTOMER VALUE.

3 DIMENSIONS OF MARKET ORIENTATION

1. MARKET ORIENTATION IS VIEWED IN TERMS OF CURRENT AND FUTURE NEEDS OF CUSTOMERS AS WELL AS THE EFFECT EXTERNAL FACTORS SUCH AS COMPETITION AND TECHNOLOGY HAVE ON THOSE NEEDS.

CONT..
2. DISSEMINATION OF SUCH INFORMATION AMONG ALL THE ORGANISATIONAL FUNCTIONS

CONT
3. THE DEVELOPMENT AND IMPLEMENTATION OF STRATEGIES IN RESPONSE TO THIS INFORMATION

BECOMING A MARKETORIENTED ORGANIZATION

INFORMATION ACQUISITION CROSS-FUNCTIONAL ASSESSMANT SHARED DIAGNOSIS AND ACTION

BENEFITS OF MARKET ORIENTATION

LEADING TO SUPERIOR PERFORMANCE INCREASE IN PROFITABILITY ENABLE BUSINESSES TO CONSISTENTLY DELIVER SUPERIOR VALUE TO CUSTOMERS.

Distinction Between Market Orientation and Marketing Orientation

Market oriented organization is much more than just acknowledging the importance of customers as a key driver to deliver superior customer value. Marketing orientation is when an organization puts its total focus on the customer, and where the delivery of customer satisfaction at a profit, is their primary motivation

STRATEGIC ORIENTATION AS A SECOND CONCEPT

DEFINITION HOW AN ORGANIZATION USES STRATEGY TO ADAPT AND/ OR CHANGE ASPECTS OF ITS ENVIRONMENT FOR MORE FAVORABLE ALIGNMENT

WHY STRATEGY DEVELOPMENT IS IMPORTANT

OPERATIONAL EFFECTIVENESS IS PERFORMING SIMILAR ACTIVITIES BETTER THAN COMPETITORS,WHILE

CONT..
STRATEGY REQUIRES US TO PERFORM DIFFERENT ACTIVITIES FROM COMPETITORS OR PERFORMING SIMILAR ACTIVITIES IN DIFFERENT WAYS.

WHY STRATEGY?
A STRATEGY IS A ROADMAP THAT DIRECTS THE ORGANIZATION TOWARDS THE ATTAINMENT OF ITS LONGTERM GOALS AND OBJECTIVES

THE COMPONENTS OF STRATEGY

SCOPE GOALS AND OBJECTIVE RESOURCE DEPLOYMENTS SUSTAINABLE COMPETITIVE ADVANTAGE (SCA) SYNERGY

MARKETING STRATEGY
A MARKETING STRATEGY EXPECTS DECISIONS ABOUT THE SPECIFIC CUSTOMERS THE ORGANIZATION WANTS TO TARGET AND THE MARKETING MIX THE ORGANIZATION WISHES TO DEVELOP TO APPEAL TO THE SAID TARGET MARKET.

STRATEGIC MARKETING PROCESS

STEP 1: STATEGIC SITUATION ANALYSIS STEP 2 : DESIGNING MARKETING STRATEGY

STRATEGIC MARKETING PROCESS

STEP3 : MARKETING PROGRAMME DEVELOPMENT STEP 4 : IMPLEMENTING AND MANAGING MARKETING STRATEGY

CONCLUSION
THE PURPOSE OF MARKETING STRATEGY PLANNING IS TO MATCH MARKET OPPORTUNITIES TO THE ORGANIZATIONS GOALS AND RESOURCES.