Marketing Strategy
by Brodie Baillie
1. STRATEGY AS A CONCEPT: Generic: Line of attack to win. Organisational: Plan for achieving overarching organisation goals (plan for competitive advantage.)
2. KEY QUESTIONS: Where are we now? Where do we want to be? How will we get there? Did we get there?
3. THE BLUEPRINT:
4. Where the firm positions in terms of the overall industry, as well as how it is positioning with current consumer market (SWOT Analysis, market positioning) * Porters 5 forces model (in my opinion, most in depth and as such, most useful.) 1. Threat of New Entrants 2. Bargaining Power of Buyers 3. Bargaining Power of Suppliers 4. Threat of Substitutes =5. Rivalry Among Existing Competitors.
5. INDUSTRY POSITIONING:
6. COMPETITIVE MARKETS (TREE DIAGRAM): * “A market-oriented strategy that establishes a profitable and sustainable market position for the firm against all forces that determine industry competition by continuously creating and developing a competitive advantage from the potential sources that exist in a firm’s value chain”
7. PLANNING PROCCESS: Stage 1. Environment analysis (PEST) Stage 2. Audit of capacity (SWOT) Stage 3. Set Objectives Stage 4. Develop strategy Stage 5. Tactics Stage 6. Implementation and Controls.
8. A COMPREHENSIVE STRATEGIC PLAN: * Describes your business and its products and services. * Explains the position and role of your products and services within the market. * Profiles your customers and your competition (personas, journey maps, touchpoint analysis etc). * Identifies marketing tactics you will use (& associated metrics/KPIs).
