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Marketing Strategic Process by Mind Map: Marketing
Strategic
Process
4.6 stars - 6 reviews range from 0 to 5

Marketing Strategic Process

Objective: To understand:   What is going on in the environment? Which can be my target market? What is my value proposition (benefits over competitors' offerings)?  

External analysis

Objective: To identify factors that we cannot control: threats opportunities (can become threats if our competitors take them first)  

Macro-environment analysis

Objective: Identify trends, unsatisfied needs, threats and opportunities  

PESTEL

Market research

Objectives: To understand consumer behavior To estimate demand and its evolution To determine market structure To monitor company's sector To establish and control sources of information Difference between market research and marketing research: Marketing research is a broader process which not only gets data from the product but from the distribution channels, effects of promotional activities and competitors' moves. Phases of marketing research: Preliminary research: most important phase (evaluate company's competitive positioning) Definition of project and objectives: resources, time, cost (breadth of research vs usefulness) and quality (level of difficulty of data collection) constrains; efficency and effectiveness Research plan: type of data (quantitative or qualitative); type of research (explorative, descriptive, causal); collection method (survey, observation), sources (primary, secondary internal, secondary external), instruments (sampling, channel) Data collection (expensive and time consuming) Data verification: filtering, editing, formatting Analysis: organize in tables, compare with trends, interpretation Reporting: select most important results for the top management (clarity, conciseness, effectiveness)  

Demand analysis

Objectives: To evaluate the attractiveness of the market (exit or enter) To plan production and logistics capacity To define the market elements (6 O: organization, offering, operations, occupants, objectives, occasion)  

Macro, Quantification, Objective, Market size, Coefficient, Forecast demand, Time series, Linear regression, Product launch effect, Adoption, Diffusion, Epidemy, Gaussian, Data availability, Quantitative, Qualitative, Opinion, Sales force, Experts, Customers, Behavior, Tests, Observation, Qualification, Penetrated (covered) market, Served (targeted) market, Available market, Potential market

Micro, B2C, Consumer behavior, Factors, Psychological, Personal, Sociocultural, Phases, Need recognition, Value search, Value judgement, Value purchase, Value in use, Roles, Initiator, Influencer, Decider, Buyer, User, Expectations, Marketing effort, Word of mouth, Needs and wants, Learning, Needs, Existing customers: loyalty, Potential customers: capture, B2B, Models, Factors, Individual (personal), Interpersonal (status), Organizational (policies), Environmental (PEST+competitors), Situational (levels: risk, innovation, purchase, supply chain), Phases, Problem recognition, Specification preparation, Search for suppliers, Evaluation of suppliers & proposals, Selection of supplier, Service evaluation, Purchase centre, Roles, Needs, Power, Evolution, Types of purchase, Novelty, Product, Purchase, Re-purchase, Modified, First-time, Complexity, Uncertainty, Need recognition, Market offerings, Operational constrains, Importance, Economic, Strategic, Customization, Instruments, Evaluation of suppliers (cost, time, quality), Evaluation of proposals (TCO)

Offering (task environment) analysis

Objective: understand my competitive positioning:   Suppliers: the ones that provide raw materials and components My company: the one that produces Intermediaries: the ones that distribute and promote the offering Customers: the ones that consume/use the offering Competitors: rival offerings (direct, substitute, potential)  

Porter's 5 forces

Internal analysis

Objective: To identify factors that we can control: strenghts (exclusive assets, skills, resources, core competencies such as brand image, customer loyalty, company's size, customer base, market share, know how, strategic location, experience...) weaknesses  

Value chain

SWOT

Segmentation

Objective: To divide the market into homogeneous groups (with the same need) according to several factors (psychological, sociocultural and personal) Advantages: efficient use of marketing resources, better customer service, higher loyalty and segment control when the market is big and diverse Disadvantages: expensive, especially when the market is small and homogeneous

Macro

ABELL, Uses, Customers, Technologies

Micro

Process choice, Mathematic, Survey, Data analysis, Segment profiling, Heuristic, Sucessive elimination, 2 phase approach, Multi-phase approach (nested)

Variables selection, By consumer, B2B, Preferences, Demographic, Behavior, B2C, Preferences, Socio-demographic, Socio-cultural, Behavior, By product attributes

Segments determination, Characteristics, Durable, Homogeneous, Measurable, Important, Accesible

Validation

Segments description

Targeting

Objective: To identify the segments that present the best opportunities to my company (attractiveness) NOTE: THE MARKETING PLAN SHOULD BE DESIGNED AD HOC FOR EACH SEGMENT CRITERIA FOR TARGETING:   Size: the bigger the better Growth: the faster the better Competitive position: the less competition the better Cost of access: the less expensive the better Coherence with company's strategy  

Marketing strategy

Undifferenciated

Differenciated

Concentrated

Coherence with growth strategy

Market penetration

Product development

Market development

Diversification

Coherence with business strategy

Undifferenciated

Differenciated

Concentrated

Positioning

Objective: To emphasize on those perceived attributes that can differenciate my company's offering (increase customer value and differentiation over competitors) Advantages: increased differenciation reduces the elasticity of the demand (I can increase my price without affecting demand) which has an impact in profitability Disadvantages: high investments are required to increase differenciation

Levels

Product, Perceptual map

Portfolio, BCG matrix, McKinsey matrix

Attributes' critical success factors

  Targeted Existing mental category Durable Easy to understand Important for the customer