Hi, let me now introduce you to the second assignment of the marketing plan project.
And basically here we're going to deal with probably the central part of
the marketing plan, which is the marketing strategy.
I hope the first part, the analysis part, was interesting.
I'm sure you probably had
some challenges trying to identify some of the internal analysis,
maybe the elements of differentiation, maybe the competitive set.
But once you finish the analysis,
probably getting into the marketing strategy should be, I guess, easier.
At least most of the job in the analysis is done, and
now we're going to dig more into the marketing strategy.
Remember, in the marketing strategy, basically we define objectives.
Okay, so let me remind you quickly of the type of objectives that you should include
in the marketing strategy part of your marketing plan.
First one, financial objectives.
Okay, they usually are going to be there.
So what is a typical financial objective?
Sales, number of units, money, whatever is the metric that you use.
Financial objectives usually should be in your marketing strategy definition.
What is the second type of objectives that we tend to include in marketing plans?
Non-financial objectives, okay?
So objectives more related, for example, to the brand.
Brand awareness levels, or brand preference, or brand associations.
So, things are more related to the brand perception, for example.
Third type of objective that we want to see in the marketing plan,
what we call customer objectives.
And remember, here we're basically always opening a decision tree.
So, talking about is the objective going to be attracting new customers or
retaining current customers?
Two different things, depending very much on the situation.
If it is a new problem, usually it is going to be attraction.
But I want you to actually decide on these,
and include it in your marketing strategy definition.
And finally, probably the most important part of the marketing strategy is finding
clearly what is your target segment, and what is the positioning, okay?
Remember, for the target segment, we will actually identify in segments, and
then choosing the segment that we consider more promising,
more interesting for your marketing plan.
And try and justify the segment that you're choosing.
For example, using one of these targeting metrics, okay?
Where we evaluate different types of segments and
we decide this one is the best for this reason.
And for the positioning, pretty much the same story.
We identify elements of differentiation in the analysis, and now we choose the one
that we consider as the best positioning for our brand, for our probable service.
And we can justify by using a positioning matrix that, once again,
is going to list the different possible elements of differentiation, and
we evaluate them against the positioning criteria.
With this, we have a target segment and we have opposition, and
pretty much we're done, we're finish with the marketing strategy definition.
Remember that marketing strategy's key is where we define objectives, and
the rest is going to be implementation.
So, take your time and make sure that you will find the right objectives,
objectives that at the same time are achievable and challenging.
And once you have all this together, just put it in your assessment.
let me remind you that we're doing basically two types of assessments here.
Maybe those of you doing the case, the in Germany case,
then you are basically are going to look for the information in the case.
And those of you doing your own project, you probably have to be more creative and
try and find objectives by looking at your own product, your market, and
defining objectives in financial, non-financial,
customer objective and strategic objectives.
And one final reminder for those of you doing your own project, your own venture.
Remember to include a paragraph at the beginning of the document,
basically explaining the type of product that you're selling, and
giving information for the reader in order to understand well the type of product or
service that we're talking about.
Once again, I hope you enjoyed, and I hope you learned a lot from it.
Thank you very much.
Marketing Lesson Plans
This course offers a comprehensive overview of the field of marketing from a domestic and international viewpoint. Marketing analysis and segmentation, market research, types of consumers, 4Ps of marketing, advertising, selling, and careers in marketing are among the wide range of topics that will be discussed. Different aspects of advertising will be researched and evaluated that will include television, radio, print media, and the Internet. The emerging role that information technology plays within marketing will also be covered. Students will be required to “think critically” and draw conclusions based on different marketing situations.