LEADERSHIP & TEAM MANAGEMENT

MARKETING STRATEGY FOR FAST GROWTH BY: B TRACY

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INTRODUCTION
Marketing function is the primary reason for the success & failure of any business enterprise. According to Demin, 48% of the businesses fail due to slowing down and ineffectiveness in marketing & sales.

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Tracy in this session, gave 21 most important ideas in Strategic Marketing

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MARKETING
Is a skill:
Can be learn Must be learn

Most important function in every organization. For becoming an excellent marketer:

Internalize certain key concepts Keep them in forefront of mind

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STRATEGIC MARKETING
Structure the product or service. So that you can sell:
more of it at higher prices over extended geographical area

By which you can achieve:

market leadership market stability

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21 IDEAS IN STRATEGIC
MARKETING
12)
13) 14) 15) 16) 17) 18) 19) 20) 21)

1) 2) 3) 4) 5) 6) 7) 8) 9) 10) 11)

Customer is always right Purpose of business Keeping the customers Quality Service Relationships Creating perception Creating Utility Pricing Adapting to customer reality Delivering & representing true value

3 key questions for new product/idea Market research Who is your customer? Where is your customer? How do your customer buy? Why do people buy your product/service? Desire for gain Competitive analysis Competitive advantage Who will be your competition?

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1. CUSTOMER IS ALWAYS RIGHT

Customers perception from customers point of view is always correct. Customers:
Disloyal Selfish Demanding Ruthless Always right

The mistake is ours, not of customers. To meet the true desires of customers, we must find out what the customer:
Wants Needs Can use Can afford

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2. PURPOSE OF BUSINESS
Most important starting point. Not profit making. But to create customers.

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3. KEEPING THE CUSTOMERS

The second point of successful business. The cost is far lower than creating them. Strategy of the companies with excellent marketing.

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4. QUALITY
Most powerful marketing strategy. People always come back to a quality supplier.

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5. SERVICE
Second most powerful marketing strategy. People always want good service from their suppliers.

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BHIM STUDIES
Studies on profitability. The key that separate the winners:
QUALITY + SERVICE

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6. RELATIONSHIPS
Quality of relationship determines the substantial number of customers.

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7. CREATING PERCEPTION
The purpose of marketing. Everything is:
Perception of customers Not the reality of world

Perception of unique added value. No marketing effort exists in isolation.

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8. CREATING UTILITY
Creating something that people:
can use have a requirement

in order to accomplish something that is important. Satisfying basic needs Example:

Fedo Express
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9. PRICING
Achievement of market leadership. Greater market share longer production lower cost of production economies of scale lower price. Example:
Henry Ford automobile manufacturer Richest man of his time 61% of US market share

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10. ADAPTING TO CUSTOMER REALITY

Adapting the product/service to fit with customers reality.

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11. DELIVERING & REPRESENTING TRUE VALUE

Working close to the customer. Example:
IBM The security After sale services TANOM computers Parallel process Internal second structure

2 key words of true value:

Uniqueness Nichemanship

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12. 3 KEY QUESTIONS FOR NEW PRODUCT/IDEA

Is there a market?
80/20 Principle

Is the market big enough?

Investment in Research & Development Production

Is the market concentrated enough?

Reach it with existing marketing channel Channel is very important

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13. MARKET RESEARCH

Are campaigns based on:
Excellent intelligence Knowledge of enemy

Is the marketing based on:

Good research Good market intelligence

The best way is:

Focus Group

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14. WHO IS YOUR CUSTOMER?

Starting point of market research. Buyer of:
Past Present Future

Knowledge of their demographics.

50% of success dependency

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15. WHERE IS YOUR CUSTOMER?

Important with regard to geography.

Determines:
What to manufacture? Where to manufacture? Procedure of shipping and so on.

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16. HOW DO YOUR CUSTOMER BUY?

Direct mail Retail Wholesale In office At home By franchise Regular shopping trips In conjunction with other products/services

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17. WHY DO PEOPLE BUY YOUR PRODUCT/SERVICE?

Benefits a customer expect. Customers only buy benefits. Products/services are the ways. We should change our:
Advertising Budgets Promotions Salesman etc

ABC Theory People buy:

solutions to problems feeling they anticipate

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 Example:
IBM Right decision No mistake Safety

People buy for Psychic Satisfaction. People buy to save time/money or earn time/money. Time & money are interchangeable in terms of desirability. Every appeal aimed at saving time/money:
Is strong emotional appeal Target at least 90% audience

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18. DESIRE FOR GAIN

Key for motivation. The more basic the need, the simpler the appeal. Example:
If there is security need for instance of installing a fire alarm/extinguisher
Dont let your family die in a night, provide necessary security.

If the product is complex or supple

The appeal should be much more supple

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Need analysis is very important. People need:

Security Comfort Leisure Love Respect

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19. COMPETITIVE ANALYSIS

Knowing your competitors is critical. Competitors determine:
How much you will sell? Where you will sell? Size of product Quality of product Relative mix of service & relationship Whether you succeed or fail How much profit you make? How much return you will get?

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Important points in competitive analysis.

Who/what is your competition? Why do people buy from your competition? Why should the customers switch? What are your critical assumptions about your competition?
Respect them Dont underestimate them Ask yourself what are they doing? Ask yourself how could you imitate your competition in order to be better?

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20. COMPETITIVE ADVANTAGE

Key to:
Success High profitability

You have to be the best at something. Everybody in your organization should know:
Why your company? Where your company? Where your product/service

are superior to others.

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You must say:

What is our competitive advantage?

If you dont have any, then say:

What should be our competitive advantage?

This can make:

Uniqueness Differentiation

Customers will say:

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21. WHO WILL BE YOUR COMPETITION?

If you change your product/service/ customers, you change your competition too. When you look at you competitors, ask:
What are their strengths? What are their weaknesses?
Starting point of marketing strategy Find out the ways to:
Minimize their strengths and your weaknesses Maximize your strengths and exploit their weaknesses

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 What do you have to do differently than your competitors to survive, grow & succeed? Who will be your competition tomorrow?

The ultimate aim is:

Not to destroy the enemy. But to change the relative correlation of forces.

Change in your competitors, changes your business

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