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Lecture 2

MKT 100 Lecture 2: MKT 100 – Lecture 2


Department
Marketing
Course Code
MKT 100
Professor
Fathima Saleem
Lecture
2

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1. MKT 100 – Lecture 2
What is a marketing strategy?
Marketing strategy identifies:
oA firm’s target market(s)
oA related marketing mix – the four P’s and
Leads to sustainable competitive advantage
Sustainable competitive advantage something the firm can persistently do better than
its competitors, that is not easily copied and this can be maintained over a long period
of time
The strategic marketing planning process (or just marketing plan)
STEP 1: business mission & objectives
Levels of strategic planning
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Developing successful strategies
Portfolio analysis
Growth strategies
Sustainable competitive advantage
Successful Strategies
Portfolio analysis – Boston consulting group matrix
examples
oquestion marks: quora
oStars: Instagram
oCash cow: facebook
oDogs: myspace
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Microsoft office suite of products has high market share, but low growth in the market
Cash cow
Selfie lighting by Lumee, low market share but high growth rate
Question mark
Growth strategies
o
Growth strategy #1: Market penetration
existing marketing mix (product/service)
existing customers
what are you trying to do here as a brand?
Growth strategy #2: market development
existing marketing mix (products/services)
new markets (target customers)
Growth strategy #3: product development
new product/service
current target market
Growth strategy #4: diversification
new product/service
new target segment
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find more resources at oneclass.com
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