Developing Marketing Strategies & Plans
Developing the Market
Before venturing into a business, ask yourself;
1. Do you have the expertise in the business you are venturing? • • • The industry knowledge Hands - on work experience
2. The capital to start? If no, the source for funding.
3. The workforce? • If no, the source to obtain workforce.
4. The market for your product or services? • If no, the channel to market your product or services.
Developing Marketing Strategies and Plans Marketing strategies 1. What will be your company’s strength? 2. What differ your company from your competitor? 3. How do your company add value to your client’s business?
4. What is your company’s vision, mission and values?
5. Setback experienced and how you tackle situation?
Explain the role of a SWOT Analysis during the strategic planning process.
• SWOT Analysis – template sample
SWOT Analysis QuestionnairesStrengths
Advantages of proposition? Capabilities? Competitive advantages? USP's (unique selling points)? Resources, Assets, People? Experience, knowledge, data? Financial reserves, likely returns? Marketing - reach, distribution, awareness? Innovative aspects? Location and geographical? Price, value, quality? Accreditations, qualifications, certifications? Processes, systems, IT, communications? Cultural, attitudinal, behavioural? Management cover, succession? • • • • • • • • • • • • • • •
Disadvantages of proposition? Gaps in capabilities? Lack of competitive strength? Reputation, presence and reach? Financials? Own known vulnerabilities? Timescales, deadlines and pressures? Cashflow, start-up cash-drain? Continuity, supply chain robustness? Effects on core activities, distraction? Reliability of data, plan predictability? Morale, commitment, leadership? Accreditations, etc? Processes and systems, etc? Management cover, succession?
SWOT Analysis QuestionnairesOpportunities
• • • • • • • • • • • • • • • Market developments? Competitors' vulnerabilities? Industry or lifestyle trends? Technology development and innovation? Global influences? New markets, vertical, horizontal? Niche target markets? Geographical, export, import? New USP's? Tactics - surprise, major contracts, etc? Business and product development? Information and research? Partnerships, agencies, distribution? Volumes, production, economies? Seasonal, weather, fashion influences? • • • • • • • • • • • • • • •
Political effects? Legislative effects? Environmental effects? IT developments? Competitor intentions - various? Market demand? New technologies, services, ideas? Vital contracts and partners? Sustaining internal capabilities? Obstacles faced? Insurmountable weaknesses? Loss of key staff? Sustainable financial backing? Economy - home, abroad? Seasonality, weather effects?
Ansoft’s product-market expansion grid shows three intensive growths strategies that can be used to assist a marketing manager in finding creative ways to close a perceived strategic gap. Characterize each of the cells of Ansoft’s grid.
ANSOFT’S PRODUCT-MARKET EXPANSION GRID
NEW PRODUCTS 3. Product-development strategy
Current Markets New Markets
1. Market penetration strategy Market –development strategy
Application - SWOT Analysis
Independent Sales & Marketing Partners/Contractors
STRENGTH 1. 2. 3. 4. 5. Hands-on experience Low investment,no office required Large pool of contacts On call experience part time workers, mix of age/ethnicity work force 1. 2.
WEAKNESS Clients constant strategy change Constantly interupting workflow,adding unrelated work ,riding on the same cost. 1. 2.
OPPORTUNITIES Huge outsource market Large mix of industries,high demand for service Limited large scale player Can easily venture into other service related business Large mature retired work force,untapped market 1. 2. 3. 4. 5. 6.
THREAT Quality work force High end retails require skilled work force Irregular work hours Increased cost-when client change strategy Impromtu project Too many meetings,distrupt workflow Too many Terms and conditions.Benefits clients solely
Training,materials, office equipment provided by clients.
Access to huge retail database,industries by industries. Reputation
Application of Ansoft’s grid-business strategy
• Banks • Ad Agency •Telco
CURRENT PRODUCTS • retail analysis findings
• Training & Development
CURRENT PRODUCTS 1. Market penetration strategy CURRENT PRODUCTS 2. Market –development strategy NEW PRODUCTS 3. Product–development strategy
• Healthcare • Government
1. 2. 3. 4. 5. 6.
T & D for Expat on Culture/Work Ethics R & D on culture differences Work Process & Planning Customer Service Telephone Etiquettes Event Management
• Call Centres
translating SWOT issues into actions
• Albert Humphrey advocated that the six categories: • • • • • • Product (what are we selling?) Process (how are we selling it?) Customer (to whom are we selling it?) Distribution (how does it reach them?) Finance (what are the prices, costs and investments?) Administration (and how do we manage all this?)
provide a framework by which SWOT issues can be developed into actions and managed using teams.
• “When a company or individual compromises one time, whether it's on price or principle, the next compromise is right around the corner and you can bet your last nickel on it.”
Zig Ziglar quotes (American motivational Speaker and Author.)