1.3.5 Marketing Strategy

• What is a marketing strategy?

  A comprehensive plan
• A marketing strategy defines the direction of marketing efforts, ensuring alignment with overall business goals
• A marketing strategy enhances competitive advantage by identifying unique strengths and opportunities.
• Why does a marketing strategy improve customer engagement?

  Targets customer preferences
• Steps in distinguishing between marketing strategy and marketing mix

  1️⃣ Define the purpose of each

  2️⃣ Identify key components

  3️⃣ Provide examples of each
• The purpose of a marketing strategy is to provide direction and optimize resource allocation
• What are the key components of a marketing strategy?

  Target market, objectives, positioning
• Identifying the specific customer segment to focus on is a key element of a marketing strategy.
• What does 'market positioning' in a marketing strategy aim to achieve?

  Brand perception
• The marketing mix (4 Ps) are tactics used to implement the strategy
• Match the aspect with its corresponding category:

  Comprehensive plan outlining marketing goals and tactics ↔️ Marketing Strategy

  Set of controllable tools used to influence consumers ↔️ Marketing Mix
• What is the purpose of market segmentation?

  Divide broad markets
• Market segmentation and targeting improve customer engagement by customizing strategies to specific preferences.
• Steps in EcoClean's market segmentation strategy

  1️⃣ Identify health-conscious families

  2️⃣ Identify eco-activists

  3️⃣ Identify cost-sensitive consumers
• EcoClean targets all three segments with distinct marketing messages
• What does a broader marketing plan encompass to achieve overall business objectives?

  All aspects of marketing
• Market segmentation involves dividing a broad consumer or business market into sub-groups based on shared characteristics
• How does market segmentation enhance resource allocation?

  By focusing on customer needs
• Customized strategies improve customer engagement in specific market segments.
• Match the EcoClean segment with its marketing focus:

  Health-Conscious Families ↔️ Highlight non-toxic ingredients

  Eco-Activists ↔️ Emphasize reduced plastic packaging

  Cost-Sensitive Consumers ↔️ Offer value packs
• EcoClean optimizes reach and sales by targeting three segments with distinct marketing messages
• What is the purpose of a positioning strategy?

  Create a unique brand image
• A key component of a positioning strategy is defining the target audience.
• Volvo is positioned as the safest car brand.
• How does positioning strategy differ from branding?

  Focuses on competition perception
• Creating a unique selling proposition (USP) is a key step in developing a positioning strategy.
• What does Apple's positioning strategy emphasize?

  Innovation with premium products
• A clear positioning strategy helps businesses differentiate themselves and attract their target audience more effectively.
• A business must establish how its brand is perceived relative to competitors
• Steps to develop a positioning strategy for a product or service

  1️⃣ Identify the target market

  2️⃣ Understand customer needs and preferences

  3️⃣ Create a unique selling proposition (USP)
• What does USP stand for?

  Unique Selling Proposition
• Apple positions itself as a leader in innovation with premium products.
• Match the aspect with its focus:

  Market Positioning ↔️ How the brand is perceived relative to competitors

  Marketing Mix ↔️ Tactics to attract and retain customers
• Why is a marketing strategy significant for a business?

  Optimizes resource allocation
• A key element of a marketing strategy is identifying the specific customer segment to focus on, known as the target
• Market positioning in a marketing strategy establishes how the brand is perceived relative to competitors.
• What is the purpose of market segmentation?

  Divide broad consumer market
• Targeting is the process of selecting specific market segments to focus marketing efforts
• Targeted marketing improves customer engagement by catering to segment preferences.
• Steps to develop a positioning strategy

  1️⃣ Identify the target audience

  2️⃣ Research the competition

  3️⃣ Determine the unique selling proposition (USP)

  4️⃣ Craft a positioning statement

  5️⃣ Implement the positioning