A marketing strategy is an overall marketing plan designed to meet the needs and requirements of customers. Marketing techniques are employed at three stages of marketing:Market research enables the organisation to identify the most appropriate marketing mix.
This marketing case study demonstrates the importance and application of the marketing mix. This case study focuses on the marketing strategies used by Aldi to increase its market share and encourage loyal customers. These downloads will help to put marketing theory into context using real world examples from real businesses. Learn how Diesel employed marketing theory to thrive in the fashion industry by downloading our premium case study. Discover how Chap Stick used marketing theory to succeed in the healthcare industry by downloading our premium case study.
Discover how Cow & Gate used marketing theory to succeed in the food & drink industry by downloading our premium case study.
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We invite you to share this page with others and have provided everything you need to share this page below. The challenge for developing the marketing strategy and marketing mix for larger supermarkets is how they can meet the needs of multiple segments within the same physical facilities.
The marketing challenge for smaller supermarkets is to determine the most appropriate consumer segment to choose as their target market, which in turn will determine the best marketing mix design. In this market segmentation example for supermarkets, seven possible market segments have been identified. They are habitual buyers and are loyal to the supermarket and brands, due to their need to make their supermarket experience highly time-efficient. They tend to be busy people (perhaps with family or career – making them mostly in the 30-50 years age range). This segment wants to find items quickly and be able to get in and out of the supermarket as fast as possible. They are more likely to be low-income families (or middle-income families with a large home loan) and retirees. This group of consumers like stores that are interesting in their layout and design.An array and variety of merchandise (product mix) is highly important to this target market as they seek out new products (and are less likely to be habitual purchasers as a result). They also desire refreshment facilities (such as cafes) as they spend long periods shopping.
Typically, these consumers are middle to upper social class, underpinned by higher levels of both education and employment status. This market segment like to generate self-esteem from their shopping success of obtaining bargaining. Christina Boyle on KODAK HIRES LAW FIRM FOR RESTRUCTURING ADVICE, IS THE END NEAR FOR THIS 131-YEAR OLD COMPANY, OR IS BANKRUPTCY NEXT? If you are the founder of a new startup or an existing business it's highly recommended that you develop a roadmap that will get you from where you are today to where you want to be tomorrow, six months from now, or a year or longer down the road.
A marketing plan should be a formal written document, not recalled from memory or something scribbled on a napkin. Segmentation, Targeting and Positioning - This three stage process involves analysing which distinct customer groups exist and which segment the product best suits before implementing the communications strategy tailored for the chosen target group.
SOSTAC® - This acronym stands for Situation, Objectives, Strategy, Tactics, Actions and Control and is a very popular classic marketing planning framework for creating marketing plans.
Ansoff's Growth Strategy Matrix - Ansoff’s Growth Strategy Matrix identifies alternative growth strategies by looking at present and potential products in current and future markets.
For my money, the SOSTAC® marketing planning model is the model I use the most when developing marketing plans. SOSTAC® is a marketing planning model, originally developed in the 1990s to help with marketing planning by PR Smith, who together with Dave Chaffey co-authored Emarketing Excellence. You can see it gives a logical order for tackling your plan (with iterations) and a great way to summarise the main elements of each. SOSTAC® has become very popular since it’s simple, easy to remember and covers all the main issues which you need in a marketing plan or business plan. Here are some tips on how to use SOSTAC® based on Chaffey's experience applying the model in companies and in academia.
Use SOSTAC® to review your process - Before looking at how you apply SOSTAC® at each step to create a marketing plan, use it to review your planning process and how you manage your marketing. Integrate the different elements of your SWOT Analysis -  Oftentimes in a plan or report there isn’t good flow relating sections. Where Are You Today - You must know where you are today in order to develop a roadmap to where you want to be in the future.
Know Your Strengths and Weaknesses - Take an inventory of your individual and management teams strengths and weaknesses.
Organizations - Describe them by number of employees, sales, geographic location, and industry.
SWOT Analysis - Identify your competitive strengths and weaknesses, business opportunities and potential threats. Management Team - List the key members of your present management team and very brief description of their business and industry experience and education.
Milestones Accomplished - Elaborate on significant milestones that have accomplished to date. Your marketing strategies answer the big question:  HOW do you get from where you are today to where you want to be tomorrow?
Core Marketing Message - Your core marketing message is a short description of your business, products and services, employees, core values, business philosophy, mission and value proposition you bring to the customer relationship. Define Your Brand - Your brand isn’t just your corporate identity like your logo, tag line, motto or its visual associations such as unique design, colors or packaging, but the relationship you have with your customers. Pricing Model - Describe the methodology you will use to set prices for your products and services. Distribution Strategy - Describe the distribution channels you will utilize to get your product or service to your target market (e.g.
Advertising and Promotions Strategy - Determine what media channels you will use to market and promote your products and services to your target market (e.g.
Public Relations Strategy - Describe the methods you will utilize to inform, communicate and educate your public (e.g. Strategic Alliances - Describe the nature and type of third-party alliances you anticipated will be needed in order to compete effectively in the marketplace. Word-of-Mouth -  Describe how and the methods you will utilize to create word-of-mouth. I know this sounds like textbook knowledge, but these are the basic things that a marketer must ensure to check. Yet sometimes it’s those same long lists of features that end up making the app hard to grasp, or in some cases ultimately useless. Vibe Community BlogThe Vibe Blog is a collection of knowledge, learning and best practices from the 100,000 strong user community of Vibe, curated and presented. The STP process demonstrates the links between an overall market and how a company chooses to compete in that market.

Positioning is the target market’s perception of the product’s key benefits and features, relative to the offerings of competitive products.
The introductory model simply uses the three letters of STP to highlight the core elements of the process, namely segmentation, targeting and positioning. This approach is shown in the following diagram and discussed in the Basic STP Process section. While this basic model is a good starting point for understanding the overall process, there are a number of smaller steps that should also be understood, which are outlined in the following diagram and discussed in the Full STP Process. A perceptual map is of the visual technique designed to show how the average target market consumer understands the positioning of the competing products in the marketplace.
Determinant attributes are the attributes a consumer uses when they are determining their choice between competitive offerings – they are the most important and are used to distinguish between offerings. This means that the firm needs to consider how consumers actually perceive the positioning of different products, rather than a technical or objective assessment of the product. The aspects of the product offering that are relatively distinct to the offerings of like competitors. The aspects of the product offering that are largely similar to the offerings of like competitors. Positioning is defined as the target market’s perception of the product’s key benefits and features, relative to the offerings of competitive products. Positioning is the third and final major phase of the overall STP (segmentation, targeting and positioning) process. But please note that it is common to use the terms tagline and slogan interchangeably in business discussions. Niche marketing is a specialized market offering focused on the needs of one tightly-defined market segment.
Undifferentiated marketing occurs when a marketing mix is designed for the general needs of an overall market, without regard for the needs of the different segments in that market. Concentrated marketing is focusing the firm’s market entire offering solely on the needs of one defined target market. Differentiated marketing is the targeting of two or more market segments, with separate and distinct market offerings (that is, different marketing mixes), which have been designed to closely meet the needs of those particular segments.
A target market is a market segment that has been deliberately selected by an organization in order to focus their marketing efforts and offerings. The choice of a target market allows the firm to focus its marketing efforts and match its offering to the needs of that segment.
A segment profile is a descriptive summary of the size, needs, behaviors and preferences of consumers within a particular market segment, with the goal of evaluating segment attractiveness and developing suitable marketing strategies. Connect the word ‘profile’ to a criminal profiler that we see on TV crime shows – they develop a description (a profile) of a suspect – in marketing we develop a profile of consumers. Firms will often give the market segments a nickname, which is their way of describing it in a quick and efficient manner. After constructing a set of market segments in the STP process, the market segments are then subject to evaluation against a set criteria. There are two main approaches: cluster analysis (if data is available), otherwise segmentation trees.
Cluster analysis is an analysis designed to categorize objects to a pre-defined number of different groups, with each group being relatively similar on a range of selected attributes.
Cluster analysis requires data from a suitable market research study that examines consumer’s , purchase behavior, demographics, and even elements of their lifestyles and attitudes and values.
Cluster analysis is an advanced statistical approach that is conducted using a statistical package, such as SPSS. When running cluster analysis, the software will cluster (group) respondents together, based on their similarity of answers to particular questions. A segmentation tree is a variation of a decision tree, which visually shows the division of a market into smaller possible market segments. Segmentation trees allows the overall market is split into groups, using one or more segmentation bases.
A business segmentation base is definable characteristics or behavior of organizations that can be utilized to classify the organizations into related groups, for the purpose of target marketing. Assumes that consumers in the same demographic group have similar needs and lifestyle – which is unlikely, all 30 year olds are unlikely that have the same needs, for example. The process of splitting a market into smaller groups with similar product needs or identifiable characteristics, for the purpose of selecting appropriate target markets. A definable characteristic, identity or behavior of an individual consumer that can be utilized to classify consumers into related groups. To remember the different segmentation bases, simply describe yourself as consumer for a particular product category. Consists of many buyers and sellers, within a particular industry or product category, who are seeking to create or gain value through the exchange of products for money. A smaller and more defined sector of an overall market, which has a number of differing marketing and structural features, which may include distinct distribution channels, price elasticity, competitive sets, and effective promotional methods. The firm’s definition of its own market is the first step in the overall segmentation process. An organization’s proactive selection of a suitable market segment (or segments) with the intention of heavily focusing the firm’s marketing offers and activities towards this group of related consumers.
The following video shows how to calculate customer lifetime value on a step-by-step basis – by looking at each line in the calculation and why it is important. Perceptual maps are often quite difficult to format, so take advantage of the free perceptual map template that I have built for Microsoft Excel.
It is quick and easy to use – ideal if you need to analyze multiple perceptual maps the same time. There is another video on this site that does show you how to create a perceptual map from scratch on a step-by-step basis, if you still want to make a perceptual map yourself.
And below is the video that explains how to use the perceptual map Excel template template on a step-by-step basis.
A brief segment profile, along with suggestions for key elements to consider in structuring a suitable marketing mix is included in the table below. And, as a result, tend to seek out lower priced an discounted items.They tend to be somewhat loyal to lower-priced brands, which often happen to be private label brands.
As a result, they dislike consistent product and pricing offers.Instead, these consumers need a variety of sales promotions and price differences between stores.
They are quite responsive to in-store demonstrations (free samples).Typically, these consumers are younger (under 50 years) and usually of a higher social class.
SOSTAC is more comprehensive and borrows elements of several of the other popular marketing planning models.
The four growth strategies include: market penetration, market development, product development and diversification. Include major new customers, revenues, no of unique visitors, downloads, new patents, major personnel additions and awards. Will you be using inside sales personnel, inbound or outbound sales personnel, outside sales personnel, manufacturer's representatives, independent salespeople or network marketing personnel. Product : providing the target customers the kind of product or service that they require to satisfy their wants and needs. Price: to set a price for the product that is affordable and suitable for the target customers, thereby implying the products value in the market. Promotion: to improve the image of the product and communicate it to the target customers by way of advertisements, Sales Promotions, etc. Physical Evidence: it refers to the physical appearance of the product that distinguishes it from the other products.

Process: It determines the capability of the product to supply the demand of the customers. It is sometimes referred to as a process, with segmentation being conducted first, then the selection of one or more target markets and then finally the implementation of positioning.
By reviewing this more detailed approach, students will gain a much greater understanding of this important marketing concept.
As a result, the niche marketer builds a reputation (brand equity) for being THE expert for providing their products to the market segment. Its goal is to ensure that the segments meet basic requirements and guidelines for usable segments. The analyst then determines what each cluster has in common and defines, labels and profiles each market segment.
That is, your age (demographic), country (geographic), interests (psychographic), brand knowledge (behavioral), and why you want the product (benefits sought). And remember, despite the term ‘market segmentation’, it is consumers in the market that are segmented – not markets or sub-markets themselves. And the inclusion of the term ‘Equals’ will help you recall that each selected target market requires its own positioning and marketing mix.
Certainly in most service industries, customer lifetime value would be a very important marketing metric. This may be appropriate for quick calculations and for general comments within a meeting, but is not suitable for professional business cases and reports. If you are not interested in creating calculating customer lifetime value yourself, please take advantage of the Excel free template that is available on A Comprehensive Guide to Customer Lifetime Value.
While the best piece of softwar Social Media IS the 7 P’s of Marketing You are using an outdated browser. Co-creation involving your target market at the stages of idea generation and product development can be conducted via Social Media.  Conduct a focus group on a webinar, groups or forums.
A number of techniques will then be employed to make sure that the marketing plan is effectively delivered.
Consumers will need to buy in large numbers to produce a healthy profit.The goods must be in 'the right place at the right time'. Short-term decisions made many times a day by individuals determine the quality of that day's work.The governing principle should be that everybody has a customer - either outside the company (the traditional 'customer') or inside the company (the internal customer). Although almost all consumers will visit supermarkets, there are a range of different market segments all with different needs, as shown in the following diagram. However, they are happy to switch for discounted brands (to take advantage of sales promotions). This may be a major brand on discount, or a two-for-one offer, or a larger packaging size, and so on. Don't think in terms of what other organizations or individuals have done, but how you are going to get it done. But first create your marketing strategy items that will generate leads, build awareness and enhance credibility.
The goal of the STP process is to guide the organization to the development and implementation of an appropriate marketing mix, as highlighted in the following diagram. Run polls on Twitter, LinkedIn, Google+ and Facebook or post videos on You Tube or pictures on Pinterest. Making sure that the goods arrive when and where they are wanted is an important operation.The target group needs to be aware of the existence and availability of the product through promotion. Both kinds of customer expect to be supplied with the product or service they need, on time and as specified.The principle holds good for everyone in the company, whatever their level of skill and experience, whether their 'product' is answering a telephone in a helpful way or masterminding a major new project. Perhaps you’re not so good at setting SMART objectives, or developing strategies to support them or the control stage of assessing how effective your strategies and tactics are and adjusting them?
For any Marketer or Business knowing your 7 P’s is always a good place to start with Marketing, but as you become more advanced there are so many other theories, elements and concepts involved.The initial 4 P’s of Marketing is more widely used whereas B2B and International Marketing are more suitable for the use of the 7 P’s. The marketing department will set out to identify the most appropriate techniques to employ in order to make profits. Successful promotion helps a firm to spread costs over a larger output.Finally techniques need to be applied to monitor the success of marketing activity. Some small businesses find it easier to sell their products by uploading photos to the Business Facebook or Google+ Pages rather than entering complex code into the back end of company websites.For example my own business website is modest at best, a free page which is very limited so I try to sell using my Social Media sites – and it works.
These marketing techniques include public relations, trade and consumer promotions, point-of-sale materials, editorial, publicity and sales literature. For example when carrying out advertising it is helpful to track consumer awareness of the adverts and their messages.
It gives the individual genuine responsibility and scope for initiative and it virtually guarantees that the company's performance will be improved.However, individual behaviours will only match the organisation objective of being customer focused if the right sorts of structures are created.
As a recent graduate with a brand new business a new website isn’t in my budget yet so I network on LinkedIn, Twitter, Facebook and forums which has won me new business in my 1st 2 months of trading. Hence the importance of developing structures such as team working and empowering employees to make decisions rather than be told what to do.Modern companies like Travis Perkins (builders merchants), and Argos (catalogue retailer) have recognised the importance of team working in motivating employees and in providing close links to the consumer. All I need is a computer, a phone, sweat equity and my Social Media networks become the PLACE I sell my services.PRICEDifferent Social Media networks have varying demographics which opens up the possibility of charging more or less according to each target segment.
Articles etc.Again, publicity of a product might be done by environmental factors taking place, just by chance. By encouraging staff to listen to consumers these organisations are best placed to provide the products and the services that ensure ongoing business success.Empowerment is the process of giving increased power and responsibility to employees at all levels within an organisation.
You can promote on almost all Social Media sites as long as you know who your market is and what channel they use. Content Marketing and customer engagement are vital when promoting your company, but always remember that Social Media is social where people communicate.Target your ads and always narrow your target market to as small a segment as possible and always keep the conversation flowing.
The distinction between the two is of a technical nature; of interest to academicians and management experts.
There are two main forms of advertising although in practice the two are inter-related.The informational aspect of advertising involves providing information about products, services, or about important issues. Employees can be used as an asset when communicating via Social Media but ensure you train them and have a solid social media policy implemented.PROCESSESCustomer Service PROCESSES can be facilitated on your company Social Media sites. Check all your Social Media sites at least twice daily and regularly conduct searches for key words about your company.PHYSICAL ENVIRONMENTWalk down any street in any city and you’ll most probably see someone on their mobile phone.
Go into any cafe, University or shopping mall where people communicate on their handheld devices. However, a wider definition includes all the various aspects of presenting a product - e.g. At the saturation stage, aggressive advertising might better meet promotional requirements.In the declining stage, there may be a need cut down expenditure and efforts on all elements of promotion-mix and so on. The uniqueness can come either from an actual product or from its image - usually created by its manufacturer through advertising and packaging. The consistency comes mainly from the consistence of its quality and performance, but it also reflects the consistency of the advertising and packaging. I wish if the professors in the universities during our college life could impart knowledge like this.
It takes years to develop a brand.Shell has spent over a hundred years developing its brand image through the well known Shell pecten. I’m a recent University graduate at 34 and found that I was taught very little about Social Media at Uni.

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