Marketing Strategy Module 4 Business Plan Course Ryan Murray MBA, CBA

5 Points to Market 1.Product/Service 2.Relative Price Point 3.Target Market 4.Market Mediums 5.Marketing Strategy These Become Your Market Opportunity Your Marketing Strategy is unique to your business, but the Market Opportunity is the same for everyone

5 Points to Market 1.Product/Service 2.Relative Price Point 3.Target Market 4.Market Mediums 5.Marketing Strategy These are used to develop Your Marketing Strategy Your Marketing Strategy is unique to your business, the Market Opportunity is the same for everyone

Relative Price Point $$ $ Relative in terms of your competition

Developing Your Strategy Price Quality Differentiation

Developing Your Strategy Price Quality Differentiation Relative Price Point $$$ $

Developing Your Strategy Price Quality Differentiation

Understanding Competition Competitive Advantage Rate your companys competitive advantage from 1 – 5 (1 being little to none and 5 being virtually untouchable) 1 through 3: little to no chance of being profitable in the long run 4 or 5: good competitive advantage

Understanding Competition 4 Types of Competition 1.Direct Competition Businesses that provide the same product/service 2.Indirect Competition Businesses that provide a different product/service that meets the same need 3.Open Market Customers in your market area that should be buying your product /service but arent 4.Yourself Customers that already buy from you but should or would buy more Competition is defined as ANYTHING that eats into your revenue

Fruit Tree Theory 1.Pick the low hanging fruit first 2.Go for the abundant fruit next (Dont worry about the other 2)

Discussion Points (if we have time) Market Mediums Marketing ROI Measuring your results Using a control group in your marketing Marketing Budgets Marketing Mistakes Not doing it consistently Not budgeting for it Not planning Buying whatever Not buying anything

Homework Establish a marketing budget and implement it into your financial forecasting. Make sure that your sales forecast is a function of marketing and write the relation as part of your business plan. Determine whether you are focusing on price, quality, and/or differentiation. If your competitive advantage is below 4, brainstorm with your management team ways to strengthen your competitive advantage. Provide a written description of your marketing strategy. Make sure that it is well enough written that someone outside of the business could implement the strategy based on your description.