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Learning ObjectivesBy the end of the lesson you should be able to:1. Describe a range of marketing strategies.2. Explain the meaning and significance of Ansoff’s Matrix in assessing marketing strategies.3. Assess the suitability of Ansoff’s competitive strategies in a given context.4. Evaluate the method, benefit and drawbacks of entering international markets.
Marketing Strategies Corporate GoalsWhat are marketingstrategies? Marketing ObjectivesWhat steps need to betaken beforemarketing strategies Analysis of the marketcan be introduced? Marketing strategy
Low cost Versus Differentiationfor firms that operate in both niche and mass markets LOW COST DIFFERENTIATION The purpose is to make oneThis is the option to go product appear differentfor the cheaper end of and somehow superior to the market. others in the market. Encouraging customers toAim is to offer products choose that particular make at a lower price than or model when making competitors. purchase decisions.
Ansoff’s matrixIgor Ansoff’s matrix shows the mainstrategic options available to firms. Market Penetration Product Development Market Development DiversificationThe matric allows managers to discussstrategies to achieve corporate aims.Each carries a different level of risk.
Market PenetrationTarget market would consist of existing customersIntroduce new product to this marketE.g. –Wii Game Wii Console owners
Benefits? brand loyaltyreduce the purchase of substitutesencourage customers to use the product more often
Market penetration – in actionGiven Americas love of coffee and super-sized portions, it was inevitable thatStarbucks should tie the two together in its latest offering: the massive newTrenta cup size, holding 31 US fluid ounces – thats 917ml, or more than one anda half imperial pints – of beverage
Market DevelopmentMarket an existing product to a new marketNothing about the product changesE.g. –Wii Game UK Wii Game USA
Benefits?Risk but security of an established product.
Market Development – in actionMove abroadTopshop to USPrimark in SpainTesco in China
Product DevelopmentDevelop a new product to sell to existing customersCould include and add on or extension packE.g. –Wii Console Wii Fit
Benefits?Risk but security of its established customers. Drawbacks? May need extensive R&D.
Product development – in actionThe sandwich chain Pret A Manger announced a 37% profitincrease, boosted by sales of 50,000 porridge pots a week
DiversificationMarket a new product to a new marketRelated or unrelated to previous productE.g. –Apple Ipad New market
Diversification – in actionNokiaIn 1990 Nokia made tyres andtoilet rollsMobile Phones
Getting to know the Ansoff MatrixDecided how Coca-Cola and Nestlehave used differentgrowth strategies.Feedback yourfindings to the restof the group.
National or international?When considering marketingstrategies, why is itincreasing likely that firmswill have an internationalaspect to their plans?What are the benefits ofoperating on an internationalscale?
Carry out research on‘Entering InternationalMarkets’ and look at thebenefits and drawbacks to different methods.Prepare to feedback to the rest of the group.
Assessing the effectiveness of marketing strategiesHow can firms assess the effectiveness of marketingstrategies? Has the strategy helped the business to achieve its marketing objectives and therefore its corporate objectives? Can the strategy be assessed within quadrants within the Ansoff’s matrix – achieved market penetration, product development, market development or diversification?
FinallyIdentify and explainthree key words fromtodays lesson.
Re-cap Learning ObjectivesYou should now be able to:1. Describe a range of marketing strategies.2. Explain the meaning and significance of Ansoff’s Matrix in assessing marketing strategies.3. Assess the suitability of Ansoff’s competitive strategies in a given context.4. Evaluate the method, benefit and drawbacks of entering international markets.