MARKETERS TOOLKIT(Harvard Business

Essentials)

Summary

MARKETING STRATEGY

Competitive strategy is about being different in a way that

customers value.
In formulating a strategy ,management must determine what
difference is valued and by whom .
Marketing strategy must be aligned with business strategy.
Marketing strategy defines the target market, how the product or
service will be positioned, how it will be branded.
A new product goes through 4 life cycle phases
(introduction,growth,maturity,decline)
Each phase presents a different challenge to marketers.
In the introduction phase ,marketings job is to create awareness
of the product category and to educate potential customers about
how they can use it to their benefit.
Products or services that experience a phase of rapid unit sales
growth attract competitors.
The challenge in this phase is to build your brand .
In the maturity phase ,the sellers market gives way to a buyers
market .Margins decline as producers wrestle with each other
for a bigger slice of the pie.
Marketers are challenged to revitalize their brands.

 During the phase of declining unit sales ,marketers try to

promote new uses for their old products ,find new markets,or
harvest as much profit as possible as the end draws near.
CREATING A MARKETING PLAN

A marketing plan states exactly what the company will do in

launching new products and supporting older ones .
It indicates the timing of its sales and promotional
activities,pricing intentions, and distribution efforts.
How the plan will be controlled and the results measured are
also part of the plan.
A marketing plan is based on customer targeting and the
elements of the marketing mix : product ,price ,place
,promotion.
Product is the companys offer to customers .It includes the
physical aspects of the offer as well as intangible elements ,such
as warranties.
Place refers to the point of sale and the distribution of the
product or service .
Price is what a buyer must give up in exchange for the sellers
product .In free and competitive markets it is a regulator of
customer demand.
Promotion describes the many communicative activities used to
ensure that customers know about the companys offerings,have
a favourable impression of them ,and actually mae a transation.

MARKET RESEARCH

Market Research is a process for listening and learning ,with

the goal of making better decisions.
Formal research includes direct observations ,the gathering and
analysis of purchase data ,customer surveys,focus groups ,and
contacts with dissatisfied and lapsed customers.
Concept testing and conjoint analysis are formal methods for
analysing buyer preferences.

 Lead users are companies and individuals whose needs are far
ahead of market trends. By observing them ,marketers can
develop ideas for innovative new products and services .
Empathetic design gives researchers an opportunity to
understand how people actually use products and services.
Decision makers who directly hear customer wants or
complaints are much likely to respond to them than do those
who experience customer issues indirectly through research
reports.
MASS CUSTOMIZATION

Segmentation aims to break a mass market into submarkets of

customers who have common needs. Successful segmenting
allows a firm tofocus its resources and to create goods and
services that better meet customer needs.
Demographics ,behaviour ,interests, are among the usual
bases of segmentation.
In many cases multifactor segmentation is called for for
example ,not just homeowners,but high-income female
hoemowners
Once a market is segmented into relevant submarkets ,you
must identify those that have the greatest profit potential
.Total spending potential ,accessibility ,and the intensity of
competition in the segments are among the bases for targeting
some segments and not others.
Positioning is an attempt to manage how potential customers
perceive a product or service.For eg ,Quaker Oatmeal is
positioned as the smart and healthy choice among breakfast
cereals.
BRANDING
Products and services can be differentiated in many ways
,including customer service ,rapid delivery ,appealing

design ,superior performance ,technical innovation ,safety

,and reliability
A brand is distinguished not only by a name or logo but also
by the marketing messages connected with the offering.
A brand with a positive image makes the consumers choice
easy.
Differentiation matters only to the extent that customers value
the difference.
INTERACTIVE MARKETING

Email and web based merchandising are the two key forms of
internet marketing.
Email campaigns can be used to make sales ,build customer
relationships ,and drive people to Web sites and stores.
Web based merchandising gives vendors a direct link with
customers ,eliminating middlemen and costly retail facilities.
Thoughtful keywording of products and services ensures that
a site will show up when shoppers run a Google search.