Â
MARKETING STRATEGY [YEAR]
To:
Stakeholders
From
[Your name, your job title]
Date:
[The date]
Contents [Insert page numbers according to completed document] 1.0
Executive summary
2.0
Definitions
2.1
Definition of marketing
2.1.1 Marketing Vs. sales 2.2
Definition of marketing strategy
2.2.1 Strategy Vs. tactics 2.3
The APIC framework
3.0
Analysis
3.1
The external environment
3.2
The internal environment
3.3
TOWS analysis
3.4
Market research
4.0
Planning
4.1
Mission
4.2
Objectives
4.3
Strategic focus model
4.4
Ansoff matrix
4.5
BCG matrix
4.6
Segmentation, targeting, and positioning
5.0
Implementation
5.1
The marketing mix
5.2
Marketing channels
5.3
Budget
6.0
Control
1
Pg.
6.1
Gantt Chart
6.2
What to measure
6.3
Marketing dashboard
7.0
Conclusion and recommendations References
2
1.0
Executive summary
[This should never be completed until the strategy document has been finalized.] This document has been created to provide a detailed overview of [your company’s] marketing function. It should be used to provide clarity, transparency, and accountability for that function’s objectives and activities. Definitions In the interest of clarity, and to ensure universal understanding, this section will outline the most important definitions of terms used frequently throughout the document, namely: marketing, sales, strategy, and tactics. Audit and analysis [Provide a sentence or two as an overview on the audit and analysis section] Planning [Provide a sentence or two as an overview on the planning section] Implementation [Provide a sentence or two as an overview on the implementation section] Control and evaluation [Provide a sentence or two as an overview on the control and evaluation section] Conclusion and recommendation The strategy document concludes by recommending next steps required to commence the strategic process.
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2.0
Definitions
2.1
Definition of marketing
To ensure consistent comprehension of marketing as a business function across all stakeholders, the current definition from the American Marketing Association (AMA) will be the basis for references to the term throughout: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. (AMA, 2004) Note the subject of the definition is “value for customers.” 2.1.1
Marketing Vs. sales
Marketing and sales are closely aligned business functions, and what each comprises can sometimes cause confusion and interchangeable use (Baicoianu, 2012). The AMA defines sales as “Any of a number of activities designed to promote customer purchase of a product or service” (AMA, 2018). Comparing this to the definition of marketing in section 2.1, it should be noted that the subject of the definition of sales is “customer purchase,” as opposed to “value for customers.” With this distinction noted, there should be further clarity added to the role of [your company’s] marketing function in the wider context of the business’s operations. 2.2
Definition of marketing strategy
To ensure consistent comprehension of the marketing strategy as a tool for delivering the company’s marketing function, again, the current definition from the AMA will be used: A statement (implicit or explicit) of how a brand or product line will achieve its objectives. The strategy provides decisions and direction regarding variables such as the segmentation of the market, identification of the target market, positioning, marketing mix elements, and expenditures. (American Marketing Association, 2018)
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This clarifies that a true marketing strategy is more than a list of tactical actions. It documents the understanding and reasoning of actions, and how those actions will be measured, providing clarity, transparency, and accountability of the company’s marketing function. 2.2.1
Strategy Vs. tactics
As there is a tendency to confuse the terms “strategy” and “tactics” (Olsen, 2018) and use them interchangeably, in the interest of clarity, it is useful to highlight the distinction between both terms, as both will be referred to in the course of this document. Jarvis (2017) offers the following simple definition: “A strategy is the broad strokes of what you want to accomplish, and tactics are the specific things you try to get there.” Although simplistic, it provides enough understanding of the difference. By this definition, this document is the strategy, and through it, appropriate tactics will be identified in the planning section. Carrying out those tactics will be covered in the implementation section. The ultimate impact of the tactics will be evaluated through the methodology outlined in the control section. 2.3
The APIC framework
The APIC framework stands for: Analysis; Planning; Implementation; Control (Kotler, 1967). Other frameworks include more elements, and may be more detailed, however, with just four distinct elements to develop, this is a clear and concise model. It will provide sufficient structure to a marketing strategy, and in turn [your company’s] marketing function, relative to the resources available.
(Studiowide, 2016)
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3.0
Analysis
3.1
The external environment
A PESTEL analysis examines the macro-environment (Oxford College of Marketing, 2016), identifying the key factors from the wider, uncontrollable external environment that might affect the organization. Political
[Provide a sentence or two explaining any political impact on your company from any aspect, whether local, state, federal, or international. This should include current events, and acknowledge any forthcoming uncertainty.]
Economical
[Provide a sentence or two explaining any economical impact on your company. This should include current events, and acknowledge any forthcoming uncertainty.]
Social
[Provide a sentence or two explaining any social impact on your company. This should include current issues, and acknowledge any forthcoming uncertainty.]
Technological
[Provide a sentence or two explaining any technological impact on your company. This should include current events, and acknowledge any forthcoming uncertainty. It can include hardware, software, and websites.]
Environmental
[Provide a sentence or two explaining any environmental impact on your company. This should include current events, and acknowledge any forthcoming uncertainty. It may overlap with political and legal aspects.]
Legal
[Provide a sentence or two explaining any legal impact on your company. This should include current legal aspects, and acknowledge any forthcoming uncertainty generated by forthcoming legislative changes. ]
The micro-environment is the external environment that [your company] has immediate contact with, and therefore can control to an extent. Customers
[Provide a sentence or two evaluating how your company manages its customers.]
Suppliers and intermediaries
[Your company] is served by a multitude of [suppliers/intermediaries] to undertake its operations. ● ● ●
Competitors
[Vendor A - what they provide] [Vendor B - what they provide] [Vendor C - what they provide]
[Your company] has several competitors. ● ● ●
[Competitor A] [Competitor B] [Competitor C]
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[If your company has a number of distinct offerings, you may need to have separate lists of different competitors for the different offerings.]
(Adapted from Oxford College of Marketing, 2014) Porter’s Five Forces model illustrates the competitive nature of the marketplace and how to deal with it strategically, where “The collective strength of these forces determines the ultimate profit potential of an industry” (Porter, 1979). It is a useful inclusion in a strategy as a reminder to be mindful of how competition in the market may influence new and existing customers/clients .
(Tylenda, 2014] For [your company], the elements of Porter’s Five Forces model would translate as follows: ● ● ● ●
The threat of new entrants is [low/medium/high]. [Provide a few sentences evaluating the threat of new entrants to your market.] The threat of substitutes is [low/medium/high]. [Provide a few sentences evaluating the threat of substitutes to your product or service from the customer/client perspective.] The bargaining power of buyers is [low/medium/high]. [Provide a few sentences evaluating the power of buyers - what influence do customers/clients have in pricing?] The bargaining power of suppliers is [low/medium/high]. [Provide a few sentences evaluating the power of suppliers - what influence do suppliers have in your costs?]
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●
3.2
Industry rivalry is [low/medium/high]. [Provide a few sentences evaluating the threat of industry rivalry - this would include positioning, and acknowledging some understanding of competitors’ strategies.] The internal environment
This comprises things that should be under the control of the organization and can be best understood using the resource-based view. Tangible assets
[Provide a few sentences explaining the status of tangible assets your company has.]
Intangible assets
[Provide a few sentences explaining the status of intangible assets your company has.]
Human resources
[Provide a few sentences explaining the status of your company's human resources. This could include the number of people employed, and what the HR process looks like. This can include capabilities and core competencies.]
Financial resources
[Provide a few sentences explaining the status of your company's financial resources.]
The role of innovation
[Provide a few sentences explaining the status of innovation at your company. Be honest. Consider stakeholders claiming you have an innovative company Vs. actual innovative actions.]
(Adapted from Olsen, 2018) 3.3
TOWS analysis
The TOWS analysis summarizes the external and internal considerations for the strategy (Weihrich, 1982). External Opportunities ● ● ● Strengths ● ● ●
[Strength 1] [Strength 2] [Strength 3]
Threats
[Opportunity 1] [Opportunity 2] [Opportunity 3]
SO ●
● ● ●
[Threat 1] [Threat 2] [Threat 3]
ST [Provide some bullet points with examples of how you can use your strengths to take advantage of the opportunities.]
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●
[Provide some bullet points with examples of how you can take advantage of your strengths to avoid real and potential threats.]
Weaknesses ● ● ●
[Weakness 1] [Weakness 2] [Weakness 3]
WO ●
WT [Provide some bullet points with examples of how you can use your opportunities to overcome the weaknesses you are experiencing.]
●
[Provide some bullet points with examples of how you can minimize your weaknesses and avoid threats.
Key: ● ● ● ●
3.4
Strengths and Opportunities (SO) – How can you use your strengths to take advantage of the opportunities? Strengths and Threats (ST) – How can you take advantage of your strengths to avoid real and potential threats? Weaknesses and Opportunities (WO) – How can you use your opportunities to overcome the weaknesses you are experiencing? Weaknesses and Threats (WT) – How can you minimize your weaknesses and avoid threats? Market research
[Your company] needs to undertake research to determine specific information, particularly in terms of communications and positioning (White Fraser, 2017). Communications research Some research into the value of [your company]’s [product/service] to [customers/clients] should be undertaken. This will help to pinpoint what aspect of the [product/service] they are most buying into, and in turn, identify what message needs to be conveyed to appeal to prospective [customers/clients], and what might be beneficial in [customer/client] retention. Research will help you accurately understand: ● ● ●
Your [customers’/clients’] values and how your [product/service] fits in with this Your [customers’/clients’] media consumption habits What type of communications they respond best to
Positioning research Detailed research into [competitors] would be useful, although it may require some extrapolation from existing research. It will determine:
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● ● ● ● ● ●
Your market share What competitors are most popular and why The monetary value of budget spent on [your product/service] How [your company] distinguishes itself from other competitors e.g. distinct competitive advantage How much [your company] can expect to make per client acquired/retained Ascribe a marketing cost per [customer/client]
[Insert the findings of your research, covering: what you set out to learn, how you did it, and what was confirmed or denied by your research. Include discussion on resources: surveys (online or physical), Google Analytics, academic articles, Mintel and similar, interviews focus groups.] 4.0
Planning
Having developed a clear understanding of market requirements, audience media consumption habits, the state of the market, and the positioning of [your company], the next step is to begin planning marketing activities with the analysis in mind. The analysis section answers the question “where are we now?” while the planning section seeks to answer “where do we want to be?” To this end, this section will discuss [your company]’s mission and vision. 4.1
Mission
[Your company]’s mission statement, as outlined [insert where mission statement is outlined] is: [Insert your company’s mission statement] [Provide a few sentences evaluating the mission statement, to consider: ● ● ●
Is it clear and concise about what your company does? Is it specific to the nature of how your company operates? Does it highlight your distinct competitive advantage in any way?
If the evaluation concludes that the current mission statement does not reflect these points, propose a new one.] (Hull, 2013) 4.2
Objectives
SMART objectives define and refine what marketers implementing the plan, and indeed the business, can achieve (Chaffey, 2018).
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Specific
Is the objective sufficiently detailed to measure real-world problems and opportunities?
Measurable
Can a quantitative or qualitative attribute be applied to create a metric?
Actionable
Can the information be used to improve performance?
Relevant
Can the information be applied to the specific problem faced by the manager?
Time-related
Can the information be constrained through time?
The most important aspect of SMART objectives is the measurability, as this is how the success or failure of the objective will be determined. Objective [Objective 1]
SMART? S [Yes/no] M [Yes/no] A [Yes/no] R [Yes/no] T [Yes/no]
[Objective 2]
S [Yes/no] M [Yes/no] A [Yes/no] R [Yes/no] T [Yes/no]
[Objective 3]
S [Yes/no] M [Yes/no] A [Yes/no] R [Yes/no] T [Yes/no]
[Objective 4]
S [Yes/no] M [Yes/no] A [Yes/no] R [Yes/no]
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T [Yes/no] [Objective 5]
S [Yes/no] M [Yes/no] A [Yes/no] R [Yes/no] T [Yes/no]
4.3
Strategic focus model
(Adapted from Hooley et al, 2012) The strategic focus model above illustrates how an organization identifies where a business can focus its strategic efforts, rather than attempting to undertake a full suite of initiatives to try and generate more revenue. The strategic focus of [your company] will be [insert strategic focus]. 4.4
Ansoff matrix
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An Ansoff Matrix is used to determine the most appropriate strategy to drive an organization forward with its objectives. Each quadrant comes with its own degree of risk to consider (Ansoff, 1957).
(Adapted from Ansoff, 1957) Market Development: targeting new markets, or new areas of existing market; trying to sell more of the same things to different people. Suitability
[Evaluate the suitability of this strategy for your organization.]
Feasibility
[Evaluate the feasibility of this strategy for your organization.]
Acceptability
[Evaluate the acceptability of this strategy in your organization.]
Diversification: Selling completely different products or services to different customers; risky, as there's often little scope for using existing expertise or for achieving economies of scale. Suitability
[Evaluate the suitability of this strategy for your organization.]
Feasibility
[Evaluate the feasibility of this strategy for your organization.]
Acceptability
[Evaluate the acceptability of this strategy in your organization.]
Market Penetration: Selling more of the same things to the same market. Suitability
[Evaluate the suitability of this strategy for your organization.]
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Feasibility
[Evaluate the feasibility of this strategy for your organization.]
Acceptability
[Evaluate the acceptability of this strategy in your organization.]
Product Development: Selling different products to the same people. Suitability
[Evaluate the suitability of this strategy for your organization.]
Feasibility
[Evaluate the feasibility of this strategy for your organization.]
Acceptability
[Evaluate the acceptability of this strategy in your organization.]
To conclude, the most appropriate marketing strategy for [your company] is currently [insert most appropriate strategic approach]. 4.5
BCG matrix
The Boston Consulting group’s product portfolio matrix (BCG matrix) is designed to help with long-term strategic planning, to help a business consider growth opportunities by reviewing its portfolio of products to decide where to invest, to discontinue, or develop products.
(Adapted from Hanlon, 2018) RELATIVE MARKET SHARE Cash generation High
Low
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Stars: high growth markets with high market share.
Question marks or problem child: high growth markets with low market share
[List and discuss/evaluate any such products in your company’s portfolio.]
[List and discuss/evaluate any such products in your company’s portfolio.]
Cash cows: low growth markets with high market share
Dogs: low growth or market share
[List and discuss/evaluate any such products in your company’s portfolio.]
4.6
[List and discuss/evaluate any such products in your company’s portfolio.]
Segmentation, targeting, and positioning
The following table defines how [your company] will implement its marketing strategy. Segmentation
[Evaluate the segment your product/service will be of value to.]
Targeting
[Evaluate how the segment will be targeted.]
Positioning
[Evaluate the positioning of your organization in the context of competitors.]
5.0
Implementation
Having considered “where are we now?” and “where do we want to be?” the next step is to consider the question, “how do we get there?” This leads us to the implementation of tactics to achieve the objectives outlined in the planning section of the strategy. 5.1
The marketing mix
The marketing mix is a list of the issues needed to be addressed in undertaking successful marketing and communications practices, commonly referred to as the 7Ps of marketing (Chartered Institute of Marketing, 2015). Definition
In the case of [your company]
Product
What is offered to the target audience to satisfy their needs and wants
[Identify what this is in the case of your company.]
Price
The price to the customer
[Identify what this is in the case of your company.]
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Place
Distribution of the product, more specifically how a business gets its products to the customers
[Identify what this is in the case of your company.]
Promotion
Activities that communicate the merits of the product and persuade target customers to buy it
[Identify what this is in the case of your company.]
People
The people inside and outside of your business who are responsible for every element of your sales, marketing strategies, and activities
[Identify what this is in the case of your company,]
Process
Customer service, and a company’s ability to offer a service, handle complaints, and foresee any issues before they actually happen. These clearly defined and efficient processes should garner customer confidence in the company’s ability to handle any issues
[Identify what this is in the case of your company.]
Physical evidence
The environment in which the service is delivered and any tangible goods that facilitate the performance and communication of the service
[Identify what this is in the case of your company.]
5.2
Marketing channels
A marketing channel is simply the method used to communicate the value of your product/service to the market - the tactics that will be used day-to-day (Hausman, 2017). Channels should be decided in line with knowledge of the market, as identified in section 3.4, and some understanding of how that channel will be delivered. The evaluation will explain the appropriateness of the channel for your audience. [The column labelled ‘Channel’ includes suggestions as examples: amend as appropriate to your audience, based on your research.] Channel
Evaluation
Process
Website
[Referring to your research, explain who is using the website and how.]
[Explain what will be done, how it will be done, and who will do it.]
Social media
[Referring to your research, explain what social media network will be used and why.]
[Explain what will be done, how it will be done, and who will do it.]
Email marketing
[Referring to your research, explain what approach will be taken regarding email marketing and why.]
[Explain what will be done, how it will be done, and who will do it.]
SEO
[Referring to your research, explain what approach will be taken regarding SEO.]
[Explain what will be done, how it will be done, and who will do it.]
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Print advertising
[Referring to your research, explain what approach will be taken regarding print advertising.]
[Explain what will be done, how it will be done, and who will do it.]
To support this information, a separate document for tactical planning will include specific, detailed information, such as subjects, relevant dates, persons responsible etc. A spreadsheet with a tab for each channel is ideal for using as a tactical planning tool. 5.3
Budget
This is a basic top level budget. The actual marketing budget is a separate spreadsheet document that should be referred and updated for accurate marketing spending. Channel
Cost
Website
[Insert cost for this marketing channel.]
Social media
[Insert cost for this marketing channel.]
Email marketing
[Insert cost for this marketing channel.]
SEO
[Insert cost for this marketing channel.]
Print advertising
[Insert cost for this marketing channel.]
Total
[Insert total cost for these marketing channel.]
6.0
Control
The control section is where the tactical channels outlined in the Implementation section are measured, in order to evaluate how they have contributed to the mission and objectives outlined in the Planning section. The outcomes of these measurements will inform stakeholders in any decision making, such as whether the strategy needs to be amended for the following year, or which tactics are performing best. Perhaps most importantly, these measurements are the evaluation of the performance of [your company]’s marketing function and resources. 6.1
Gantt chart
A Gantt chart for the strategy will identify points of progress, and set the timeframe for achievements (Taylor Jr., 2013).
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Year
2018
Quarter
1
2
3
4
Research Planning Implementation Review Control Evaluate
A number of Gantt charts can be used: an overarching one with key time-bound objectives to be met, and other Gantt charts with more detailed points on particular elements of the strategy. 6.2
What to measure
In evaluating the overall marketing function, it is important to select metrics that align with the definition of marketing in section 2.1, the corporate objectives of the company, and the strategic SMART objectives identified in section 4.2. In identifying appropriate metrics, between six and eight are sufficient, as long as they are relevant and actionable. The methodology for obtaining measurements should also be clear Metric
Relevance
Methodology
Measurement
[Metric 1]
[Insert relevance of metric 1]
[How measurement of metric 1 is obtained]
[Insert number]
[Metric 2]
[Insert relevance of metric 2]
[How measurement of metric 2 is obtained]
[Insert number]
[Metric 3]
[Insert relevance of metric 3]
[How measurement of metric 3 is obtained]
[Insert number]
[Metric 4]
[Insert relevance of metric 4]
[How measurement of metric 4 is obtained]
[Insert number]
[Metric 5]
[Insert relevance of metric 5]
[How measurement of metric 5 is obtained]
[Insert number]
[Metric 6]
[Insert relevance of metric 6]
[How measurement of metric 6 is obtained]
[Insert number]
[Metric 7]
[Insert relevance of metric 7]
[How measurement of metric 7 is obtained]
[Insert number]
[Metric 8]
[Insert relevance of metric 8]
[How measurement of metric 8 is obtained]
[Insert number]
Measurements of metrics are of no value alone, and inform nothing of the success of the strategy. They should be compared to a measurement of the same metric from the previous period, in the case of the marketing strategy, from the year before. Results should be illustrated on a single page marketing dashboard, using graphs where appropriate (Farris et al, 2009).
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6.3
Marketing dashboard
[Insert measurement for metric 1, with a measurement from the previous year for comparison, using an illustration such as a graph or a chart if appropriate.]
[Insert measurement for metric 2, with a measurement from the previous year for comparison, using an illustration such as a graph or a chart if appropriate.]
[Insert measurement for metric 3, with a measurement from the previous year for comparison, using an illustration such as a graph or a chart if appropriate.]
[Insert measurement for metric 4, with a measurement from the previous year for comparison, using an illustration such as a graph or a chart if appropriate.]
[Insert measurement for metric 5, with a measurement from the previous year for comparison, using an illustration such as a graph or a chart if appropriate.]
[Insert measurement for metric 6, with a measurement from the previous year for comparison, using an illustration such as a graph or a chart if appropriate.]
[Insert measurement for metric 7, with a measurement from the previous year for comparison, using an illustration such as a graph or a chart if appropriate.]
[Insert measurement for metric 8, with a measurement from the previous year for comparison, using an illustration such as a graph or a chart if appropriate.]
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7.0
Conclusion and recommendations
[Provide a summary of the strategy, including positive and negative evaluations of aspects. A couple of paragraphs is fine. Provide bullet points outlining between three and five immediate next steps, noting why they should be undertaken, and by whom. ● ● ● ● ●
Recommendation 1 Recommendation 2 Recommendation 3 Recommendation 4 Recommendation 5]
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