Marketing strategy and core competenciesOne of the very common analytical approaches in strategic planning is SWOT analysis. The first letter stands for “strengths” and the first letter stands for “opportunities”. These two letters, or parts of the SWOT analysis, are designed to work together.In other words, we identify the corporate strengths and then try to […]
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What are core competencies?Core competencies are special skills and capabilities of the firm that provides some competitive advantage in the marketplace. We are primarily interested in those skills and capabilities that allow the firm/brand to deliver superior customer value.You should note that core competencies are skill sets that reside in the people and processes within
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A good way to think about the firm’s value proposition is consider what is different and beneficial about the firm’s (or brand’s) offering/s in the marketplace.Over time, firms/brands will develop and enhance multiple offerings for their target markets. If consumers perceive that the firm/brand offers good value then they are more likely to become and
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The overall product mix for a firm is the complete range of products that they offer in the marketplace. It is also sometimes referred to as their product assortment.There are multiple decisions to make in regards to an overall product mix for a company. Product mix decisions are quite strategic and will determine how the
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Main positioning categoriesBy product attributeBy userBy product classAgainst competitionBy use or applicationBy quality or valueBy using a combination of the above optionsHow to choose the best positioning approach?Market gaps – is there a viable gap?Substance and support – can we deliver a marketing mix to create that positioning?Market need – does the market want this
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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.
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In marketing terms, product augmentation is a set of associated services and other benefits that are provided to a consumer in addition to the actual product that they are purchasing. This article provides a 50+ list of some potential ways and ideas that a product can be augmented.
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In marketing textbooks, consumer products are often shown classified into one of four classes – namely, convenience products, shopping products, specialty products, and unsought products. This is a very old marketing model that is still current and relevant today.There are several articles on this website discussing the specific marketing implications and marketing mix guidelines for
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In marketing textbooks, consumer products are classified into four related sets of products, namely:Convenience productsShopping productsSpecialty productsUnsought productsBelow is a list of examples for classifying consumer products on this basis.Examples of convenience productsNewspapers and magazinesMost groceries and food itemsSoft drinks and snack foods and candy barsTissues, headache tabletsBread and milk, breakfast cerealsToothpaste, soap, and shampooCleaning
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To help understand how the strategic hierarchy model helps us understand how the concept of strategy differs between levels in an organization, let’s look at one of the world’s largest and most diversified companies, General Electric (GE).The following model shows the generic strategic hierarchy model often found in marketing strategy textbooks.The diagram below shows the
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