Marketing Strategies

Transcribed on January 15, 2025 at 2:36 PM by Minutes AI

Speaker 1 (00:03)
We'll be using this lecture to provide context around marketing and how it helps
businesses.
Let's dive in.
Marketing and marketing management is the process of planning, implementing and
monitoring strategies to to create, promote and sell products or services that meet target
customers needs.
It aims to establish long term customer relationships, create favorable images in the
marketplace and increase sales and profits through improved marketing strategies.
Marketing managers analyze data on potential customers, develop marketing campaigns
and manage the entire marketing process to achieve their organization's objectives.
Every company needs to apply marketing strategies to increase sales, define products or
services, create connections with new collaborators or partners, get new customers, build
customer loyalty, create a brand, internationalize the company through the media.
And that, in a nutshell, is the reason why digital or offline marketing is so important for any
business.
No matter how small it is.
There are many important things marketing can do for different business sectors.
Let's try to understand the impact better.
It helps to set better goals for the business.
The success of a business depends on its goals and objectives.
Marketing can help a business set its goals.
By practicing some marketing strategies, it will lead to the popularity of their brand.
By this, it will motivate the company to maintain its reputation.
They will now set clear goals and objectives for their employees to know their targets.
It also helps to build a reputation for the brand.
But it is essential to ensure we are giving outstanding quality and useful products to our
target market.
This way, we won't only build an excellent reputation for the product, but also the brand.
Marketing also help improves decision making.
When a company hires a market specialist, they will do everything to boost the sales of
products by making appropriate marketing actions.
The first thing to consider in doing these activities is knowing your audience.

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When the company has known fully their audience, this will help them decide what lines
and details they will create in convincing people to buy their products.
Customer segmentation and predictive analytics comes handy in these situations.
And most importantly, marketing helps to boost the sales.
Marketing is one way to give information to consumers.
This way, consumers will have a basic idea of what is the product all about.
They will also know the benefits of buying the products.
Marketing educates many people about a certain product.
When people are well informed about the product, your sales will increase.
Marketing is a great help for many business establishments to create revenue options.
It is when business sectors use different marketing strategies to increase business profits.
One way to increase the profit is to reduce the product costs.
This way, many customers will buy the product.
Reducing the product costs will increase the number of potential buyers, thus getting
more sales.
It is better to gain smaller profits but consistent sales.
Another way to increase the revenue is to run media advertisements and promotions.
It is the easiest way to make people know about your products.
The 4Ps were popularized by Neil Borden, an advertising professor at Harvard University,
in the 1950s as part of the overall marketing mix.
The 4Ps of marketing are still widely used today by marketers and companies to advertise
their goods and services.
The 4Ps are the key considerations that must be thoughtfully reviewed and wisely
implemented in order to successfully market a product or service.
They are product price, place, and promotion.
The 4Ps are often referred to as the marketing mix.
They encompass a range of factors that are considered when marketing a product,
including what consumers want, how the product or service meets or fails to meet those
wants, how the product or service is perceived in the world, how it stands out from the
competition, and how the company that produces it interacts with its customers.
Since the 4Ps were introduced in the 1950s, more PS have been identified, including
people, process, and physical evidence.
Let's try to understand them in more detail.
Creating a marketing campaign starts with an Creating a marketing campaign starts with
an understanding of the product itself.
Who needs it and why?
What does it do that no competitor's product can do?

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Perhaps it's a new thing altogether and is so compelling in its design or function that
consumers will have to have it when they see it.
The job of the marketer is to define the product and its qualities and introduce it to the
consumer.
Defining the product also is key to its distribution.
Marketers need to understand the life cycle of a product, and business executives need to
have a plan for dealing with products at every stage of the life cycle.
The type of product also dictates, in part how much it will cost, where it should be placed,
and how it should be promoted.
Many of the most successful products have been the first in their category.
For example, Apple was the first to create a touchscreen smartphone that could play
music, browse the Internet, and make phone calls.
Apple reported total sales of the iPhone for FY 2022 at $205.4 billion.
In 2021, it hit the milestone of 2 billion IPH.
Price is the amount that consumers will be willing to pay for a product.
Marketers must link the price to the product's real and perceived value, while also
considering supply costs, seasonal discounts, competitors prices, and retail markup.
In some cases, business decision makers may raise the price of a product to give it the
appearance of luxury or exclusivity, or they may lower the price so more consumers will try
it.
Marketers also need to determine when and if discounting is appropriate.
A discount can draw in more customers, but it can also give the impression that the
product is less desirable than it was.
Uniqlo, headquartered in Japan, is a global manufacturer of casual wear.
Like its competitors Gap and Zara, Uniqlo creates low priced fashion forward garments for
younger buyers.
What makes Uniqlo unique is that its products are innovative and high quality.
It accomplishes this by purchasing fabric in large volumes, continually seeking the highest
quality and lowest cost materials in the world.
The company also directly negotiates with its manufacturers and has built strategic
partnerships with innovative Japanese manufacturers.
Uniqlo also outsources its production to partner factories, factories.
That gives it the flexibility to change production partners as its needs change.
Finally, the company employs a team of skilled textile artisans that it sends to its partner
factories all over the world for quality control.
Production managers visit factories once a week to resolve quality problems.
Place is the consideration of where the product should be available in brick and mortar
stores and online, and how it will be displayed.

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The decision is key.
The makers of a luxury cosmetic product would want to be displayed in Sephora and
Neiman Marcus, not in Walmart or Family Dollar.
The goal of business executives is always to get their products in front of the consumers
who are the most likely to buy them.
That means placing a product only in certain stores and getting it displayed to the best
advantage.
The term placement also refers to advertising the product in the right media to get the
attention of target consumers.
For example, the 1995 movie GoldenEye was the 17th installment in the James Bond movie
franchise and the first that did not feature an Aston Martin car.
Instead, Bond actor Pierce Brosnan got into a BMW Z3.
Although the Z3 was not released until months after the film had left theaters, BMW
received 9,000 orders for the car the month after the movie opened.
The goal of promotion is to communicate to consumers.
Promotion is to communicate to consumers that they need this product and that it is
priced appropriately.
Promotion encompasses advertising, public relations, and the overall media strategy for
introducing a product.
Marketers tend to tie together promotion and placement elements to reach their core
audiences.
For example, in the digital age, the place and promotion factors are as much online as
offline, specifically where a product appears on a company's web page or social media, as
well as which types of search functions will trigger targeted ads for the product.
The Swedish vodka brand absolu sold only 10,000 cases of its vodka in 1980.
By 2000, the company had sold 4.5 million cases, thanks in part to its iconic advertising
campaign.
The images in the campaign featured the brand's signature bottle styled as a range of
surreal images, a bottle with a halo, a bottle made of stone, or a bottle in the shape of the
trees standing on a ski slope.
To date, the Absolute Campaign is one of the longest running continuous campaigns of all
time from 1981-2amarketing strategy is a.

Speaker 2 (12:16)
Long term vision outlining a business's value proposition to its customers.
Rather than describing the concrete actions required in specific advertising campaigns,
marketing strategies are a compass used to guide marketing efforts.
While it may be tempting to hash out a marketing plan right away, thinking about the
marketing strategy first can improve your product's success and give you a competitive
advantage.

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People often use the terms marketing strategy and marketing plan interchangeably, but in
reality they are two different processes.
A marketing plan describes the concrete actions and marketing tactics undertaken to
complete a marketing campaign.
Meanwhile, a marketing strategy outlines the big picture of a marketing effort, such as the
business's target customers.
The strategy describes what the marketing objectives are, while the plan describes how
those objectives are going to be achieved.
For example, imagine an E commerce business that is trying to grow its customer base.
They start a referral program to encourage word of mouth, but it has little success.
If they had created a strategy, they might have realized they needed to tap into new
potential customers.
Instead, a digital marketing strategy focused on targeted blog posts and search engine
optimization would have yielded better results.
There are many different approaches approaches to marketing such as social media
marketing or content marketing, but strategies for market growth can be found in ansof's
matrix.
These four strategies are Market penetration Product Development Market Development
Diversification Hegor Ansoff is a mathematician and business manager who created the
Matrix to help businesses define their strategies by varying what product is being sold and
who the product is being sold to.
Market penetration strategy is a growth strategy that involves selling existing products to
existing markets.
It is considered the least risky of all the strategies in ansof's matrix.
The strategy is typically considered most beneficial if the market is either growing or the
marketer alters its promotional efforts through existing marketing channels.
A Product Development Product development strategy involves the development of a new
product for an already existing market.
Typically, it is considered riskier than a market penetration strategy because it requires
the creation of a totally new product in order to be successful.
Product development strategies typically require innovation and further research into the
existing market, including the profiles and needs of the target audience.
A market development strategy takes an existing product into new markets, much like a
product development strategy.
A market development strategy is considered riskier than a market penetration strategy
because it involves introducing a familiar product into an unfamiliar marketplace.
While the product remains the same, the new place it is sold requires possibly new pricing
and promotional efforts.
A diversification strategy involves the development of a new product for a new market.
The novelty required of a diversification strategy means that it is also the riskiest of the
Ansoff Matrix's four strategies.

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Diversification strategies require full attention on all of the 4Ps product price, place, and
promotion.
But the biggest risks can also lead to the biggest rewards when it comes to the final two
elements of marketing when it comes to the final two elements of marketing, place and
promotion, understanding marketing channels is crucial.
To satisfy the third marketing mix element, place, an organization must understand where
buyers are looking for their products and work to make their products available at these
locations.
For many technology companies, customers will seek out their products either online
direct selling or from a retailer.
Selling through Intermediaries the final element of the marketing mix promotion deals with
the identification of the best channels where an organization can best distribute
messaging about its product to a target audience.
Promotion is especially important for organizations that do direct selling as they don't
depend on retailers or wholesalers to drive sales on their behalf.
Organizations that sell their products online must identify the digital marketing channels
that offer the best ROI for marketing dollars.
The overall ROI for any individual marketing channel may tend to diminish over time as
users begin to tune out or ignore advertisements that they see all the time.
In addition to identifying optimal channels for generating marketing roi, organizations
should continuously test new marketing channels while leveraging marketing automation
to avoid sending repetitive messages to the same prospects for physical products.
There are four basic types of marketing.
Direct selling where products are marketed and sold directly to consumers without a fixed
retail life location Selling through intermediaries where products are manufactured at the
point of origin and sold to customers by downstream intermediaries such as agents,
brokers, wholesalers, and retail stores.
Dual distribution where manufacturers combine multiple types of channels to sell products
to the end user.
This could mean that the manufacturer sells directly to customers and also does business
with wholesalers and retailers who sell to customers through their own distribution
networks.
Reverse marketing where products move from the customer back to the manufacturer.
Typical cases of reverse marketing include recycling and product recalls.
Businesses that engage in digital marketing campaigns execute a special type of direct
selling campaign that leverages many different types of channels to effectively market to
prospects, nurture them through the sales funnel, and drive sales growth and revenue
target attainment.
Let's go through these channels in detail.
Traditional media such as print ads, billboards, and signs radio and direct mail can still be
effective even in the digital age as they can reach audiences when they are not online.

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These media can also be effective in reaching audiences in a specific geographic location,
and some forms like direct mail may have a longer shelf life as consumers save physical
items for later use or share them with others.
Word of mouth marketing refers to consumer to consumer communication around a brand
or a product through things like recommendations, testimonials and referrals.
As a form of social proof, these communications can be highly effective in driving sales.
Regardless of the type of business you operate, consumers tend to emulate the behaviors
and preferences of their peers and trust their endorsements of products and services.
Hosting live events such as classes, performances or meet and greets can be a way to
attract potential customers to your brand and entice them to future events or other
products and services.
Consider enhancing customer experience by stimulating the five senses such as with
music, lighting and refreshments, and making sure every interaction with event staff
contributes to attendees enjoyment.
Social media marketing leverages the power of high value content such as instructional
videos or inspirational quotes to attract audiences.
When you post content related to potential customers interests, you can catch their
attention while they are engaged in regular social media activities like scrolling their feeds
or messaging contacts on platforms such as Facebook, Twitter and LinkedIn.
As a marketing channel, Email offers the opportunity As a marketing channel, email offers
the opportunity to deliver products, personalized messaging to subscribers, inboxes,
develop relationships with your audience and convert them into customers.
The emails you send can include educational material, product discounts, announcements
of new offers or events, free gifts and coupons, or surveys and polls.
Depending on the features of your email system, you can usually measure the
effectiveness of email campaigns with metrics such as open rates, click through rate, and
conversion rate.
By segmenting your subscriber list and automating the delivery of multiple emails, you can
lead subscribers along a customer journey without having to compose every single email
manually.
There are several ways to use the web as a marketing channel as explored below.
Consider a website as an online anchor and powerful marketing channel for your brand.
When you are building a website and driving traffic to it, take time to optimize the site
structure, design content, and calls to action so that visitors are encouraged to subscribe
or make a purchase.
SEO content marketing refers to content that is optimized for search engines.
Develop long form content that satisfies an Internet searcher's intent to find information,
information about a topic, or an answer to a question.
For example, once your SEO friendly content shows up on a search engine results page
Internet searchers can click on the page, consume the content, and learn more about your
products and services.

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Paid digital ads can help you scale your efforts beyond the reach of organic online
marketing to reach new audiences.
Digital ads can include search engine marketing, ads based on keywords that people are
searching for, online display ads, native ads showing audiences, ads based on their online
activity, and paid social media advertising promoting posts designed to reach specific
audiences.
With all the possibilities for channel marketing at your disposal, it's important to choose
the channels that align.
Align with your business goals.
Set goals that are specific and measurable for these three increments of time.
For example, maybe you want to add email marketing to your current marketing efforts.
Your goal might include getting a certain number of people to click on the landing page, a
certain number of those people to actually subscribe, and a certain number of those
people to buy products or services that you promote through your email sequences as
part of a comprehensive business plan.
Conducting a market analysis can help you identify opportunities in your industry to reach
a target market, including the marketing channels that are the best for your business.
Components of market analysis include industry research, competitive analysis,
identifying gaps, researching a target market or niche market, identifying barriers to entry,
and forecasting sales.
Investigating competing brands in depth can help you decide which marketing channels to
use.
What are brands like yours doing to reach customers in your niche market?
What marketing channels are competitors currently not using?
What can you do to differentiate yourself from the competition and improve on their
message and approach?
Set up a few interviews with loyal customers with the goal of discovering the how they
discovered your products and services, what inspired them to make a purchase, their
favorite social media platforms, the kinds of events they're likely to attend, how they
search for information, and which sources of information they trust.
If interviews are not feasible, create a few survey forms that customers can fill out quickly
and easily.
You can carry out many marketing efforts for free or at a nominal cost.
These might include posting organic content to social media, building SEO content on
your site that ranks high in search engine results, and networking with potential customers
at professional events.
You may be ready to scale your efforts by setting up paid advertising either through digital
or traditional marketing channels.
While one channel might strike you as the most appropriate, consider an omnichannel or
multi channel marketing approach to give your business the best chance of reaching
audiences businesses and turning them into paying customers.

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Omnichannel marketing is similar in that you are marketing your business on two or more
channels with the intent of increasing visibility and interacting with customers where they
are likely to be Omnichannel marketing has one main difference.
It's set up to be a seamless integration between and among channels so that customers
can continue their journey with your brand without disruption.

Speaker 3 (25:51)
It.

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Marketing Strategies
Notes created on January 15, 2025 at 2:36 PM by Minutes AI

Marketing Overview (00:03 - 10:00)

• Marketing and marketing management is the process of planning, implementing, and

• Aims to create, promote, and sell products or services that meet target

• Establishes long-term customer relationships and increases sales and profits.

Importance of Marketing
• Every company needs to apply marketing strategies.

• Increases sales and defines products or services.

• Builds customer loyalty and creates a brand.

Goals and Reputation

• Marketing helps to set better goals for the business.

• Motivates the company to maintain its reputation.

• Essential to provide outstanding quality and useful products.

• Builds an excellent reputation for both the product and the brand.

Decision Making and Sales

• Marketing improves decision making.

• Knowing the audience helps in creating convincing marketing actions.

• Marketing boosts sales by informing consumers.

• Educates consumers about products and their benefits.

Revenue Options

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• Marketing creates revenue options for businesses.

• Reducing product costs can increase the number of potential buyers.

• Media advertisements and promotions are effective for product awareness.

The 4Ps of Marketing

• The 4Ps are product, price, place, and promotion.

• Key considerations for successfully marketing a product or service.

• More Ps have been identified, including people, process, and physical evidence.

Product Understanding
• Creating a marketing campaign starts with understanding the product.

• Marketers define the product and its qualities for consumers.

• Understanding the product life cycle is crucial for business executives.

Pricing Strategy
• Price must link to the product's real and perceived value.

• Consider supply costs, seasonal discounts, and competitors' prices.

• Discounting can attract customers but may affect perceived desirability.

Place and Distribution

• Place involves where the product is available and how it is displayed.

• Luxury products should be displayed in high-end stores.

• Placement also refers to advertising in the right media for target consumers.

Promotion (10:01 - 19:51)

• Goal of promotion is to communicate to consumers.

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 • Communicates need for the product and appropriate pricing.

• Encompasses advertising, public relations, and media strategy.

• Ties together promotion and placement elements to reach core audiences.

Digital Marketing
• Place and promotion factors are online and offline.

• Includes product appearance on web pages and social media.

• Involves targeted ads triggered by search functions.

Marketing Strategy vs. Marketing Plan

• Marketing strategy is a long-term vision outlining value proposition.

• Marketing plan describes concrete actions and tactics for campaigns.

• Strategy outlines marketing objectives; plan describes how to achieve them.

Ansoff's Matrix
• Four strategies for market growth:

• Market Penetration

• Product Development

• Market Development

• Diversification

• Market penetration is least risky, selling existing products to existing markets.

Marketing Channels
• Understanding marketing channels is crucial for place and promotion.

• Organizations must know where buyers look for products.

• Promotion involves identifying best channels for messaging to target audience.

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Types of Marketing
• Direct Selling: Products marketed directly to consumers.

• Selling through Intermediaries: Products sold by agents, brokers, and retailers.

• Dual Distribution: Manufacturers use multiple channels to sell products.

• Reverse Marketing: Products move from customer back to manufacturer.

Traditional Media
• Effective in reaching audiences not online.

• Can target specific geographic locations.

• Some forms like direct mail have longer shelf life.

Word of Mouth Marketing

• Involves consumer-to-consumer communication.

• Highly effective in driving sales through recommendations and referrals.

Consumer Behavior (19:52 - 25:51)

• Consumers emulate peer behaviors and trust endorsements.

• Hosting live events can attract potential customers.

• Examples include classes, performances, or meet and greets.

• Enhance customer experience by stimulating the five senses.

• Use music, lighting, and refreshments.

• Ensure interactions with event staff contribute to enjoyment.

Social Media Marketing

• Leverages high value content to attract audiences.

• Examples include instructional videos and inspirational quotes.

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• Posting content related to customer interests captures attention.

• Engages users during regular social media activities.

Email Marketing
• Offers personalized messaging to subscribers.

• Develop relationships and convert them into customers.

• Emails can include various content types.

• Educational material, product discounts, event announcements, and surveys.

• Measure effectiveness with metrics like open rates and conversion rates.

Website as a Marketing Channel

• Consider a website as an online anchor for your brand.

• Optimize site structure and content to encourage subscriptions or purchases.

• SEO content marketing involves creating content optimized for search engines.

• Develop long form content that satisfies searchers' intent.

Paid Digital Advertising

• Helps scale efforts beyond organic marketing.

• Types of digital ads include:

• Search engine marketing and online display ads.

• Paid social media advertising targeting specific audiences.

Setting Goals and Market Analysis

• Align marketing channels with business goals.

• Set specific and measurable goals for marketing efforts.

• Conduct market analysis to identify opportunities.

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 • Components include industry research and competitive analysis.

Customer Insights
• Interview loyal customers to discover their preferences.

• Understand how they found products, their favorite platforms, and trusted

• Surveys can be an alternative if interviews are not feasible.

Cost-effective Marketing Efforts

• Many marketing efforts can be done for free or at low cost.

• Examples include organic social media content and SEO content creation.

• Consider scaling efforts with paid advertising.

Omnichannel Marketing
• Involves marketing on multiple channels to increase visibility.

• Aims for seamless integration between channels.

• Allows customers to continue their journey without disruption.

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