6 Effective Marketing Strategy for CMOs
Contents
1. Market Scope Strategy
a. Single Market Strategy
b. Multi Market Strategy
c. Total Market Strategy
2. Market Entry Strategy
a. First In Strategy
b. Early Entry Strategy
c. Laggard Entry Strategy
3. Product Strategy
a. Product Positioning Strategy
b. Product Repositioning Strategy
c. Product Scope Strategy
d. Product Design Strategy
e. New Product Strategy
4. Promotion Strategy
a. Promotion Mix Strategy
b. Media Selection Strategy
c. Advertising Copy Strategy
5. Distribution Strategy
a. Distribution Scope Strategy
b. Multiple Channel Strategy
6. Pricing Strategy
a. Pricing Strategies for New Products
b. Pricing Strategies for Established Products
c. Price Flexibility Strategy
d. Price Leadership Strategy
A marketing strategy is a company's long-term plan to reach customers, promote products, and achieve business goals by understanding customer needs, defining a unique value proposition, identifying a target audience, and creating a roadmap for marketing efforts like advertising and messaging to drive sales and gain competitive advantage. It's the overall blueprint, distinct from specific tactics, guiding how a business creates and delivers value over time.
The main function of a Chief Marketing Officer (CMO) is to help the company increase its revenues by creating a marketing plan that gives the company a competitive advantage. To help achieve the company's objectives, the CMO is required to possess skills in business and marketing.
A clear marketing strategy should revolve around the company's value proposition. This communicates to consumers what the company stands for, how it operates, and why it deserves the customers' business. A well-constructed value proposition provides marketing teams with a template that should inform their initiatives across all of the company's products and services.
a. A marketing strategy may include current or future marketing initiatives and detail a company's goals and timetables.
b. The success of a marketing strategy can be quantified through metrics like the number of new customers, revenue, and sales.
c. A marketing strategy may include advertising, outreach, and public relations campaigns.
The ultimate goal of a marketing strategy is to achieve and communicate a sustainable competitive advantage over rival companies. To do this, a business must understand the needs and wants of its customers. Whether it's a print ad design, mass customization, or a social media campaign, a marketing asset should effectively communicate a company's core value proposition.
Thank you,
UJ Consulting
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Source: Best Practices in Marketing Plan Development PowerPoint Slides: 6 Effective Marketing Strategy for CMOs PowerPoint (PPTX) Presentation Slide Deck, UJ Consulting
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