Video Transcript: Developing Marketing Strategies and a Marketing Plan

Hello, welcome. We'll be discussing developing marketing strategies and a  marketing plan. So first we need to discuss sustainable competitive advantage,  right? What do the customers value? Right? How do our products differentiate  and capitalize on our competitive advantage against the market. So we, number  one, need to create customer value. How are we going to provide value to them, and how are our products useful in their lives? Right? Do they really value  them? Can they be substituted easily customer excellence, right? We need to  put the customer front and center and make sure that their needs and their  desires and their demands are met so that we can continue to generate positive  revenue growth. So operational excellence, we need to be the best in class. We  should have a world class organization, or that should be our goal. So if we're  excellent in our operations, I think that that may flow down to an excellent  customer experience, because the culture will be set product excellence again.  Product excellence goes along with operational excellence. So if we're excellent  in our operations, we can be likely to be product excellent as well. So what I  mean by product excellent is being the best product in the market, capturing the  most market share, having the greatest demand and looking forward to positive  revenue growth potentially outpacing the market. So locational excellence,  obviously, we need to be locationally Excellent in where we are. Where is our  location, for instance, if you're a distribution company, maybe some place that's  centrally located, that's a day's drive from the eastern United States. That might  be a locational excellent competitive advantage, customer excellence, retaining  loyal customers. We want to make sure that we have repeat customers, repeat  sales. We want a product that they can't live without customer service. Providing the utmost best customer service to our customers is pinnacle, because it needs to be focused around them. They need to have the experience that they desire  from our product, as well as being a friendly, warm, inviting customer service  base. So operational excellence is the execution of the business strategy more  consistently and reliable, reliably than the competition. Operational Excellence is evidenced by results given two companies with the same strategy, the  operationally excellent company will have lower operational risk, lower operating costs, and increased revenue relative to its competitors, creating value for  customers and shareholders. So we're for operationally excellent, we're going to have lower cost. That means we can have lower prices, but a premium product,  and customers will really like that. They'll buy more of it, and the shareholders  will be happy because our revenue, revenue growth is sufficient for stock price  growth and dividend growth. So for operationally excellent, it's going to be good  all the way around. Product excellence, having products with high perceived  value and effective branding and positioning. So product leadership as a  competitive strategy aims to build a culture that continuously brings superior  products to the market. Here, product leaders achieve premium market prices  thanks to the experience they create for their customers. The Corporate 

disciplines they cultivate include resource, research, portfolio management,  teamwork, product management, marketing, talent management, product  leaders organize and recognize excellence in creativity, problem solving and  teamwork is critical to their success again. Locational excellence is a method of  achieving excellence by having a strong physical, physical location and or  internet presence. So we can look at Amazon, they have a great internet  presence, right? So a lot of people, there's a ton of traffic going Amazon all the  time. So they have strong internet locational excellence. So let's look at the  marketing plan. Step one, business mission and objectives, right? Those need  to be identified. Number two, conduct the SWOT analysis. Know what your  strengths, weaknesses, opportunities and threats are, and how to take  advantage and capitalize on those. Step three, identify opportunities,  segmentation, marketing, positioning, and then number four, implement the  marketing mix, our product price, place, promotion, right. Step five, evaluate  performance using marketing metrics back to the statistics piece so and in the  planning phase of steps one and two, the implementation. Phase is three and  four, the control phase is five. So this has kind of been the cumulative of the  course to a degree, because everything that we've talked about essentially is  wrapped up right here in this marketing plan, three phases of a strategic plan,  strategic analysis, external analysis, internal analysis, customer analysis,  external analysis will give us an opportunity to analyze our strengths,  weaknesses, opportunities and threats in the outside market, while internal  analysis gives us an opportunity to perform the SWOT analysis internally so that we can get better customer analysis. Same thing, we can perform SWOT  analysis, and we can figure out where we can capitalize with market share, with  our customer base. Then future orientation flows down to formulating the  strategy. Right? We need a target position and brand Okay, product  development is critical, and developing ideas and generating a good product  innovation is critical to continuing to grow revenues and differentiate your  product. Relationships and alliances are critical and maybe getting cheaper raw  material costs. Maybe you have somebody in the market that you depend on,  and is an alliance so that you too can share ideas and market information,  strategic marketing plan flows down to implementation, which is we implement  the product, we implement our strategies, and then we control the outcomes  through our metric recording.