As a Sales And Marketing Director, its very critical for you to understand developing brand strategy is extremely critical. The most important asset your company has is its brand. Quite simply, it drives the direction of your business. So you should definitely have a well thought out brand strategy in place.
Increasing competition in business develops similar products with good quality from different manufacturers. But only an effective, innovative and Supply Chain & planning can make your business and products more popular.
For your profession as Sales And Marketing Director it becomes your responsibility to stay connected with like-minded supporting industry experts who can guide and help you deal with your day to day work issues.
Marketing Strategy: 7 Steps to Market Segmentation
If you are entrepreneurial in nature owning a business is very exciting adventure. It can also be the most difficult thing for you to get into if you are not prepared.
Marketing strategy is the primary key to business success. The No. 1 reason businesses fail is that they don't make enough money. And the No. 1 reason they don't make enough money is that they don't adequately understand and practice effective marketing strategy. Marketing strategy offers these powerful benefits:
- Concentrating your resources and efforts on your greatest opportunities for success
- Sharpening your competitive advantage so that your business is superior to your competitors' in ways that matter to customers
- Increasing the income of the firm more effectively than any other way
- Uniting the leadership team to all pull in the same direction, maximizing positive results
- Giving your brand a clearer focus so that it will be better known in the marketplace
- Stimulating demand for your products and services
- Improving the effectiveness of messages you send to customers and prospects
- Strengthening your ability to understand and meet the needs of customers
- Ensuring that your business will survive and thrive far into the future
"Marketing strategy" is one of the top-10 search terms related to marketing, used by Internet searchers about a half-million times a month. Many people are obviously interested in learning more about marketing strategy. That's why this article has been written, the first in a series that explain marketing strategy in detail. The author, Buck Lawrimore, has provided marketing strategy to hundreds of business, government and nonprofit organizations of all sizes for more than 27 years.
Definitions of Marketing
"Marketing" comes from the Latin word merx or mercis meaning merchandise. Originally a market was a large open space where merchandise was displayed for sale, like pictures we've seen of large open marketplaces in Third World countries, or today's farmer's market. Originally "marketing" involved selling products in a marketplace. And that's still the core meaning. But professional marketing has evolved to such a high degree of sophistication, like computer science and medicine, that it involves much more than just selling in a marketplace.
The American Marketing Association, the largest professional organization of marketers in the U.S., defines marketing as follows:
"Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders."
This definition makes no mention of generating sales and income, the primary aims of business marketing, perhaps in deference to the many nonprofit organizations which are members of the AMA and are more focused on "delivering value" and "managing customer relationships."
Another way to understand marketing is to view it as a mindset or orientation of the business or organization. The so-called marketing orientation means the organization as a whole is oriented to understanding and meeting the needs of customers. A company with this orientation is market-driven. It focuses its strategy and operations on understanding and meeting the needs of customers in a manner which is superior to competitors. Procter & Gamble is one of the largest and most successful companies in America, and it has a strong marketing orientation. SAS Airlines, FedEx and other leading companies around the world have a passion for understanding and meeting the needs of customers. That's how they became so successful, and that's how your organization can become more successful than ever before, whether you aim to be a world leader or just the best in your neighborhood at what you do.
Definitions of Strategy
"Strategy" comes from the Greek word strategos meaning general. Strategy defined by Webster's as "1 The science of planning and conducting military campaigns on a broad scale." More recently strategy has come to mean "skill in management" or "an ingenious plan or method."
There are two aspects or connotations to this idea of strategy. The first is, it's big picture. It involves consideration of all your available resources - people, money, time, physical resources etc. "on a broad scale." The second is, strategy involves winning some form of competition. Your opponent may be an enemy who is trying to defeat you, or a business competitor who is trying to get your customers to buy from them instead of from you, or an opposing athletic team in a sports event. In all these situations as well as your own real world, there is one key to all effective strategy. This is one of the most important things for you to learn from this book:
The key to all effective strategy is
concentrating your resources on your greatest opportunities,
where your competition is weak.
Definition of Marketing Strategy
So then, effective marketing strategy could be summed up this way:
"Concentrating the organization's resources on its greatest opportunities
to better meet customer needs, outperform competitors, increase income,
and achieve enduring success."
Implied in this practical definition is the key idea that you have or will develop a niche or position in the marketplace which you can dominate or at least be a top player in, by building on strengths which distinguish you from your competition. Also implied is that you will be most successful if you concentrate on better meeting customer needs (via the marketing orientation) as a path to increasing sales, rather than just focusing on outbound communications or a sales force to persuade potential customers to buy.
Emerging Technologies In Supply Chain Management
With the support of our professional business network, you get the opportunity to exchange experience and knowledge at a top professional level, and to strengthen and develop your own skills within your management and specialist areas.
Through business relationships and experience sharing in confidential settings for Sales And Marketing Director, we strive to create personal and business value for all our network peers.
Even some 15 or 20 years ago, either in theoretical approach on Universities or practical in the Business, the term Distribution was commonly used for the service within the company that was in charged for moving the goods around, according the needs of sales and customers.
Since Warehousing was separate segment at that time, as a different function within company, the link between Distribution and Warehouse was loosed. It was working, but as the demand of the market was growing, these two functions finally merged into Logistic. Still there were warehouse and trucks, but the border was more transparent, links stronger, some assets shared, cost reduced, service to market better. It was a step in the evolution.
Finally, the next step was integration of Logistics ( Distribution and Warehouse ) with Production and Purchasing into single function - The Supply Chain. Now, under the same roof, all functions that were separate not that long time ago, are now aligned in the sequence.
This new concept of whole Supply Chain was providing the Company to be more agile. Agility is something that companies needed in the time of more and more demanding market, growing competition and expansion of range of categories and products. Simply, the market is becoming more volatile and less predictable.
Also, the modern Supply Chain needs to be more "Lean". This mean that it should not have more stock than needed, asset that could unnecessary slow down response time and increase costs.
So, the Lean and Agile are two key characteristics of a contemporary Supply Chain that is capable to offer sufficient service level for the growing demand.
The ratio between Lean and Agile should be well balanced. The key to this fine-tuning is the right approach to the product portfolio. As there are different products in the portfolio, contributing to the share in sales in different percentage, they should be treated accordingly.
This can be explained through Pareto principle, which says that 20% of the SKUs are 80% of sales share. Since these products are high volume, low variety and predictable, planning of production and stock should be more Lean. This mean no large stocks, focus on efficiency and economy of scale.
On the other end of Pareto principle scale are products that represent 80% of SKUs, but only 20% of sales share. These products are less predictable, so the planning should be more Agile.
Networking has always been considered a powerful tool for improving business prospects, advancing a career, and developing ideas. Other than some brief, structured events, networking has been mostly informal and inexpensive in comparison to cost they otherwise spend on different channels. But membership is growing in many formal, long-term networking groups, and so is the price tag.
Our groups are not groups for generating sales leads, nor are they places where individuals can drop-in to gain quick advice on an immediate challenge. Members also sign a confidentiality agreement and benefits from the guided mentoring to help each other.
These groups include an experienced facilitator and use a structured discussion method to ensure appropriate participation.