Tactical Elements of Marketing Strategy

Name: Tactical Elements of Marketing Strategy
Author: Marc Weniger

In these lessons, you will learn how to create a value proposition and a marketing mix, known as the 4 Ps of marketing. You will also learn how to write the…

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Course: On-Demand

Let's discuss how to develop your value proposition and your marketing mix, budget and forecasting. We will also cover how to create an action plan and key performance indicators to implement and track your marketing plan. The value proposition for your company describes how your organization is unique or better, and how you're positioned in the marketplace. Proposition statements differentiate you from your competitors. First, let's look at the value proposition. Why should a customer purchase your products and services over your competitors? There are five winning value propositions you can choose from and three losing value propositions you should avoid. The winning value propositions are: More for more. Higher benefits at higher prices. In this scenario, your company offers greater benefits at greater cost. Luxury brands, such as Chanel or Prada. Utilize this value proposition by offering designer products at high-end prices, setting themselves apart from competitors through exclusivity. More for the same. Higher benefits at the same price. Your company offers more value than the competition at equivalent prices. An upscale department store might use this value proposition by offering excellent service at comparable prices to other stores. More for less. Higher benefits at lower prices. Your company offers more than the competition, but at lower prices. Home improvement stores utilize this type of value proposition by offering a large selection of products for lower prices. Same for less. Same benefits at lower prices. Your company offers the same benefits as its competitors at lower prices. Samsung often uses this strategy against Apple by offering similar products at lower costs. Less for much less. Lower benefits at much lower prices. Your company offers fewer benefits than the leading competitors but offers them at much lower prices. Convenience stores use this strategy by offering fewer and lower quality products, but at much lower prices than larger retailers. According the principles of marketing by Philip Kotler and Gary Armstrong, the three positions to avoid are: Same for more. Offering the same benefits as your competition for a higher price. Less for the same. Offering fewer benefits for the same price as your competition. Less for more. Offering fewer benefits for a higher price than your competition. All of these positions offer a negative value to the customer by either offering the same product for a higher price, a lower level product for the same price, or a lower level product for a higher price. When it comes to deciding your value proposition, make sure to choose a position that differentiates you and benefits your customers. Your proposition statement describes your position in the market and why a customer would choose your product over the competition. Sometimes companies use their vision statements as value proposition statements. For example, IKEA uses their vision statement as their value proposition to create a better everyday life for many people. When you consider your proposition statement, highlight your unique capabilities to persuade customers to purchase your product or service over competitors.

Intermediate Provider : Marc Weniger 5 Lessons · 15m in Arabic, German, English, Spanish, French, Portuguese, Chinese

Course Description

In these lessons, you will learn how to create a value proposition and a marketing mix, known as the 4 Ps of marketing. You will also learn how to write the budget and forecasting sections in your marketing plan. These lessons will cover how to write an action plan and key performance indicators (KPIs) to implement and track your marketing plan.

What You'll Learn

Create a value proposition and write proposition statements
Build a marketing mix using the 4 Ps of marketing
Write the budget and forecast sections of a marketing plan
Develop a marketing strategy
Write an action plan and develop key performance indicators (KPIs) to implement and track a marketing plan

Key Takeaways

The course teaches how to create a value proposition and a marketing mix, known as the 4 Ps of marketing.
Learners are shown how to write the budget and forecasting sections of a marketing plan.
The lessons cover writing an action plan and developing key performance indicators (KPIs) to implement and track a marketing plan.
The course builds skills in business writing, key performance indicators (KPIs), and marketing.

Frequently Asked Questions

What does this course cover?

It covers how to create a value proposition and a marketing mix (the 4 Ps of marketing), how to write the budget and forecasting sections of a marketing plan, and how to write an action plan and key performance indicators (KPIs) to implement and track the plan.

What are the learning objectives of this course?

The objectives are to discover how to properly budget and forecast a marketing campaign, and to learn how to write an action plan and develop KPIs.

What skills will I gain from this course?

You will build skills in business writing, key performance indicators (KPIs), and marketing.

What topics are taught in the lessons?

The lessons include writing your value proposition and proposition statements, writing your 4 Ps marketing mix, writing the budget and forecast sections, developing your strategy, and writing the action plan and KPIs.