Bsbmkg609 - Develop A Marketing Plan: Element 1: Devise Marketing Strategies

BSBMKG609 - DEVELOP A
MARKETING PLAN
ELEMENT 1: DEVISE MARKETING STRATEGIES

STRATEGIC ALLIANCES
Strategic alliances can provide opportunities for marketing through two or
more companies cooperating to jointly promote and sell a product, service,
or even a concept. The strategic alliance take place on any scale, including
internationally, as long as it provides a benefit to all stakeholders.
• Alliances of non-competitive businesses. For example, a tow service,

auto-repair shop, and car-rental business teaming up to offer end-to-end
service to the same customer.
• Destination alliances, where hotels, restaurants, and tourist
businesses pool resources to market their location to prospective
travellers.
• Technology alliances to promote a new device or concept. In this case,
firms that might potentially compete in offering new technology face
greater competition from other firms representing the existing, established
alternative technology. An alliance allows these companies to create a
greater market presence to displace the old technology—and ensures that
they get to establish the standards for production of the new technology.
• Alliances to expand into new markets are particularly useful, since

independent expansion requires a huge investment of resources and the
development of new distribution channels. This is especially useful for
tapping into overseas markets; a firm in one country can offer a product
through another firm already established in another country, thus tapping
into the new market immediately.
ANSOFF MATRIX
The development of existing products or services is a common marketing

opportunity option. The Ansoff matrix includes two strategies which relate
to developing existing products or services. The market penetration growth
strategy seeks to create marketing opportunities by offering existing
products or services to current markets but varying marketing strategies,
for example, more intensive promotion or frequent price changes. This
reduces the element of risk as the product or service in familiar and the
market is known. A market development growth strategy also seeks to
create marketing opportunities through moving existing products or
services into new markets. In this case, while the market is new the
product or service is the same, and therefore the risk is less.
MARKETING OPPORTUNITIES
Market growth can be achieved by the takeover of a competitor and

can produce synergy through economies of scale and efficiency
gains, as well as reducing the threat of competitors.
Takeovers can also provide opportunities for new markets and
product development, such as overseas markets.
Diversification can also be achieved through takeovers, which
could be backward integration such as taking over a supplier, or
forward integration such as taking over a customer or distributor.
EIGHT ANALYSIS TYPES TO IDENTIFY MARKET OPPORTUNITIES
1.Consumer segmentation
2.Purchase situation analysis
3.Direct competition analysis
4.Indirect competition analysis
5.Analysis of complementary products and services
6. Analysis of other industries
7.Environment analysis
8.Foreign markets analysis
KEY INFORMATION OF MARKETING FRANCHISE
• A detailed explanation of the product or service

• Background and history of the company
• The geographical areas where franchisees are sought
• The cost of the franchise and associated fees
• The franchise package, i.e. what you get for your money
• Financial projections
• Required skills, characteristic and experience
• Existing franchisee testimonies and/or client testimonies
• The next steps and how to apply for the franchise
PRODUCT LIFE CYCLE
The product life cycle is an important concept in marketing. It describes the stages a
product goes through from when it was first thought of until it finally is removed from the
market. Not all products reach this final stage. Some continue to grow and others rise and
fall.
What are the main stages of the product life cycle?
The main stages of the product life cycle are:
• Research & development - researching and developing a product before it is made
available for sale in the market
• Introduction – launching the product into the market
• Growth – when sales are increasing at their fastest rate
• Maturity – sales are near their highest, but the rate of growth is slowing down, e.g.
new competitors in market or saturation
• Decline – final stage of the cycle, when sales begin to fall
https://www.tutor2u.net/business/reference/product-life-cycle
Extending the Product Life Cycle
For successful products, a business will want to do all it can to extend the growth and
maturity phases of the life cycle, and to delay the decline phase.
What can businesses do to extend the product life cycle?
To do so, it may decide to implement extension strategies - which are intended to extend
the life of the product before it goes into decline.
Examples of extension strategies are:

• Advertising – try to gain a new audience or remind the current audience
• Price reduction – more attractive to customers
• Adding value – add new features to the current product, e.g. improving the
specifications on a smartphone
• Explore new markets – selling the product into new geographical areas or creating a
version targeted at different segments
• New packaging – brightening up old packaging or subtle changes
THE MARKETING MIX
Marketing mix is about

putting the right
product or a
combination thereof in
the place, at the right
time, and at the right
price. The difficult part
is doing this well, as
you need to know
every aspect of your
business plan.
Marketing Mix 4P’s
A PRODUCT is an item that is built or produced
to satisfy the needs of a certain group of people.
The product can be intangible or tangible as it can
be in the form of services or goods.
The PRICE of the product is basically the amount

that a customer pays for to enjoy it. Price is a very
important component of the marketing mix
definition.
It is also a very important component of a
marketing plan as it determines your firm’s profit
and survival. Adjusting the price of the product has
a big impact on the entire marketing strategy as
well as greatly affecting the sales and demand of
the product.
PLACEMENT OR
PROMOTION is a very
DISTRIBUTION is a very important
important component of
part of the product mix definition. You
marketing as it can boost
have to position and distribute the
brand recognition and sales.
product in a place that is accessible to
Promotion is comprised of
potential buyers.
various elements like:
This comes with a deep understanding
of your target market. Understand Sales Organization
them inside out and you will discover Public Relations
the most efficient positioning and Advertising
distribution channels that directly Sales Promotion
speak with your market.
MARKETING MIX 7P’S
Of both target market and PEOPLE directly related to
the business.
Thorough research is important to discover whether
there are enough people in your target market that is in
demand for certain types of products and services.
The company’s employees are important in marketing
because they are the ones who deliver the service. It is
important to hire and train the right people to deliver
superior service to the clients, whether they run a
support desk, customer service, copywriters,
programmers…etc.
When a business finds people who genuinely believe
in the products or services that the particular business
creates, it’s is highly likely that the employees will
perform the best they can.
The systems and PROCESSES In the service
of the organization affect the industries, there should
execution of the service. be PHYSICAL
So, you have to make sure that EVIDENCE that the
you have a well-tailored process service was delivered.
in place to minimize costs. Additionally, physical
evidence pertains also
It could be your entire sales to how a business and
funnel, a pay system, it’s products are
distribution system and other perceived in the
systematic procedures and steps marketplace.
to ensure a working business
that is running effectively.
Tweaking and enhancements can
come later to “tighten up” a
business to minimize costs and
maximise profits.
MARKETING MIX 4C’S The 4Cs marketing model was developed by Robert F. Lauterborn in
1990. It is a modification of the 4Ps model. It is not a basic part of
the marketing mix definition, but rather an extension. Here are the
components of this marketing model:
Cost – According to Lauterborn, price is not the only cost incurred
when purchasing a product. Cost of conscience or opportunity cost
is also part of the cost of product ownership.
Consumer Wants and Needs – A company should only sell a
product that addresses consumer demand. So, marketers and
business researchers should carefully study the consumer wants and
needs.
Communication – According to Lauterborn, “promotion” is
manipulative while communication is “cooperative”. Marketers
should aim to create an open dialogue with potential clients based on
their needs and wants.
Convenience – The product should be readily available to the
consumers. Marketers should strategically place the products in
Whether you are using the 4Ps, the 7Ps, or the 4Cs, your marketing mix
plan plays a vital role. It is important to devise a plan that balances
profit, client satisfaction, brand recognition, and product availability. It
is also extremely important to consider the overall “how” aspect that
will ultimately determine your success or failure.
By understanding the basic concept of the marketing mix and it’s
extensions, you will be sure to achieve financial success whether it is
your own business or whether you are assisting in your workplace’s
business success.
The ultimate goal of business is to make profits and this is a surefire,

proven way to achieve this goal.
https://marketingmix.co.uk/

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What are some examples of strategic alliances?

What are the different types of analysis that can be used to identify market opportunities?

BSBMKG609 - DEVELOP A

ELEMENT 1: DEVISE MARKETING STRATEGIES

• Alliances of non-competitive businesses. For example, a tow service,

• Alliances to expand into new markets are particularly useful, since

The development of existing products or services is a common marketing

Market growth can be achieved by the takeover of a competitor and

• A detailed explanation of the product or service

Examples of extension strategies are:

Marketing mix is about

The PRICE of the product is basically the amount

The ultimate goal of business is to make profits and this is a surefire,

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