Consistency of the Marketing Strategy
A marketing strategy should be consistent with the nature of the business, the product and the market.
A strategy that works for one business may not work for another because businesses have different:
→ Objectives
→ Resources
→ Target customers
→ Products
→ Competitors
→ Market conditions
Consistency with the Business
The marketing strategy should match the overall objectives and resources of the business.
→ A small business may focus on local customers and low-cost digital promotion.
→ A large international business may use mass advertising and multiple distribution channels.
→ A business seeking rapid growth may focus on increasing market share.
→ A business focused on premium positioning may emphasise quality and brand image rather than low prices.
Example:
→ Small independent café → limited budget → local social media promotion → local customers.
→ International luxury brand → premium image → high-quality advertising → selective distribution → higher prices.
Consistency with the Product
The marketing strategy should reflect the nature and characteristics of the product.
→ Luxury products may require premium pricing and selective distribution.
→ Everyday products may require competitive pricing and widespread distribution.
→ New products may require promotional campaigns to create awareness.
→ Products with a short life cycle may require frequent product development and promotional activity.
Example:
→ A luxury watch → premium price → high-quality branding → specialist retailers → targeted promotion.
→ Bottled water → competitive price → widespread availability → mass-market promotion.
Consistency with the Market
The strategy should reflect the characteristics of the target market.
→ Age and income of customers
→ Customer preferences
→ Market size
→ Level of competition
→ Market growth
→ Cultural factors
→ Customer buying behaviour
Example:
→ A product aimed at teenagers may use social media and influencers.
→ A product aimed at older customers may use different communication channels and emphasise reliability and ease of use.
Key idea:
→ Business + product + market → appropriate marketing strategy
Developing a Coordinated Marketing Strategy
A coordinated marketing strategy means that all marketing activities work together to achieve the same objectives.
The different elements of the marketing mix should not be decided independently.
→ Product
→ Price
→ Promotion
→ Place
Why Coordination Is Needed
→ Creates a consistent message to customers
→ Prevents conflicting marketing decisions
→ Makes better use of resources
→ Strengthens the brand image
→ Improves customer experience
→ Helps achieve marketing objectives
Example:
A business wants to position a new product as premium:
→ Product → high quality and attractive design
→ Price → relatively high
→ Promotion → emphasises quality and exclusivity
→ Place → selected premium retailers and website
These decisions reinforce the same premium positioning.
Developing a Coordinated Strategy
A business can develop coordination by:
→ Setting clear marketing objectives
→ Identifying the target market
→ Conducting market research
→ Establishing the desired positioning
→ Coordinating product, price, promotion and place
→ Allocating resources
→ Communicating the strategy to employees
→ Implementing the strategy
→ Monitoring results
→ Adjusting the strategy when necessary
Marketing strategy chain:
→ Objectives → target market → research → positioning → coordinated marketing mix → implementation → monitoring → adjustment
Marketing Strategies Focused on Specific Objectives
Marketing strategies should be developed to achieve specific marketing objectives rather than simply carrying out promotional activities.
Different objectives require different strategies.
Increasing Sales
→ Objective: Increase sales revenue by 15%.
Possible strategies:
→ Promotional offers
→ Increased advertising
→ Wider distribution
→ New sales channels
→ Product improvements
Chain:
→ Increased promotion/distribution → greater customer awareness and availability → higher demand → increased sales.
Increasing Market Share
→ Objective: Increase market share from 10% to 15%.
Possible strategies:
→ Competitive pricing
→ Product differentiation
→ Stronger promotion
→ Improved customer service
→ Entering new market segments
Launching a New Product
→ Objective: Build awareness and generate sales for a new product.
Possible strategies:
→ Market research
→ Product testing
→ Introductory promotion
→ Social media campaigns
→ Promotional pricing
→ Online distribution
Increasing Customer Loyalty
→ Objective: Increase repeat purchases.
Possible strategies:
→ Loyalty programmes
→ Personalised offers
→ Improved customer service
→ Consistent product quality
→ After-sales support
Entering a New Market
→ Objective: Enter a new geographical or customer market.
Possible strategies:
→ Research customer needs
→ Adapt the product
→ Adapt promotion to local culture
→ Use appropriate distribution channels
→ Set prices according to local conditions
Improving Brand Image
→ Objective: Improve customers’ perception of the business.
Possible strategies:
→ Rebranding
→ Improved packaging
→ Public relations
→ Social media communication
→ Sustainability initiatives
→ Improved customer experience
Key principle:
→ Specific objective → appropriate strategy → coordinated marketing activities → measurable result
The Changing Role of IT in Marketing
Information Technology has changed how businesses communicate with customers, collect information and sell products.
Traditional Use of IT
Businesses initially used IT mainly for:
→ Websites
→ Email marketing
→ Electronic databases
→ Online advertising
→ Sales records
→ Customer databases
IT allowed businesses to reach customers more quickly and store large amounts of information.
Digital Marketing
IT has expanded marketing through:
→ Social media
→ Search engines
→ E-commerce websites
→ Email campaigns
→ Mobile applications
→ Online advertising
→ Video platforms
→ Digital payment systems
Businesses can reach customers across different countries without necessarily having physical stores there.
Data and Analytics
Businesses can collect and analyse customer information such as:
→ Products purchased
→ Website visits
→ Search behaviour
→ Customer preferences
→ Responses to advertisements
→ Location and demographic information
This can help businesses:
→ Identify target markets
→ Predict demand
→ Measure advertising effectiveness
→ Personalise marketing
→ Make better marketing decisions
Social Media
Social media allows businesses to:
→ Build brand awareness
→ Communicate directly with customers
→ Promote products
→ Collect customer feedback
→ Respond to complaints
→ Work with influencers
→ Monitor customer opinions
However:
→ Negative comments can spread quickly
→ Businesses may need to respond immediately
→ Competitors can also use the same platforms.
The Changing Role of AI in Marketing
Artificial Intelligence (AI) is increasingly being used to analyse data, automate marketing activities and personalise customer experiences.
Personalised Marketing
AI can analyse customer behaviour and recommend products or content.
→ Customer data → AI analysis → prediction of customer interests → personalised recommendation → potential increase in sales.
Example:
An online retailer may use AI to recommend products based on a customer’s previous purchases and browsing behaviour.
Chatbots and Customer Service
AI-powered chatbots can:
→ Answer common customer questions
→ Provide product information
→ Track orders
→ Handle basic complaints
→ Operate 24/7
This can reduce the workload of customer service employees.
Predicting Customer Behaviour
AI can analyse large amounts of data to identify patterns.
→ Historical customer data → AI analysis → predicted behaviour → marketing decisions.
Businesses may use this to:
→ Predict demand
→ Identify customers likely to purchase
→ Identify customers at risk of leaving
→ Decide when to send offers
→ Improve targeting.
AI-Generated Marketing Content
AI can assist with:
→ Advertising copy
→ Product descriptions
→ Email campaigns
→ Social media content
→ Images and videos
→ Marketing ideas
Human checking is still important because AI-generated content may contain errors, unsuitable messages or information that does not match the brand.
AI and Market Research
AI can help businesses analyse:
→ Customer reviews
→ Social media comments
→ Search behaviour
→ Survey responses
→ Competitor information
This can allow businesses to identify customer attitudes and market trends more quickly.
Benefits and Risks of IT and AI in Marketing
| Benefits | Limitations/Risks |
|---|---|
| → Wider customer reach | → Cybersecurity risks |
| → Faster communication | → Privacy concerns |
| → Lower cost per customer reached | → Incorrect or biased data |
| → Personalised marketing | → Dependence on technology |
| → Better customer data | → Negative online feedback can spread quickly |
| → Faster market analysis | → AI-generated content may be inaccurate |
| → 24/7 customer interaction | → Employee skills may need updating |
| → Easier measurement of campaigns | → Technology and software costs |
Overall Approach
A successful marketing strategy should not simply use the latest technology. It should use the most appropriate combination of marketing activities to achieve specific objectives.
→ Business objectives → marketing objectives → understand product and market → market research → choose target market → develop coordinated marketing mix → use IT/AI where appropriate → implement → measure results → improve strategy.