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Marketing Strategies in a Challenging Environment nimn

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1. Marketing Strategies in aChallenging Environment Presentation at 2011 NIMN MCTP 2. Introduction L. Obileye/NIMN MCTP - 2011 3. Content1.  First Things First2. …
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  • 1. Marketing Strategies in aChallenging Environment Presentation at 2011 NIMN MCTP
  • 2. Introduction L. Obileye/NIMN MCTP - 2011
  • 3. Content1.  First Things First2.  What is Strategy?3.  Doing Things Differently4.  Conclusion L. Obileye/NIMN MCTP - 2011
  • 4. First things first…•  Two things are inevitable in the world.•  These are Change and Competition!•  What is the relationship between Change and Competition? L. Obileye/NIMN MCTP - 2011
  • 5. Parable of the Weed! L. Obileye/NIMN MCTP - 2011
  • 6. Change vs. Competition 1change |tʃeɪn(d)ʒ| competition |kɒmpɪˈtɪʃ(əә)n|•  Verb •  Noun•  Make or become different •  activity or condition of competing Competitors perpetually crowd each other out. L. Obileye/NIMN MCTP - 2011
  • 7. Change vs. Competition 2 change |tʃeɪn(d)ʒ| competition |kɒmpɪˈtɪʃ(əә)n| •  Verb •  Noun •  Make or become different •  activity or condition of competingThe fittest survive and prosper until they displace their competitors or outgrow their resources L. Obileye/NIMN MCTP - 2011
  • 8. Change vs. Competition 3change |tʃeɪn(d)ʒ| competition |kɒmpɪˈtɪʃ(əә)n|•  Verb •  Noun•  Make or become different •  activity or condition of competing Strategists can accelerate effects of competition and rate of change! L. Obileye/NIMN MCTP - 2011
  • 9. “ If every business could growindefinitely, the total market would grow to an infinite size on a finite earth ” - Bruce D. Henderson L. Obileye/NIMN MCTP - 2011
  • 10. “Competitors that make their living in the same way cannot coexist! ” - Bruce D. Henderson (Quoting Gause’s Principle) L. Obileye/NIMN MCTP - 2011
  • 11. Power of 3•  Three critical things are at the heart of any business. They are: –  People –  Process & –  Strategy•  The best people backed by the best process and the best strategy will fail if there is no proper execution. L. Obileye/NIMN MCTP - 2011
  • 12. What is Strategy? L. Obileye/NIMN MCTP - 2011
  • 13. Strategy is about the choices we make L. Obileye/NIMN MCTP - 2011
  • 14. What is Strategy?•  It is a plan of action•  Designed to achieve a major or overall aim•  Often contrasted with tactics•  Involves researching consumer behaviour (present and future)•  Provides a road map to the future (the best routes to take you there) Strategy without execution is a marketing slogan! L. Obileye/NIMN MCTP - 2011
  • 15. “The essence of strategy formulation is coping with competition. ” - Michael E. Porter L. Obileye/NIMN MCTP - 2011
  • 16. Threats of New EntrantsBargaining Forces Bargaining Power of Governing Power ofSuppliers Customers Competition Threat of Substitutes Forces Governing Competition by Michael Porter L. Obileye/NIMN MCTP - 2011
  • 17. Products Existing New Products Products Existing Sectors Market Product Clients/ Penetration DevelopmentClients/Sectors Strategy Strategy New Clients/ Sectors Market Diversification Development Strategy Strategy Products and Markets Growth Strategies (adapted from Ansoff, 1965) L. Obileye/NIMN MCTP - 2011
  • 18. Strategy as QED•  Q – improve Quality•  E – Expand access•  D – increase Demand L. Obileye/NIMN MCTP - 2011
  • 19. QED – Improve Quality•  Improving quality is a product development strategy: –  Requires innovation –  Higher quality –  Advanced technology –  Superior service offering –  Important element of Michael Porter’s 4 generic business strategy focusing on product differentiation L. Obileye/NIMN MCTP - 2011
  • 20. QED - Expanding Access•  Expanding access is about new customers and their unmet demands using: –  market penetration and/or –  market development strategies L. Obileye/NIMN MCTP - 2011
  • 21. QED - Increasing Demand•  Increasing Demand is about: – repeat sales and – relationship management for existing customers L. Obileye/NIMN MCTP - 2011
  • 22. Doing Things Differently: Lessons From Entertainment Industry L. Obileye/NIMN MCTP - 2011
  • 23. “What we did then was to repackage the Kwam 1 brand and made itmarketable to the corporate world, the educated people. The result was that more shows came in and everybody made more money” – Dayo Olomu (The Punch Saturday, 25 Apr 2009) L. Obileye/NIMN MCTP - 2011
  • 24. Olomu & Success‘When I met Sir Richard Branson and Barry Gibbons in2002, I asked them what the secret of their success was.I was writing for Ovation then. ..he (Gibbons) looked intomy eyes and said it was the ability to think differentlyfrom the others…..He also said, “Look at what SirBranson has done. You don’t have to really inventanything. But you can still look at an existing businessand find how you can do it differently.” L. Obileye/NIMN MCTP - 2011
  • 25. Olomu & Success‘….I met Richard Branson two weeks after,during the launching of a Virgin Atlantic routeand I asked him the same question (secret ofhis success) and he said it was the ability to dothings differently from others’ L. Obileye/NIMN MCTP - 2011
  • 26. L. Obileye/NIMN MCTP - 2011
  • 27. “I went to LASU for self development ” - Pasuma L. Obileye/NIMN MCTP - 2011
  • 28. ‘Ohun’In a quest for discovering new talents in Fuji music, popular musician and Fuji star Wasiu Alabi better known as Pasuma has started a new reality TV show! L. Obileye/NIMN MCTP - 2011
  • 29. ‘Ohun’“Over the years, I have wondered if someonewill ever think of doing a Fuji talent show, andrather than wait more, I have taken up theresponsibility to contribute my own quota tothe growth of Fuji music. I am optimistic Ohunwill open doors for more Fuji talent shows andthe more credible shows like ours, the better itis for the industry.” - Pasuma (The Punch, 23rd Feb. 2011) L. Obileye/NIMN MCTP - 2011
  • 30. Conclusion L. Obileye/NIMN MCTP - 2011
  • 31. 5 Skills of Strategic Marketer1.  Ability to understand the dynamics of competitive behaviour2.  Ability to predict effect of strategic action on competitive equilibrium3.  Ability to commit resources to new uses4.  Ability to predict risk and return5.  Willingness to act (execution) L. Obileye/NIMN MCTP - 2011
  • 32. Creating Apostles•  No matter the size of your sales force, the number of people not working for you who can use word of mouth for or against you is a hundred times more.•  We must develop strategies to create willing (and unwilling) apostles out of this giant “sales force” L. Obileye/NIMN MCTP - 2011
  • 33. Importance of the Mundane•  How do we answer the telephone?•  How do our drivers drive?•  How do we train our marketers?•  What does our database tell us about our customers?•  Do our customers have confidence in our products?•  How do we define loyal customers?•  How do we divide our marketing effort between customer retention and development? L. Obileye/NIMN MCTP - 2011
  • 34. Service-Profit Chain•  The service-profit chain establishes relationships between profitability, customer loyalty and employee satisfaction.•  The links in the chain are as follows: –  Profit and growth are stimulated primarily by customer loyalty –  Loyalty is a direct result of customer satisfaction –  Satisfaction is largely influenced by the value of services provided to customers –  Value is created by satisfied, loyal, and productive employees –  Employee satisfaction, in turn, results primarily from high-quality support services and policies that enable employees to deliver results to customers L. Obileye/NIMN MCTP - 2011
  • 35. Starve Your Competitor of Air–  Be the first to the market–  Look for ways to enhance and improve your product/ service–  Create a w-o-w experience, cut costs, save time, or improve efficiencies–  Get your customers/competitors to talk about your product (sell yourself)–  See the big picture–  Get better information–  Become a pillar of integrity L. Obileye/NIMN MCTP - 2011
  • 36. “Ideas are useless unless used. The proof of their value is their implementation - Theodore Levitt ” L. Obileye/NIMN MCTP - 2011
  • 37. Contributions & Discussion L. Obileye/NIMN MCTP - 2011
  • 38. Thank you for your attention! L. Obileye/NIMN MCTP - 2011
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