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Showing posts from November, 2013

VISION AND MISSION SHOULD DRIVE STRATEGY

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The chart below demonstrates the approach for developing a successful marketing strategy. The graphic suggests that a vision and mission should drive the price, place product and promotion marketing components and that once these 4 Ps are identified a strategy can be developed.
It is interesting to ask which of the 4 P’s is most important. To determine value of each of the four Ps requires a vision and mission statement that clearly defines the nature of a business, the market segment to be served and an idea of what success looks like.

For my classes at the University of Houston’s Bauer College of Business I have used the example of an individual with a pressure washer and limited funds wishing to enter into the maintenance business and grow to be a major player in home and commercial maintenance.
This individual might create a mission statement that as follows:1) To make available quality exterior maintenance service to home and business clients throughout the state of Texas, and …

USING INFORMATION TO CREATE A COMPETITIVE ADVANTAGE

I have been involved in developing marketing strategies that required the developing a competitive advantage in markets filled with strong competitors. I have consistently found that developing solid information on the market and the competitors was critical in building a foundation for the strategy.
Information Sources
Gathering information on the market and the competition is readily available if you know where to look. Information on the market is available through census data, industry data and consumer research. Most of this is readily available on the Internet.
Gathering data on the competition is also readily available.Some of the information can be taken from financial reports if the competitor is a publicly traded company. These reports usually give key statistics, profiles of key managers and basic financial data.
Information on competitors can also be gathered from customers, vendors and public records. Developing financial profiles of a competitors business can also provi…