6 Strategic Product Management - Marketing Planning
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The document discusses marketing planning and competitor analysis. It provides context for marketing plans by explaining that corporate objectives and mission provide the framework for objectives and plans. It then discusses the importance of competitor analysis, noting that it allows companies to identify strengths and weaknesses, learn best practices, and shape effective strategies. The document outlines a 12-step process for conducting competitor analysis, including determining competitors, analyzing products, sales, pricing, marketing, content, technology, and engagement. The goal is to gain insights into other companies' strategies to help improve one's own business.
6 Strategic Product Management - Marketing Planning
- 1. A publication of Dr. Rajesh K Satpathy Strategic Product Management Marketing Planning & Competitor Analysis /PGDM/KIAMS/2021
- 2. Marketing Planning In most organizations, “strategic planning” is an annual process, typically covering just the year ahead. Occasionally, a few organizations may look at a practical plan which stretches three or more years ahead.
- 3. Behind the corporate objectives, which in themselves offer the main context for the marketing plan, will lay the “corporate mission”; which in turn provides the context for these corporate objectives. In a sales- oriented organization, marketing planning function designs incentive pay plans to not only motivate and reward frontline staff fairly but also to align marketing activities with corporate mission. Marketing Process Model
- 4. Competitor Analysis for Decision Making “World trade means competition from anywhere; advancing technology encourages cross- industry competition. Consequently, strategic planning must consider who our future competitors will be, not only who is here today.” – Eric Allison, Uber.
- 5. What is Competitor Analysis? Competitor Analysis is a process by which businesses gather information about competitors and the competitive environment, apply it to their planning and decision- making processes to improve their performance. Competitor analysis is a powerful strategy to identify significant competitors. It can be used to conduct research on competitor’s products, advertising campaigns, sales, and marketing strategies.
- 6. Why is Competitor Analysis Important? Competitor analysis is like a mirror! It displays your strengths and weakness within the market. And not just that, it can be of great use to exploit the weakness of your competitors. Competitor analysis has a great influence in shaping the company’s strategies. Why competitor analysis is important for a company: 1. Identify Strengths and weakness of your competition 2. Formulate effective marketing strategies 3. Learn the best practices from a large segment of competitors 4. Forecast key assets and skills needed to beat your competition 5. Spot gaps and trends in the market 6. Discover new products and services
- 7. Competitor analysis has a great influence in shaping the company’s strategies.
- 8. How to do a Competitive Analysis? Competitor analysis can be done in 12 simple and easy steps… 1. Determine who your competitors are. 2. Determine what products your competitors offer. 3. Research your competitors' sales tactics and results. 4. Take a look at your competitors' pricing, as well as any percentage they offer to stakeholders. 5. Ensure you're meeting competitive shipping costs. 6. Analyze how your competitors market their products.
- 9. How to do a Competitive Analysis? 7. Take note of your competition's content strategy. 8. Learn what technology stack your competitors' use. 9. Analyze the level of engagement on your competitors' content. 10. Observe how they promote marketing content. 11. Look at their social media presence & strategies. 12. Perform a SWOT Analysis to learn their strengths, weaknesses, opportunities, and threats. https://www.youtube.com/ watch?v=kRemMkQ08ZM https://www.youtube.com/ watch?v=FNGMHt0kCRw
- 10. Identify all such companies that are directly in competition with you. They should have the same product as yours. Their target audience should be exactly the same as yours.
- 11. You stand to gain valuable insights into their business strategy. This, in turn, helps to design and improve your business.
- 12. Analyze the level of engagement on your competitors' content.
- 13. Thank You !!