Question

Topic: Strategy

Making A Strategy

Posted by economist2010 on 12/29/2011 at 7:28 PM ET 25 Points
We have two products Multimedia Product, and IT Product and services. What if we need to make a strategy for these products



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RESPONSES

  • Posted by Jay Hamilton-Roth on 12/30/2011 at 7:14 PM Accepted
    You have products but you need to think about who specifically is likely to need them and consider why they'd choose them. Then, figure out ways to convey the core benefit to them and build trust.
  • Posted by economist2010 on 12/30/2011 at 7:20 PM Author
    I said something similar to what you've said Mr. Jay when this question has asked to me in an interview. But the director has not accepted my answer and told me that you're focus on marketing communication, I'd like you to focus on the strategy and planing aspect.

    What would you say if you were me?
  • Posted by Jay Hamilton-Roth on 12/30/2011 at 8:17 PM Member
    I'd ask the director if the company has already done their market research, and answered the key strategic questions. If they haven't, start there. Talk to users. Understand their needs. Find out what's missing. Find out if/why they'd use what you're selling. Hint: it's not about features in the software. In any event, I'd use the question as a start of a dialogue not as a clear-cut answer to their question.
  • Posted by Gary Bloomer on 1/1/2012 at 1:46 PM Accepted
    The strategy here needs to focus on the value that the products deliver to the end user. Your answer lies in the outcome that the end user is looking for.
  • Posted by Sher Miller on 1/5/2012 at 5:37 PM Accepted
    I think Jay's on the right track. Strategy is about the process - what you are going to do to put your company ahead of the curve and and how you are going to leverage your limited resources to get there. If the company hasn't already done its SWOT, it needs to. That will help determine product differentiation and the message you want to send.

    You'll also need to determine who your target market is. Once you've done that you can start looking at the marketing mix. And don't forget the research. Hopefully the company has some basic quantitative and qualitative research for you to go off of. If not, you'll need to do some.

    When you know who your customer is, what your product does, and how it fills their needs, you're ready to move on to the next stage. Ensure that the message you're sending with the products supports the company mission. Set the goals and objectives. Detail how you're going to go about getting there. Is your target segment best reached by setting up a website? Or doing TV ads? Should you consider partnering with schools? Or maybe it makes more sense to put your product in convenience stores. Do you have a sales team? What tools will they need to do their jobs more effectively? Some CRM software? Flyers? Mailings? And set sales goals based on the comparative month from the preceeding year, if you can.

    And when that's all said and done, don't forget the metrics to make sure you're meeting your goals. Have tracking plans in place. Was your conversion rate successful for your internet ads or e-commerce site? How were sales? What was the ROI on your tv commercials?

    Don't forget that marketing strategy is a fluid thing. Don't check these numbers just at the end of the campaign. Keeping checking them all the way through. A good strategy is flexible and can be adjusted to accommodate steps that aren't doing as well as were expected or are doing better.

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