Big picture marketing strategy
Nuggets by Agu Emmanuel Chukwuemeka
GMD, Jotna Nigeria Limited
What is Big Picture?
What is Strategy?
The Difference between Big Picture Thinker Vs Detail Oriented Thinker
What is Marketing Strategy?
The Importance of Strategic Thinking to Marketing Management
Methodologies of Developing Strategy
Best Practice Example from Nigeria and Diaspora
WHAT IS THE BIG PICTURE?
Definition: The complete, overarching story or idea.
This phrase usually implies that one should think of the future, or think of other parallel factors, and not focus on the small details.
The details do not tell the entire story; there are usually other factors to consider when “painting a picture” of the scenario in your mind.
In the modern day, we often remind others to think of the bigger picture, to try and make decisions that help the situation at large, not just a part of it.
Oftentimes, something that is beneficial in the moment is not beneficial in the long run.
It can also be used to remind people not to fret over small problems.
WHAT IS THE BIG PICTURE CONT’D ?
For example: Don’t worry about that test score. In the big picture, it’s not so important.
Here is an example dialogue between a CEO and a manager:
CEO: We need to increase our market share and move in on new technologies.
Manager: How do you propose we do that? Developing software or manufacturing products requires a lot of resources and capital.
CEO: I don’t know. I’m just looking at the big picture, and this is the wave of the future. We need to be here, or we’ll be extinct.
Manager: I’ll look into it.
In summary, the big picture is the complete perspective of an issue or a situation
WHAT IS STRATEGY?
A good strategy provides a clear roadmap, consisting of a set of guiding principles or rules, that defines the actions people in the business should take (and not take) and the things they should prioritize (and not prioritize) to achieve desired goals.
The definition of business strategy is a long term plan of action designed to achieve a particular goal or set of goals or objectives. Strategy is management’s game plan for strengthening the performance of the enterprise. It states how business should be conducted to achieve the desired goals.
Competitive strategy is about being different. It means deliberately choosing a different set of activities to deliver a unique mix of value.
There are six total “strategy” questions all good leaders must answer.
• Why do we exist?
• How will we behave?
• Where are we going?
• How will we succeed?
• What is most important right “now”
• How do we measure if we’ve succeeded?
For now, we will focus on “how we will succeed?” We certainly can’t answer the question of how we will succeed if we don’t think we are being different and unique and delivering value, and then of course being specific and clear and making hard choices; that is the kernel of good strategy.
BIG PICTURE THINKER vs DETAILED ORIENTED THINKER
Big picture thinking is the ability to come up with ideas, solutions and opportunities. Big thinkers see possibilities and jump on opportunities. They are willing to take risks because they see the chance to make big gains.
A detail oriented person is someone who pays attention to the details.. The person tends towards perfectionism.
A big picture person tends to be creative, strategic, and visionary but he or she can also be messy, disorganized, and forgetful. While, a detail-oriented person is thorough, and precise but can lack perspective or fail to prioritize.
WHAT IS MARKETING STRATEGY?
A marketing strategy is all of a company’s marketing goals and objectives combined into a single comprehensive plan.
Put simply; a marketing strategy is a strategy designed to promote a good(s) or service(s) and make a profit.
A good marketing strategy helps companies identify their best customers and understand customers’ needs. With a good strategy, it is possible to implement the most effective marketing methods.
MARKETING STRATEGY IS LONG TERM
Marketing strategies are long-term, forward-looking approaches to planning. Their fundamental goal is to achieve a competitive advantage by being the BEST OR NOTHING.
When a company has an edge over a rival or rivals in the provision of a product or service, it has a competitive advantage. Mercedes Benz, for example, has a competitive advantage over other luxury car-makers because of its consistent innovation.
Mercedes did not obtain this competitive advantage overnight or because it was lucky. It was part of the company’s foresight into the big picture; specifically, part of its marketing strategy.
THE IMPORTANCE OF STRATEGIC THINKING IN MARKETING MANAGEMENT
It allows organizations to be proactive rather than reactive: A strategic plan allows organizations to foresee their future and to prepare accordingly.
Through strategic planning, companies can anticipate certain unfavorable scenarios before they happen and take necessary precautions to avoid them.
STRATEGIC THINKING INCREASES OPERATIONAL EFFICIENCY
It sets up a sense of direction: A strategic plan helps to define the direction in which an organization must travel, and aids in establishing realistic objectives and goals that are in line with the vision and mission charted out for it..
A strategic plan provides management the roadmap to align the organization’s functional activities to achieve set goals.
It guides management discussions and decision making in determining resource and budget requirements to accomplish set objectives; thus increasing operational efficiency.
STRATEGIC THINKING HELPS TO INCREASE MARKET SHARE
….and profitability: Through a dedicated strategic thinking that leads to a well detailed strategic plan, organizations can get valuable insights on market trends, consumer segments, as well as product and service offerings which may affect their success.
An approach that is targeted and well-strategized to turn all sales and marketing efforts into the best possible outcomes can help to increase profitability and market share.
It can make a business more durable: Business is a tumultuous concept. A business may be booming one year and in debt the next year.
METHODOLOGIES OF DEVELOPING STRATEGY
VALUES
VISION
ASSESMENT
OBJECTIVES
STRATEGY
MEASURE
CONTINUE TO THINK OF THE BIGGER PICTURE
BEST PRACTICE EXAMPLE IN NIGERIA
Prof Geert Hofstede Onion Model
• Descriptions
q Symbols – Artifacts, Flags etc
q Heroes – Prominent/Influential People
q Rituals – Customs & Tradition
q Values – Belief of a certain culture
The VACA Onion Model
DESCRIPTION
q Volume – Above the norm consumption Vol
q Affordability – N100 Magic Price Point
q Convenience – PET Bottle
q Accessibility – Production
Facility close to high density Consumption Location
A POTENTIALLY REINFORCING VICIOUS LOOP
• Loss of Volume & Scale Economy Effect
• Further pressure on market share
• Pressure to Increase price further to keep margins
• Margin Pressure
A POSITIVE REINFORCING VICTORY LOOP
• Volume growth and improving scale economy effect
• Market share gain
• Margin improvement on current low price
• Incentives to keep price low and keep improving scale economy effect
BEST PRACTICE EXAMPLE IN DIASPORA
Dove’s Campaign for Real Beauty
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