Here are 71680 marketing strategies - which is yours?

A marketing strategy has 7 elements as follows

1. Target Customers : 8 ways of defining target customers
2. Value proposition : 7 ways of defining your value proposition
3. Locating target customers : 5 ways of locating them
4. Accessing these target customers : 4 ways of accessing them
5. Persuading these target customers : 4 ways of persuading them
6. Transacting with them : 4 ways of transacting with them
7. Servicing these customers : 4 ways of servicing them

By picking one from each of these 7 elements, you will get 71680 combinations. Each of them is a POSSIBLE STRATEGY. Which of this is THE RIGHT STRATEGY FOR YOU ? That is THE KEY QUESTION and the answer is not easy. The question cannot be answered unless you do the most important part of formulating marketing strategy - the situation analysis - Remember 5 Cs ? Company, Customer, Competitors, Context and Collaborators. 

Nevertheless you will feel amply rewarded even if you went through each factor and write down your position against it. It will jog your mind and bring many useful points to the surface of your mind. Spending 30 minutes will be highly useful.  

I am also giving an example for a simple object. A screwdriver. How many different ways can I formulate a strategy ? See at the end of this post.  

TARGET MARKET : This is the most important part of marketing

1. Number of customers 
2. What application they are using the product for
3. What are they doing now for the same application
4. What price point will appeal to them if any
5. Where are they on their "Buying Journey"
6. What are their expectations
7. What is their Decision Making Unit, who are members, roles
8. What are their buying habits 

VALUE PROPOSITION : What value do you plan to create?

1. all applications :
    better marketing mix at a slightly higher price
2. all applications :
   slightly less attractive marketing mix at a lower price
3. Specific application :
   better marketing mix at a slightly higher price 
4. Specific application :
   Slightly less attractive marketing mix at a lower price
5. Specific Customer segment :
   To wean upper end customers away from all competitors
6. Specific Customer segment :
   Slightly less attractive marketing mix at a lower price
7. Which of this value will be created by you
   and the rest by your business partners and channel members

GO TO MARKET :  How to locate, access, pursuade and transact?

Locating target customers :

1. By generating walk-ins at the outlets
2. By prospecting and lead generation
3. By taking appointments
4. By cold calling
5. By channel members

Accessing them

1. through e mails or net
2. through personal contact
3. through mass media
4. through channel members

Persuading them

1. through e mails or net
2. through personal contact
3. through mass media
4. through channel members

Transacting with them

1. through outlets
2. through channel members
3. through direct sales force
4. through portals

Servicing them

1. through outlets
2. through channel members
3. through direct service force
4. through portals

Formulating a marketing strategy for a screwdriver. 

TARGET MARKET : 

1. Number of customers : Almost every household needs a screwdriver. In urban India alone there are 30 million concrete houses and can benefit from a screwdriver. 
2. The application we are targeting is giving a useful gift to males in these houses. The product we have in mind is a screwdriver packed in a box as a gift. It will be priced at under Rs 100. 
3. Currently people give clothes, ties, belts, pens as gifts to males. Our product at Rs 99 will be cheaper than all these items and will be attractive.
4. Since the idea of giving a screwdriver as a gift is new, we will need to make people aware. Currently our product may not be on the "Buying Journey"of our target customers.
5. The expectation of the customer will be a showy and good looking gift box and the screwdriver should look polished and attractive. 
6. A Rs 99 product will be purchased by an individual on his own but since the idea is new the person may cross-check the decision with others. 
7. The buying habit will be from a gift store or department store.  

VALUE PROPOSITION : 

We want our screwdriver to look polished and good. We shall therefore use high quality stainless steel and will make special arrangements to ensure that the product will not have finger marks.  The handle of the screwdriver will be transparent and molded in high grade plastic and will be avialable in different colors. We will design a gift box with a see through window. The box will be very attractive.

LOCATING TARGET CUSTOMERS

We shall rely on our channel members ( gift shops and departmental stores ) to stock, display and recommend our product to all customers who come in to buy gifts for male friends.

ACCESSING TARGET CUSTOMERS

The counter sales persons at the outlets will access the walk-in customers. Attractive displays will be put up on sales counters.

PERSUADING TARGET CUSTOMERS 

Since the pursuation will be done by the counter sales personnel of the retailers, we shall organize a special training program of an hour for such personnel. There also will be an incentive plan for them.

TRANSACTING WITH THE TARGET CUSTOMERS

The outlets have adequate facilities to undertake transactions.

SERVICING THE TARGET CUSTOMERS

There is no need for any servicing arrangements.