Marketing for Lawyers Marketing plan Eva Tomášková eva.tomaskova@law.muni.cz SWOT Výsledek obrázku pro swot analysis Strategy lStrategy refers to a plan of action designed to achieve a particular goal. l lA goal is a projected state of affairs that a person or a system plans or intends to achieve l lGoals should be SMART lS – specific lM – measurable lA – attainable lR – relevant (realistic) lT – time-bound l lDetermine 3 goals (could be from your personal life) which are SMART. l Marketing strategy lMarketing strategy is a process that can allow a company to concentrate its limited resources on: l the greatest opportunities to increase sales and lachieve a sustainable competitive advantage (requires erecting barriers against the competition). l lThe main goal of marketing strategy is customers satisfaction. Types of strategies lStrategies based on market dominance lPorter generic strategies lInnovation strategies lGrowth strategies Strategies based on market dominance Marketing warfare strategies lA company must identify its position relative to the competition in the market l lTypically there are four types of market dominance strategies: lLeader lhas market dominance lChallenger lThe market challengers’ strategic objective is to gain market share and to become the leader eventually lHow? lBy attacking the market leader lBy attacking other firms of the same size lBy attacking smaller firms lFollower lproduct imitation strategy might be just as profitable as a product innovation strategy l e.g. Product innovation—Sony, Product-imitation--Panasonic lNicher lSmaller firms can avoid larger firms by targeting smaller markets or niches that are of little or no interest to the larger firms l l Task lFind companies (in your country) which are in lLeader position lChallenger position lFollower position lNicher position l l l Porter generic strategies lProduct differentiation lCost leadership Question lWhich of these two types of Porter generic strategies are often used at lawyers? l Innovation strategies ldeals with the firm's rate of the new product development and innovations l lPioneers lconcentrate on being the one with the newest, hottest products around. lA company promises its customers will get the new technology before anyone else does. l lClose followers lwait for other to pioneer in different direction, and when they are on to something, a company quickly adopts it, improves it and makes it its own. l lLate followers lA company adopts only the most stable of technology, it stresses to its customers that its products will be stable, tried and tested, with no bugs or last minute recalls. l Growth strategies lPossibilities how a company should grow l lHorizontal integration lA company tryes to expand by acquiring or starting new business in the same field as its main business lit allows to control a bigger market share lVertical integration lA company tryes to acquire or start businesses that supply its current business or sell its products. lit allows to have a stable production and delivery structure l lDiversification lA company tryes to get new markets with new products, where are great profits there l lIntensification lA company adds new features to its existing products (new versions of products) lit allows to expand its market position