Marketing Strategy

Marketing Strategy is commonly defined as building and planning a long-term and innovative approach with a well-defined clear vision to attain the desired goals and objectives of accomplishing higher sales, increased revenue generation for the firm, retaining the loyal base of clients, attracting the new set of clients, and gaining a competitive advantage in the market amongst others.

It is very important for the management of the firm to possess a well-defined and aligned marketing strategy in the site having a team of expert professionals and talented in-house employees to achieve the aims and objectives and enhance the firm's goodwill

 

Features of marketing Strategy?
  • Helps to get a competitive advantage
  • Brand Recognition
  • Attract a new set of clients
  • Plan the character of products and services
  • Plan the marketing budgets
  • Creative Edge
  • Effective distribution plan
  • Optimal pricing
  • The growth of the firm
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Marketing Plans & Tactics

Marketing is a key part of business success. You need to decide which customers to target. You need to work out how you will reach and win new customers. You need to make sure that you keep existing customers happy. And you need to keep reviewing and improving everything you do to stay ahead of the competition.

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Your marketing plan should be the reference document you use as a basis to execute your marketing strategy. It sets out clear objectives and explains how you will achieve them. Perhaps most importantly it looks at how you can ensure that your plan becomes reality.

Remember that marketing in itself will not guarantee sales, but by adopting a well-researched and coherent plan, you have a much better chance of building long-term, profitable relationships.

This guide outlines the key areas to look at and what to include in an effective marketing plan.

  • Marketing plan summary and introduction
  • External and internal analysis for your marketing plan
  • Your marketing objectives
  • Marketing strategy for your marketing plan
  • Plan your marketing tactics
  • Implementation of your marketing plan
  • Tips for writing a marketing plan

Plan Your Marketing Tactics

Once you have decided what your marketing objectives are, and your strategy for meeting them, you need to plan how you will make the strategy a reality.

Many businesses find it helpful to think in terms of the four Ps:

  • Product - what your product offers that your customers value, and whether/how you should change your product to meet customer needs.
  • Pricing - for example, you might aim simply to match the competition, or charge a premium price for a quality product and service. You might have to choose either to make relatively few high margin sales, or sell more but with lower unit profits. Remember that some customers may seek a low price to meet their budgets, while others may view a low price as an indication of quality levels.
  • Place - how and where you sell. This may include using different distribution channels. For example, you might sell over the Internet or sell through retailers.
  • Promotion - how you reach your customers and potential customers. For example, you might use advertising, PR, direct mail and personal selling.

For a more comprehensive approach, you can extend this to seven Ps:

  • People - for example, you need to ensure that your employees have the right training.
  • Processes - the right processes will ensure that you offer a consistent service that suits your customers.
  • Physical evidence - the appearance of your employees and premises can affect how customers see your business. Even the quality of paperwork, such as invoices, makes a difference.
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