Share via Email So you decided that you want to start an online marketing campaign. But wait… before you begin running with that awesome idea there are a few important things you should do.
Share on Facebook Development of a sound marketing strategy is an essential part of starting a business. The marketing strategy determines the use of the company's resources and tactics to achieve its specific marketing objectives based on the needs and desires of its stakeholders, including customers, employees, investors and rivals.
The marketing strategy is typically designed around three elements: Selection of a Target Market Identifying the target market may be the most important decision a company makes in the strategic planning process.
The company must first specify whom it is trying to attract based on its own strengths and weaknesses, the intensity of the market competition and the potential costs and gains. Businesses may treat the entire market -- called mass marketing -- or target one or more specific segments or groups in the market -- market concentration or multi-segmentation.
Specification Businesses must decide which market position they want to take.
The company that gains the largest market share and dominates the competition becomes the market leader. The market challenger is the position when a company confronts the leader of the market.
The market follower is a company that follows and copies the leader rather than attacks it. Many small businesses choose to fill a market niche: Creation of a Marketing Mix After selecting the target market, specifying the position that the company wants to take and researching the needs and preferences of customers, the company must define its marketing mix along the "4Ps" -- product, price, promotion and place -- to achieve a competitive advantage.
For example, its product must be of higher quality, its prices must be lower, its promotion must be more effective, and its distribution must cost less than its competitors must.
Example of a Marketing Strategy In the s, Nestle summarized its marketing strategy for Kit Kat as "Broad in appeal, young in feel and big in stature.
It built its product strategy on the unique chocolate fingers and its wrapping. It kept the prices stable at all times and used a wide range of promotional tactics, such as free bars in the multi-bar family packs and an instant win deal with Burger King.
Nestle developed distribution channels that ensure the overall availability of Kit Kat.Without a strategy in place, the marketing objective remains an intangible fantasy. Likewise, strategy without objective is like playing a game without having a picture of what it means to win.
Development of a sound marketing strategy is an essential part of starting a business. The marketing strategy determines the use of the company's resources and tactics to achieve its specific marketing objectives based on the needs and desires of its stakeholders, including customers, employees, investors and rivals.
Distribution strategy in the Marketing strategy of Amazon – Amazon realizes that the most important thing that customers want is the quick delivery of products they order.
This is where Amazon’s extensive distribution system has come into play. This marketing plan was developed to provide a roadmap of University College’s current marketing strategy. As with any plan, this is not a static document but, rather, one that has been created to reflect the current climate and objectives that.
I had just finished grading a test that covered the basics regarding objectives strategies and tactics. The results were not good, and I was a little depressed. Firms often use multiple strategies to accomplish their objectives and capitalize on marketing opportunities.
For example, in addition to pursuing a low cost strategy (selling products inexpensively), Walmart has simultaneously pursued a strategy of opening new stores rapidly around the world.