Strategy is often considered to be a game plan devised to manage and run a business systematically and successfully. The implementation and management of this process can be helped considerably by the development of a strategic roadmap, and a key to the success of putting strategy into action is to be able to quantify the analysis of each step taken. If you have multiple objectives, make sure they are consistent and not in conflict with each other. Also, be sure that the remainder of your marketing plan componentsthe marketing strategy, budget, action programs, controls and measures, etc.support your marketing objectives. Setting your marketing objectives and finalizing the remaining components of your marketing plan may serve as a reality check: Do you have the resources necessary to accomplish your objectives? The marketing strategy section of your plan outlines your game plan to achieve your marketing objectives. It is, essentially, the heart of the marketing plan. The marketing strategy section should include information about: Product – your product(s)and services Price – what you’ll charge customers for products and services Promotion – how you will promote or create awareness of your product in the marketplace Place (distribution) – how you will bring your product(s) together with your customers.
The Essay on Marketing Plan Strategy Objective Market
... business environment changes, the objective and marketing strategies in the plan will aim toward the best action. The marketing plan and the strategic marketing plan fit together in ... are: purpose, target customer, benefits of the product or service, positioning, marketing tactics and marketing budget. The marketing plan's purpose may seem apparent, but by ...
For all these sections you always need marketing research. As for choose your products you have to research a products market: who are the organization’s most feared competitors? (who do they talk about most and reference most often?), create a competitive analysis of the competition’s strengths and weaknesses vis-a-vis the entity. Additional Research that is significant and important We should know about could include future trends in the current market and the organization’s fit per the trends, any additional information regarding competitors and the industry. Also, possibly competitive analysis of competitors’ websites compared to entity’s site. As a whole, where currently is the entity’s industry as concerns use of the web? How does the entity compare to the industry on average? As for price, we also need to making some analysis. Sales, marketing, and promotions contribute to the price.
Then there may be other “hidden charges” that consumers pay for when they buy your product. Brokers, merchandisers, additional sales costs, shrinkage, advertising, various retail ‘fees’, taxes, and more must be taken into account when determining our price. If we are planning to sell our product in other countries, we have don’t forget costs associated with special packaging, customs and duties, and currency fluctuations outside the US. There are as many levels of margin, mark-up, fees, and commissions, as there are entities associated with bringing our product to the consumer. Researching the market to determine the ins and outs, what works and what doesn’t, and how to price our product for profits while giving our consumers a good value, without losing it all in the process. We have to remember: short term thinking is fatal. For making good promotional strategy we need to research a lot of different components. First of all, a promotion plan describes the tools or tactics used to accomplish our marketing objectives (for example).
If we marketing objective is to: Then tools or tactics might be: Create awareness of baby care products among mothers of newborns. Advertise in baby care or motherhood magazines. Distribute product samples to obstetricians. Offer free baby care seminars to expectant mothers. Increase sales of potato chips to teens. Distribute free samples or discount coupons at high school football games. Sponsor an event attended by teens.
The Essay on Marketing Strategies 5
MARKETING STRATEGIES ABSTRACT Marketing strategies should be turned into specific action programs that answer the following questions: What will be done? When will it be done? Who is responsible for doing it? And how much will it cost? For example, the manager may want to increase the sales promotion as a key strategy for winning market share. A sales promotion action plan should be drawn up to ...
In our Action Programs section, we’ll describe the steps that need to be taken in detail, when they should be done, who will do them, and so on. As for placement (sales and distribution) we have to research how our products and customers “meet” or come together through sales and distribution. At first we have to describe our sales philosophies and methods. Are we employ an aggressive sales method for a large number of quick sales, or a relaxed method where the emphasis is on having customers feel comfortable to come back another time even if they don’t buy now? Are we use contract sales people or employees? Research our distribution system. Besides that we have to research different segments, they are Worked Cite: Paul Barnes, Project Operations Manager Putting strategy into action Joe Vales and Gil Parker Successful Proposal Strategies II: Strategy Development Marketing Plan Components: Marketing Objectives & Strategies Joel Sussman Strategies for Winning the Marketing Race Susan M. Jacksack, J.D.
Setting a Marketing Budget.
