I personally believe that every business owner should develop a written guideline that sets forth the business’s marketing strategy.
A good marketing strategy for example, provides specific goals that include: * A description and an understanding of the intended target. * The competitive market that the company will compete in. * The distribution channels. * The unique positioning of the company and its products versus other competitors. * The reasons why it is unique to buyers/consumers. * The price strategy versus competition. * The spending strategy with advertising and promotions. Another important aspect to look at is the overall company marketing strategy: * What is the definition of the current business? * What is the business’s position? Is it a leader, challenger or follower? * What is the brand, business personality or image that is desired in the minds of buyers/consumers?
In order to determine what marketing strategy to use, business owners need to determine the fundamentals of marketing (The 4P’s):
* Price: is based on the type of service, competitors and the target’s spending power. * Product: What sort of product or service is the business? * Place: Is it convenient or enough for the consumers? * Promotion: What sort of advertising techniques or options are available to use?
We can use any of the listed marketing strategies depending on the type of business, intended target (including the demographics & their spending power), and the current strategies of other competitors.
Please note that:
Detailed Marketing Strategies will be discussed in the meeting if needed.
