Chapter 2 & 3 Synopsis

Developing Marketing Strategies and Plans Effective marketing initiates with a view, well-communicated strategy. It helps in defining the vision, mission and outlines the strategies to achieve the business goals. The business run in the way the marketing strategies are developed and implemented. The comprehensive marketing strategy describes the following things about an organization’s business, * It defines the organizations business along with its products and services. * It explicate the position and role of the products and services in the market world. * It helps in identifying the customer profiles. * It will justify to develop new schemes, plans and effective measures to withstand in the competitive market world. A marketing strategy sets the direction and goals for a company’s marketing which is different from marketing plan and specifies actions to implement the strategies. Basically, a strategy could be developed for the next few years while marketing plan describes actions to reach the deadlines in the present year. It usually engages the organization management in creating few powerful thoughts to spread awareness and sell its products. The following factors will help the organization in marketing investment, measures to emphasize to increase the sales, 1. Determining business goals: - When setting goals it is important to be as targeted so that an organization can measure the results against what they had set to achieve. They should be specific in what they want to achieve. Setting up the objectives within the company’s potential and budget is an important element. The time bound play a crucial role in achieving the goals. 2. Specifying marketing goals: - Setting up the business goals will lay as a foundation in specifying the marketing goals. For example, marketing goals