Marketing strategy is a business technique of ensuring that from a particular marketing budget, however, limited, can draw a maximum impact on the firm. If the strategy is effective enough; then it helps in defining the goals and overall direction for marketing. Marketing strategy is meant to articulate the delivery of products and services that attract and fully satisfy customers. Once the target market and potential customers are defined, tactics on how best to reach them should get implemented. A systematic analysis of marketing strategies leads to a successful business.
First, a precise definition of product or service should be given. Identify what in particular is bought by customers, for example, if the firm is electronic based, learn the customers’ preference be it regarding cost saving or regarding improved efficiency (Jocumsen, 2002). With this in mind, the fastest moving product will be packaged in a more attractive way to appeal to more customers for promotion and viability.
Second, the target market is identified. Marketing is important for a business to survive cooperate competition. However, it may be costly to sell to everyone. However, potential clients they seem to be thus an ideal customer should be identified.
Third, identify your competition which has to exist in every business. Know why the potential clients would opt for another product over your product. This provides room for promoting uniqueness in selling proposition.Next; a niche strategy should be in focus. This gives the business room for dominance in the market, after which awareness can be developed. Exposing potential customers as frequent as possible to a product rises even the unexpected needs.
After developing product awareness, it is important to build product credibility. This move builds trust concerning delivery through sample means. Lastly, the level of customer service and product quality should be consistent to be able to maintain the potential clients. When the focus is maintained, the limited money and time resources can be effectively utilized.
Marketing plan refers to a blueprint outlining long-term business’ marketing efforts and advertising strategies. The project elaborates business activities that are involved in the process of meeting marketing objectives within a stipulated time frame. A market plan helps in business decision making regarding how best the available resources be it human or financial resource are utilized for corporate objectives achievement. It also includes target market discussion, elaboration of the position of the business current marketing goals.
To accomplish an effective marketing plan implementation, marketing management strategies have to be fully observed and accompany the implementation of the market scheme. Identification of needs of customers marks the beginning of marketing plans. The marketing management team sets out to carry out market research to know what in particular the potential clients need. After identifying the preference product, strategize on how best the business can fully satisfy the needs amidst competition and still generate a favourable level of business return. Analyse market situation, implement action programs and formulate business budget to be able to work within the limits of available resources.
After an active market research, it will mean the business has at hand the customers, patterns, and the volume of current sales, and market dynamics which provides it with the ability to identify the current organization’s competition (Balmer & Mukherjee, 2006). In the marketing plan, describe how the business organization will fiercely stand out amidst the competitors to become the market leader.
Next, development of promotion and marketing strategies should be in place. For example, if the competitors lure their clients through direct marketing then the organization may invest on advertisements on billboards and through media to be able to reach a larger number of consumers. Websites and trade shows can also be used to attract potential clients.
Budgeting in marketing plan takes root. The organization managers give a thorough review of the current financial state of the organization to be able to allocate a reasonable amount of funds for the success of the marketing plan without hurting the future of the business.
After budgeting, formulate smart marketing goals. When the goals are attainable, then the business are not exposed to any form of panic. With the goals in place, the results of a marketing plan can be easily monitored. Assessing the current organization makes it easier to identify effective strategies that need to be improved and maintained while those stagnating strategies are eliminated accordingly.
Integrated marketing refers to a particular marketing strategy focusing on the significance of a smooth, consistent and multi-dimensional consumer’s brand experience (Dewhirst & Davis, 2005). This implies implementing similar presentation style that ultimately can reinforce the message on the brand via radio, print, television, verbally or through the internet. Branding is made intuitive, futuristic and elite to acquire market dominance even if the product price is raised.
Integrated marketing has lately taken over business sector due to consumers’ desensitization those results from media exposure and fragmentation (Jocumsen, 2002). Consumers are bombarded with advertisements that are too competitive and close giving survival chance only to the consistent and most integrated brands.
This type of marketing has globally taken over because it communicates through a clear, consistent voice cantered on a high focused brand image (Balmer & Mukherjee, 2006). Consistent feel and look of a brand are maintained across media, and the style utilizes digital media and traditional media to advance the brand.
Research has it that multi-billion dollar organizations are in the first front in the implementation of integrated marketing strategies. This is because their internet and television campaigns go out to a large group of people which subsequently leads to a boost in brand sales. Integrated marketing not only benefit already successful businesses companies rather, the upselling campaign increases the number of customers’ purchases.
The various marketing plans include; individual branding, name brand recognition, attitude branding, brand extension and integrated marketing strategy (Dewhirst & Davis, 2005). Name brand recognition reaches out for big business with huge name brand recognition. For example, the iconic Mercedes-Benz company features numerous subsidiary products under the name of the enterprise. Unlike individual branding strategy, products produced under a larger company independently sell out itself. The products proclaim uniqueness that clients can readily recognize.
Attitude branding, on the other hand, is an ambiguous marketing strategy as all brands utilize strategies which develop customized product and service experience. It differs from brand extension where one leading brand extends its roots into a new market. The brand name bears its identity concerning the new market brand.
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