The Marketing Strategy
. marketing strategy refers to a business's overall plan of action to reach and persuade its target audience to buy its products or services.
It involves planning and executing activities aimed at achieving specific marketing objectives within a defined time frame. A well defined marketing strategy is vital to guide a company in its efforts to effectively promote and sell its products or services (or to develop NEW PRODUCTS / NEW SERVICES).
The key elements of a marketing strategy typically include:
1. Marketing Objectives (goal / purpose): setting specific and measurable goals that the business wishes to achieve.
2. Target market: identifying and understanding the specific audience or market segment that the business aims to reach with its products or services.
3. Competition analysis: evaluating the strengths and weaknesses of competitors and understanding the market conditions in which the company operates.
4. Unique selling proposition(USP): defining the unique qualities or characteristics that distinguish the company's products or services from those of competitors.
5. Marketing mix:
• Product: deciding on the features, design and functionality of the product or service.
• Price: determining the pricing strategy, taking into account factors such as cost, competition and perceived value.
• Inside: defining the distribution channels through which the product or service will be made available to customers.
• Promotion: planning promotional activities, including advertising, public relations and sales promotions.
6. Channels of distribution: choosing the most effective and efficient ways to deliver products or services to the target audience.
7. Marketing budget: allocation of financial resources to various marketing activities to ensure a balanced and effective campaign.
8. Performance metrics and records: defining key performance indicators (KPIs – Key Performance Indicators) and methods for measuring the success of marketing efforts.
A successful one marketing strategy it usually is dynamic and adaptable, taking into account changes in market conditions, consumer behavior and the competitive landscape. It serves as a road map for the company's marketing efforts, providing a framework for decision making and resource allocation.
A video with ideas for creating a successful Marketing Strategy plan
VIDEO – Marketing Strategy
key features of a successful Marketing Strategy plan
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