A marketing strategy plays an important role in every business since this can either make or break it. As you know, there are various factors for a good marketing strategy. You may be wondering which marketing strategy is appropriate for you. How do you know which marketing strategy really effective? The best marketing strategy is the one that generates profits.
If you are establishing a business, without a defined marketing strategy, you are actually depriving your business of the actual profit that can be gained. What you must remember is that even though you are not setting up an Internet marketing strategy and ready to go about your business as and how it comes, your rivals are not actually doing this. They have probably set up a well-structured strategy which they are going to follow readily.
It is important to remember that every business, whether it is a small scale or a corporate type, must be carefully planned.Providing a business outline can make a clear projection on the business you are trying to establish. Business plan must have the following elements:
Market Analysis- analyzing the potential market of your chosen business.
Competitive Analysis- allows you do determine competitions and your chance to survive or outdo other competitors.
Marketing Plan- planning strategies on how to market your products or services.
Management Plan- this can include proper management of costs, human resources, customer relations.
Operating Plan- planning the operation protocol in order to minimize expenses but maximize profits.
Financial Planning- it can include asset and liabilities management, investment and stocks management.
The Executive Summary- the executive summary pertains to making an overall picture of all the components- on whether these components effective or not in achieving progress.
A product’s success can be attributed to its delivery to the right market. The appropriate market or your target market is a set of subscribers where a product is perceived to have more profit and potential growth. The product’s promotion, price and delivery should be considered within the target market’s preferences Thus, the idea of market segmentation plays an important role.
Segmentation is a powerful medium if utilized correctly. But it does not mean that each segment of the target market must be addressed. This must rely on the company’s resources and goals/visions. In addition, segmentation and target marketing should not be done as a one time process because of changing needs and competitor strategies.
These three really play an important role and must be implemented in whatever business you are trying to establish.