Marketing Strategy Essay – A marketing plan is a corporate document written to understand a company’s position and the strategies the business must implement to succeed and remain relevant in a competitive market (Muske et al., 2015). McDonald’s and Wilson (2011) define a marketing plan as a document that defines an organization’s monetization strategy. A marketing plan is made up of different sections that define many aspects of a company’s strategy for success. These programs usually last from one to five years. At the center of the marketing plan is the customer and the strategy to make a profit by attracting customers. It focuses closely and closely on the company’s customers and reveals that consumer satisfaction is the foundation of the business. His mission is to create a strategy for success, focusing on customers.
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Marketing Strategy Essay
A marketing plan has four main objectives to achieve. The first goal is to determine customer wants and needs through market research. According to McDonald and Wilson (2011), the marketing plan should respond to who buys the service or products and where they live. Through research, the marketing plan should know the income level and age patterns of the customers in the market. By answering these questions, you will be able to directly assess the needs and wants of the consumer.
Marketing Plan Essay
The second goal is to identify specific target markets that the small business will serve. The most successful companies have clear definitions of the customers they want to attract. Target markets are groups of customers to which organizations aim their services or products. According to Westwood (2013), defining the target market provides greater marketing capability. This is because the mass marketing method of the past is risky and expensive. Then the marketing process can reach the target group with the highest propensity to buy. A study by Palmer (2012) showed that the general market is not productive for small businesses, so the marketing plan must clearly state that market that will favor small organizations.
The third objective of the marketing plan is to analyze the company’s competitive advantages and build a marketing strategy. According to Palmer (2012), in order to progress, a company must find its competitive advantage to overcome its competitors. A company must have at least one advantage over its competitors to help it compete successfully in the market. These advantages can include valuable resources such as brand reputation, unique products, higher profit margins and company culture. These competitive advantages can be achieved through external changes such as PEST or within the company.
The ultimate goal of a marketing plan is to create a marketing mix that meets the needs and wants of customers. The marketing mix includes price, place, promotion and price. These 4Ps are key to making safe decisions and strategies. According to Westwood (2013), a marketing strategy cannot include all 4p and 5’c. However, a good marketing strategy will take into account the influence of all of them in order to make important decisions.
Market research is an operational method to find out about potential customers, their habits, opinions, trends and plans. Research is very essential for a small business because it is used to determine the geographic area of the business and the demographic profile of its consumers, such as age, income, gender, and education level (Muske et al., 2015). Market research is important for a growing company because it is used to identify the difference between wrong and right decisions that affect the organization’s sales. It also identifies unmet needs in proposed marketing plans and recognizes the weaknesses and strengths of the competition, as a business cannot thrive with bad decisions. Market research for small businesses involves recording information, asking questions, and taking the time to learn from that information. Market research develops an information base to generate sales estimates, market strategy, and market entry decisions (Muske et al., 2015). One approach to market research is to compare competitors’ weaknesses. customer wants and needs and consumer demographics. For example, there may be a large dual income customer base with unlimited income. If this type of customer base is ignored, competitors’ weaknesses become business strengths by increasing store hours on weekends and evenings.
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McDonald, M. and Wilson, H. (2011). Marketing plans. How to do it, how to use it. John Wiley and Sons.
Muske, G., Hancock, C., Reimers-Hild, C. and Dye, A. (2015). Marketing and your small business. a guide for small business owners.
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Leadership Analysis Politics Business Management Strategy History Education Culture Health & Social Care Communication Psychology Marketing United States Economics Finance Students Business Sociology Literature Research Abuse Nursing Analysis Law Philosophy Environment War Technology Government Recreation Science Food Justice Religion Career Ethics Safety Family Society Other Accounting Community Development disability Civil Rights Books Writers Word Essay Historical and political figures A product can be defined as anything that can be put on the market to satisfy the wants of customers. A product can be physical or a service of an abstract nature. Product strategy has the following key elements: first, the target market. this is the demographic’s preferred location to do business. Here you can choose to buy products and services. Some of the factors that determine the target market are: gender, geographic location, marital status, occupation and finally income. Historical information about the same product that is already established can be used to determine the target market. Conducting market research can also help determine your target market. Additionally, demographic groups and consumer trends should be considered when conducting market research.
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Second, product strategy involves determining the price of the product. The right pricing element will help generate effective revenue. To determine the price of the product, the following must be taken into account: production costs, marketing costs and finally, the margin of the product. Product margin is a percentage of the total selling price of the products.
The third element is differentiation. Market competition can affect product strategy. However, it is important for a business enterprise to monitor market competition. This involves improving the quality of the product to ensure that the product has unique features compared to other similar products on the market. A company must decide what the product offers in the market and what other similar product manufacturers do not produce in the market. However, creating this uniqueness does not mean that the product should be produced in a completely different way, it should have small differences in men to help manage the competition in the market.
Most people find it very difficult to find and choose the right business for them. Therefore, to solve this problem, one can ask several questions. Below are some things to consider when deciding which business opportunity is right for you. First, they can see a problem in the market, but they have the skills and resources they can use to solve the problem. This means identifying the gap in the market in terms of product and service offerings and customer consumption in the market. By identifying the gap, you can determine what is missing in the market and find a way to gain control of the market by providing what the market lacks and what consumers want. This does not mean that a new product must appear. However, existing products can also be improved to adapt to changing market conditions. Also, one can get an idea like from other countries or market and apply the same idea in their respective countries. Ideas are everywhere. For example, employees of a company may have business ideas that can improve the performance of the business. Therefore, business owners should listen to the idea and critically analyze whether it can really improve the business or not. If possible, there is no need to abandon this idea. When trying to identify the right business project, there are some things to consider, such as: analyzing the competition in the market; This includes identifying competitors. Second, customer needs must be identified by identifying who the business’s customers are. Finally, there are factors that affect the business both internally and externally. This includes identifying business rules and regulations.
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