"Enjoy the Xperience"

"Enjoy the Xperience"

Wednesday, 21 November 2012

DEVELOPING MARKETING STRATEGY FOR YOUR BUSINESS

With the level of high competition that cut across every industry, both direct and indirect competition is/are virtually doing everything within their reach to increase market share, minimize resources, and gain 100% profit.
However, the company that stand to have enough market presence and market shares, is/are company that knows how to get to where they envisaged from where they are, to where they want to be (strategy)
The Japanese have a very simple way of describing the typical American marketing plan: READY? FIRE! AIM. This often time fails because of the level of intensive planning involved-behind every successful product or service is a well researched marketing plan.
Strategy and Tactics are embedded in your marketing plan.
STRATEGY explains how you are going to get there.
TACTICS explains the details of the strategy.
 
All put together can be extracted from your MARKETING PALN.
Advantages of having a MARKETING PLAN for your business:
In reality, a marketing plan is the heart of your business because it offers you a wealth of information about how well you are positioned to your audience, within your marketplace, and against your competitors.  Such knowledge, in turn, guides your strategies and actions you put in place to address your products, pricing, sales and promotions. As such, the marketing plan is an essential tool for ensuring your success.
Producing a marketing plan can have an amazing impact on a small business because it provides clarity, purpose, and direction on how to attract and retain customers – the most crucial aspect for the success of any business.  Marketing plans also make it easier for you to be more strategic and effective at generating brand awareness, selling your products or services, coveting new market opportunities, and addressing emerging or existing problems.


What is Marketing Plan?
Marketing plan is a written statement that defines the strategies, tactics, resources that your company will employ to reach its business objectives. Your marketing plan is the “why” behind whatever your company plans to do to achieve its sales objectives.

A marketing plan has two key objectives; it can serve as a reality check to help you determine the likelihood of achieving your marketing objectives. And it can serve as a communication vehicle to help you sell your ideas internally, to senior management and your sales team, and externally, to potential investor.
How to develop a clear, concise, compelling marketing plan?
We shall review this in our next articles, till then STAYTOPS!

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