Marketing strategy is a long-term, forward-looking approach to planning with the fundamental goal of achieving a sustainable competitive advantage. Sometimes marketing strategy is confused with a marketing plan, but they are different. Marketing plan details how the goals are achieved. Marketing strategy should incorporates business that aligns with the market and 5 Ps of marketing to develop the tactics and actions that will achieve the marketing objectives through the plan
Strategy applied correctly often pays rich dividends. The marketing strategy highlights the market objective and marketing goals for the future. The market share which is desired to be achieved in the target market with particular product portfolio and with the different product lines, while keeping in mind the average market growth rate.
Proper planning of advertising and marketing costs is necessary and when the market strategy is formulated the pricing policy for the customer is an important parameter. The Market segments can be utilized to derive segment insights and the strategies specific to each with different techniques. The end users are thus treated differently be it the commercial or the industrial customer according to the different criteria’s:
• Advertising and marketing media
• Competitive orientation
• Customer profitability
• Customer loyalty
• Acquisition of new customers.
The business plan should definitely accommodate a three-year marketing plan at least which sums up the sales targets for each product and product line , explains the core marketing measures and their risks and which also contains a timeline of planned product launches as well as a the detailed allocation of marketing costs.
The marketing plan should represent a road map of the marketing activities and further achieve the strategic marketing goals.The development of the market share of the company with regard to the competitors as well as the analysis of main market trends are other components while drawing out a full fledged marketing plan. The Data Analysis and financial analysis through excel modeling and financial modeling helps finalize the B plan and the Investor presentation for their buy in as well.
The way to success of the business is the appropriate pricing policy based on marketing trends and patterns. Investors are interested in the criteria which affect the pricing. Once the prices are too high, customers would not be attracted anymore and the demand would be for the other competitors. Once the prices are too low, there is lot of risks along with decreased revenue and could lead to an arena of loss. The optimal price is obtained by market observation of competitors, their pricing policies and the price elasticity of the market.
Marketing objectives are the goals of top priority. The marketing as an organizational unit, should have unit for producing brochures, organizing sales promotion and managing fairs. Duties and responsibilities which are delegated through the organization.
Once the company provides several product lines for different target groups, it is prudent to establish an independent product management. The responsibilities of the product management are product planning , the internal coordination of the company’s product-related activities, market research and the cooperation with external service providers as advertising and market research agencies as well as package designers.
TAGS-:Strategy to Market Success
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