Understanding the Marketing Strategy Section of Your Business Plan

Marketing strategy is an overall plan and a long term, strategic approach to any firm or any organisation with the basic objective of attaining a competitive, sustainable competitive edge, by fully understanding the requirements and tastes of potential customers. This can be achieved through research and analysis, product positioning, branding, advertising, distribution, price, promotion and all other facets that are directly involved in the actual sales process. The marketing strategy is not just a one time thing, it is a continual process that continually has to be refined and updated to suit ever-changing market conditions.

Image credit

A robust marketing strategy helps businesses achieve success, as it allows them to respond to competitive situations with effective planning, flexibility, and a realistic outlook that ensures that they are able to provide quality products and services to their customers while keeping prices at a reasonable level. You can use the services of a Marketing Strategy Consultant such as Really Helpful Marketing can help with developing your marketing strategy.

Image credit

When developing a marketing strategy, it is important to understand who will implement the plan. The effectiveness of your marketing mix is determined by identifying the right people to work with. Ideally, these people should be those who are the best suited for implementing the strategy. These people include sales representatives, marketing managers, product developers, finance professionals, and other personnel who have the authority to make decisions on the strategic direction. The decision-makers must be people who understand your business, including its customer base, target audience, and the different ways in which you engage with them. It is important that the right people are involved in the development of your marketing mix to ensure that the marketing strategy is effective.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.