Marketing Strategy For Business

Marketing Strategy for Business: Your marketing strategy is an explanation of the goals you need to achieve with your marketing efforts. Your marketing strategy is shaped by your business goals. Your business goals and your marketing strategy should go hand-inhand the purpose of the high-level plan is to break down your marketing goals and strategies into subcategories. The plan includes the high-level goals or categories where you will focus your energy.

Operational Marketing Strategy Strategic tactics include advertising discounted prices to promote new products or to attract new customers. The timing of these promotions is also strategic matter.

Develop a marketing strategy Effective marketing starts with a considered, well-informed marketing strategy. A good marketing strategy helps you define your vision, mission and business goals, and outlines the steps you need to take to achieve these goals. Your marketing strategy affects the way you run your entire business, so it should be planned and developed in consultation with your team. It is a wide-reaching and comprehensive strategic planning tool that: Describes your business and its products and services  Explains

The position and role of your products and services in the market

 Profiles

Your customers and your competition

 Identifies

The marketing tactics you will use

 Allows

You to build a marketing plan and measure its effectiveness

 Advertising

Money achieves brand awareness.

Write a successful marketing strategy Your well-developed marketing strategy will help you realise your business's goals and build a strong reputation for your products. A good marketing strategy helps you target your products and services to the people most likely to buy them.

Identify your business goals To develop your marketing strategy, identify your overarching business goals, so that you can then define a set of marketing goals to support them. Your business goals might include:  Increasing awareness of your products and services  Sale more products from a certain supplier  Reaching a new customer segment.

The Importance of a Marketing Strategy for Business Strategy In fact, having a marketing strategy is so useful that you can think of it as having a road map or a cheat sheet. It will guide you in just about every business decision that you make. Many business owners haven’t discovered the importance of marketing.

Marketing mix strategies:  Withdraw products or service from weak market  Acquire the weak competitor  Fortify the product in market where the brand is strong  Consider non- Asian and youth market  Consider resale market for durable product

Product Strategies:  Avoid introducing new products  Trim the weak product

 Concentrate on simple and durable product.

Pricing Strategies:  Improve the product quality while maintaining price  Reduce the product or service price while maintaining the quality  Consider product life cycle pricing

Promotion Strategies:  Maintain the advertisement budget  Increase the use of print media  Provide assurances through rational appeal  Satisfied customer by product and service 

Avoid celebrity endorsement

 Capitalize on public relations 

Introduce the customer loyalty programs

Distribution strategies:  Location is very important for the company  Provide discount on product  Open the wholesale centre  Prune marginal dealers  Consider alternative channels