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Coursework on Marketing

Coursework on Marketing: how to create a marketing strategy

Nov 07, 2012 - Posted to  Coursework Writing
Businesses turn to marketing to identify their customer's needs and provide the right products and services to satisfy those needs-with the goal of ultimately attracting and increasing customers. An important component to effective marketing is to develop a comprehensive and feasible marketing strategy.

What is a marketing strategy and why is it important?

By definition, a marketing strategy is a process in which businesses incorporate marketing goals to maximize their profit while making the best of available resources. Your marketing strategy helps to ensure that you make a profit on your products and services. It brings in and increases customer base which leads to better chances of receiving a high ROI or return on investment.
It also allows you to better serve your target by specifying their wants and needs and tailoring your prices, products, and services to match. Additionally, marketing strategies are not one time solutions and need to change regularly as your business changes. Likewise, they should be updated to keep up with market trends and be truly representative of your target and market. Also marketing strategies differ considerably and what works for your company may not work for someone elses. Despite this, there are a few key steps can be followed in creating any marketing strategy.

Your marketing strategy-step by step

Obtain a knowledge base

Knowledge is truly the key to successful marketing. Unsophisticated, random tactics that don't involve a sound knowledge base may end up costing you lots of time and money.

Know the market

Most introductory business classes will explain to you how to identify your market and what details to look for. Specificity is crucial-you need to know the size of your market, its customer base, competitors, and the products and services that customers are looking for.

Know your target

Your target is primarily your customer base. These are the people that regularly use your products and services and will return week after week and month after month. Learn your target intimately-know where they shop, what they tend to buy, and how much they generally spend.

Know your position in the market

This is an important, and sometimes overlooked point in marketing. How do you stand up to the competition? Are you a major supplier of this particular product or service, or do you only supply a fraction to the customer base? These questions are great to ask to better focus and plan your marketing strategy. Spell out exactly what your business can deliver so you can market accordingly.

Identify your goals

Marketing goals are essential for any business. Proper planning and detailing exactly what you want to achieve allows you to better reach your goals as well as make improvements later on down the line. If you don't know your purpose or what you are trying to achieve then how can you measure your success rate? Obviously you want to increase sales-but what does that mean?
For example, if you send out brochures to 1,000 households or post an ad through Google Ads, what results are you looking to obtain? Possibly for the brochures you are hoping to receive a 100 new inquires on your services or for the online ad your are hoping to increase traffic to your website by 15%. All of these details matters and should be planned and measured to receive optimum results. If you don't know what goals are realistic and which ones are not, do a bit of research first and find out what works and what doesn't for your particular market and target customer.

Set your tactics

Essentially your tactics involve the details of your marketing plan. Your marketing plan should include a few key elements listed below.

What should be included in your marketing plan?

Advertising, good salesmanship, and promotions

Marketing is more than advertising your business brand to your target audience. It may also entail in-house tactics such as stellar customer service, well-trained an exceptional salesman and promotions and limited time offers.

The right price

Regardless of your business type, in most cases if you offer high prices you'll have lower volumes of products being sold and vice versa. But what's the most important thing? A measuring stick to go by is profitability-the profit you take home should be viewed as more vital than the amount you sell. So if you have low volume but high profitability this is good, even if it seems that your overall sales are not where you want them to be.

Specialized products and services

In satisfying the wants and needs of your target group you may decide to offer specialized products and services either similar to the competitions or ones that are currently non-existent. Specialization should be properly administered by first weighing the cost to the company as well as potential lost if unsuccessful. And sufficient research must first be conducted to analyze whether or not it is suitable for the target or the particular season and local economic conditions.
In satisfying the wants and needs of your target group you may decide to offer specialized products and services either similar to the competitions or ones that are currently non-existent. Specialization should be properly administered by first weighing the cost to the company as well as potential lost if unsuccessful. And sufficient research must first be conducted to analyze whether or not it is suitable for the target or the particular season and local economic conditions.

Stand out from the competition

Part of your marketing strategy should include differentiating yourself from the competition. Look at the benefits and weaknesses of your competitors-how can you compete with them? Study their marketing strategies and techniques as well as methods for delivering similar products and services. Do they have a formula that works well? How can you incorporate their winning formula and distinguish yourself from them at the same time? *Distinguishing yourself may involve slight changes to products such as color or design, or slight differences to services. But regardless, they should satisfy customers without a considerable change in investments.

Set up your budget

Most businesses do not have a large marketing budget. Because of this target marketing is important along with flexible budgeting. Outside of receiving your ROI you may change your budget as the need arises to better suit your financial demands or circumstances.
Whether you're just getting your business off the ground or are looking to reinvent your working model, a well-structured marketing strategy should be of the utmost concern. When developing your plan with teammates or a professional keep in mind that market research is essential to learning about your target-sometimes we may think we know what customers want but the research paints a different picture. Along with this, proper planning and implementing proven strategies and techniques will hopefully provide your business with a successful plan that works and reaches the intended customer base.
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