Strategic Management Process
Marketing strategies for your business involve all the activities that take a product from the point of production to the point of consumption or purchase. As we know, marketing tools and strategies are one of the most important steps in any business. The success of any small business marketing is directly dependent or proportional to the marketing plan you have adopted. So developing a good and efficient marketing strategy is a great challenge. The strategy differs with our business. First of all you must know your consumer or customer.You must know them very well. They must be given the feeling of “foolishness” if they did not buy your product. This will give you better customers and increase your profits. This can be only achieved by developing a successful small business marketing strategy.
Before developing marketing strategies for your business you should keep your “target market” and social networking strategies in mind. Before planning your marketing tools you should be aware on three prime areas. They are Target Market,Purchase market and communication market. Lets see how important they are-
1.Target market – as the word indicates it is the group of customers you aim.Your success depends on how you make this group larger and larger.
2.Purchasing target – group of consumers that buy your product because they can only afford it.They are more considered on the price rather than its quality.
3.Communication Target – The communication methods that you use to influence this target market.No doubt,it had a big impact on your business.
You should be aware of “Marketing mix” which is the combination of marketing tools used to gain popularity or publicity for your product.The four p’s in marketing are-
The benefits of planned marketing strategies for your business are numerous.Business owners often depend on their intuition or experience rather than on reality.This is great mistake committed even by some veteran marketers.This informal knowledge will help you to make decisions and will be helpful to some extent.But this will not give you the best marketing results.So before making decisions about marketing strategies for your business you should have definitely performed marketing research.A good marketing strategy can not worked out without doing market research.A well planned marketing strategy will be an added advantage and definitely a boon to your business.
Here I suggest you some simple steps to developing goo marketing strategies for your business .
1.Describe and reveal your product’s USP(Unique selling proportion).
2.Define your target market to help zero in on strategies for you business.
3.Write down the benefits of your products or services.
4.Describe how you will position your products or services for your marketing plan.
5.Define your marketing methods.You can give advertisements through newspapers,magazines,channels,use internet marketing tools such as social bookmarking sites and other methods to create awareness about your product among the public.
Marketing strategies for your business that are well planned,detailed and heavily researched will give good results. It is an essential step for large as well as small enterprises to promote your business. The strategy involves highly expensive and complicated methods in the case of large enterprises.The marketing strategy for your business forces the marketing personnel to look internally in order to fully understood the results of past marketing campaign decisions. It forces the marketing personnel to look externally on the market in which they operate.Marketing strategy helps to set future goals and directions for future marketing. Good marketing strategies for business are a key component in taking new initiatives.
A marketing strategy is generally undertaken for many reasons-
1.Needed as a part of planning process with in marketing area.
2.Needed to develop strategies to introduce something new and entering new markets and trying new plans to fix an existing problem.
3. An essential component of over all business plan such as new business proposal etc to the financial community.