DefinitionA marketing strategy explains how a business isgoing to achieve its objectives, reach its targetaudience and experience an increase in sales.
Information required foreffective marketing strategyThere are a number of information requiredbefore creating an effective marketing strategy.They help in creating ideal marketing strategies.
Business OverviewUnderstanding the business overview is veryimportant for implementing an effective marketingstrategy. You must know your products and servicesbetter, your core values and your primary businessgoals.
Opportunity available in theMarketUnderstand your current market situation, marketpotential, factors that may affect your futuregrowth, and trading conditions.
Target CustomersKnow more about your current targetcustomers, their likes and dislikes, buying motiveof the customers and perception of your productand service in the market.
CompetitionIdentify your key competitors and plan strategiesto compete them. Find out what level of threat doyour competitors pose and what is their currentperceived marketing strategy.
Promotional ActivityTry to find out what promotional activities you willindulge in so that you get maximum visibility.Find a good primary marketing message andanalyze what your audience say about yourbusiness.
SummaryLooking at the key factors that help in making agood marketing plan will ensure that you willknow in advance what all plans you need to havein place to take your business in the rightdirection.