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Marketing strategy consists of some valuable plans that integrate an organization's marketing goals. The Proper combination of goals, policies, and action sequences makes the marketing strategies effective. The main aim of marketing strategy is to increase the sales and profits of any organization or company.
Marketing strategy is developed by considering the following factors:
Environment analysis and marketing research:
The observation of external factors that promote success or failure of a company is a most important marketing strategy. The external factors include economy, competition, atmosphere, transport system and solicitation of data to resolve special marketing issue.
For better sales of a product, market selection is significant. The amount of sales of a product depends on the location of the market, whether the market is situated in urban or rural areas; whether the market place is easily accessible for people.
The consumer characteristics such as taste, choice and preference affect the product marketing. The consumer characteristic varies from man to man and location to location. So inspection of consumer characteristics, needs and purchase processes is also important.
Product planning (including foods, services, and ideas):
Product planning includes the development of existing product by changing of the composition, packaging system, product positions, brands and deletion of the old products.
The delivery system of the product to various markets, shopping malls and restaurants is also considered for marketing strategy. The distance from the production place to whole or retail seller, transportation system, physical distribution, allocation of goods, wholesaling detailing, inventory management and channel relations are reasonable factors for distribution planning.
Price of a product should be kept in tolerable range for all classes of people so that they can easily pay for the product. If the price of the product becomes very high, the consumer will not buy the product.
The communication planning may include the advertising about the product through different mass media, such as the television, radio, newspaper. The more a company publishes, the more it sells. At the recent time, online advertising is another media of publicity. By advertising the companies or organizations gets the chance of focusing their product's good quality and urging the customers to buy their products.
Brand name of a company has a large effect on the consumer to make them buy their product. A company should select a nice and attractive family brand for its better publicity.
Knowing the characteristics of your target market helps you identify the best way to get in front of them. As part of the demographics of your audience, ethnicity also plays a large role in the marketing strategies you decide to use. Once you determine the traits your primary and secondary target markets share, you can decide if they are strong Web users, readers of certain publications or listeners to particular radio programs where your marketing dollars will see the best results. These needs may change, so you must keep an eye on who is buying your company’s products or services to make adjustments when necessary.
For entrepreneurs with more time than money, the cost of a marketing tool becomes a major factor in deciding which strategies you need to implement to find prospects. For instance, making sales calls requires less cash output than designing, printing and mailing a direct marketing package to thousands of prospects. If your advertising budget is limited, placing an ad in a community newsletter might make more sense than putting your ad in expensive print publications.
The economy plays a huge role in the strategies you use. The need for your product or service may decrease or increase depending on economic upswings or downturns and the products and services people are willing to buy. Businesses may find they need to spend more money on advertising and promotions to get customers to part with their cash during economic downturns. Some industries will experience growth during shifts in the economy, while others will decrease during the same period. Keeping these possibilities in mind helps you shift to different strategies when you notice a change in people’s buying habits.
A good look at your competitors helps determine what types of marketing strategies to implement. While you need to create a niche and accompanying marketing messages that make you stand out from the crowd, you may discover that the best marketing tools are those your competitor uses. The key to successfully competing against like-minded businesses requires knowing how often your message needs to reach prospects. Then, you’re ready to select and implement the proper marketing tools that help your company achieve its sales goals
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