Marketing Strategyis a process concentrating on sales enhancement to support a company’s sales and market opportunity in limited resources. In the competitive world of business, a company will not survive without a good marketing strategy.
Each year the competitiveness gets higher and so does every firm’s business and market strategy. Based on the marketing strategy definition, it always starts from the market, in which it observes the condition of which the firm’s product is being sold to, the customers and their environments.
The marketing strategy should consists of: Company’s vision, something of what your firm is going to do and what is the final aim; The scope of the business, which covers the customer, the added value of your product, and the technology used; The marketing strategy objectives which talks about the aim of the marketing process, usually consists of the market share target, sales or market share growth plan, market entries, and market awareness predictions.
Marketing strategy has its own procedures and steps. Usually the steps are based on every marketing manager to set for their firms. But in general, those marketing strategy contains processes which are by order: Understanding customers, analyze market; analyze competitor, research distribution, financial analysis, and reviews. But there are 3 main important parts of the marketing strategy process which are determining the STP, marketing mix, and the marketing plan, which consists of SWOT analysis.
Marketing StrategyPlan, STP, and Marketing Mix
First, a good marketing strategy should be able to analyze the STP (Segmenting, Targeting, and Positioning). This analysis process covers the segments of the customers that you are targeting, and the position of your business in those segments.
After determining the STP, it is necessary to take analysis on the marketing mix. The marketing mix is usually called the 4P’s, which is the abbreviation of Product, Price, Place, and Promotion. This marketing mix or 4P’s determines a product or brand’s unique selling point that differentiates them with other brand’s products and identities: what your product is, what is its uniqueness compared to the other direct competitors’ product; what is the range of your price and the competitive advantage on it; where will you sell your product or where is the area limit of your business; and what kind of promotion will you do to enhance the brands’ market recognition. This marketing mix is one of the first steps to make when you are planning for a marketing strategy.
The last, after analyzing the STP and marketing mix, one other important part is defining the marketing strategy plan. This consists of the famous SWOT (Strength, Weakness, Opportunity, and Threat) analysis.
The strength and the weakness should be analyzed by the internal factor of the business, while the opportunity and the threat can be determined from external factors. For example is that your business has very intellectual and brilliant workers but is having a problem with the product’s diversities. Those two are internal segments of a business, and then you could put the employees in the strength segment and the product diversity in the weakness segment.
Do the same for the weakness and threat of external segments. After those processes, you can always develop the market strategy to what your creativity leads you to. But those STP, marketing mix, and SWOT should never be forgotten to be the main and the first thing to analyze if you are planning to make a good marketing strategy.