Marketing Strategyis very crucial for the purpose of the company to survive in the world of competitive business edge. Each year the competitiveness gets higher and so does every firm’s business and market strategy.
Based on the marketing strategy definition, the marketing strategy always starts from the market and the customer’s environment, which then leads to the strategy for wider area of stakeholders.
The marketing strategy should first label the Company’s vision, something of what your firm is going to do and what is your company’s target. Then, it should also state the scope of the business. The last, it has to label 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.
The marketing strategy objective is very important because it represents and restated your business vision in a more detailed way. It is a strategy for your business to reach its vision target.
Marketing strategy has its own procedures and steps. First, you’ll have to understand the customers to know what they need and what they want, analyze the market’s condition on whether it is available or not and profitable enough or not for you to sell that thing in the market niche, the next is analyzing the competitor in which will be very important in defining a strategy to make added value and unique selling points.
Research distribution and financial analysis is needed too to determine your business’ limit and position your strategy well, and the last is reviews for feedbacks and improvements. Besides those steps, there are 3 main important parts, or the core element, of the marketing strategy process which has to be in the marketing strategy plan. Those are determining the STP, marketing mix, and the SWOT analysis.
Marketing StrategyCore Elements
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.
Then, the famous SWOT analysis has to be considered and not to be forgotten. SWOT (Strength, Weakness, Opportunity, Threat) analyze the important condition of your business’ internal and external supportive factors.
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.