MARKETING STRATEGY
1. Problems/opportunities explored by creating a marketing strategy
Evaluate all problems and opportunities from situation analysis
- Product
- Selling prices
- Communications
- Sales effort
- Services
- Distribution
- Profit on sales
- Product awareness
- Trial/regular users/market
- Share
2. Set sub marketing strategies - objectives
- Break down objective into manageable pieces. (One or more of the following)
- Products
- Markets
- Distribution channels
- (Last year sales, sales trends, etc.)
3. Select marketing strategies
- Refer back to step 1 and review problems/opportunities to be taken advantage of, that will help achieve sub- objectives
- Strategies - broad statement of actions to be taken
- Positioning strategy - "to become known as the highest quality product in the market".
- Beauty or healing quality,
- Price or value convenience
- Ease of use
- Safety
- Fun
4. Tactics to carry out each marketing strategy
- Develop specific actions that will result in achieving the marketing strategy objective
5. Check points
- For each tactic of marketing strategy ask yourself . . .
- How will competitors react to our marketing strategy? (re-think the tactic)
- Coordinate all tactics of marketing strategy with other tactics and activities (advertising, sales, etc.)
- Can you implement the tactics to have the right effect in the time frame?
6. Develop a schedule (time chart)
7. Define responsibilities of implementing marketing strategy
- Who is responsible for each of the planned activities - with a date!
8. Establish controls
- Develop a system to be sure activities, costs and results are being achieved (usually sales targets, but there can be others: customer listing, repeat purchase rate)
9. Budget of implement marketing strategy
- On completion, all costs can be included into total budget
10. Final review
- Review entire plan and budget.
- Does it make sense?
- Will it work?
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