The development of a marketing strategy involves the isolation of a target market segment, a set of clear-cut goals, a fair amount of consumer research, and the implementation of initiatives aimed at getting the word out.
2. INTRODUCTION
A marketing strategy development is a document which helps to define
business goals and then allows you to develop the activities required in
order to achieve them. As specialists in content marketing – along with
both email and social media marketing – we know exactly how useful it is
to have a plan in place when it comes to marketing your business, so that‘s
why we have put together this handy guide to help you write your own
marketing strategy!
First of all, before we start writing your marketing strategy, it‘s important to
find out exactly what it aims to do. After all, if you don‘t fully understand
what it does, you can‘t write it effectively! Briefly, here are a few of the
comprising sections:
Describes your business, and explains its products or services.
Explains where your products or services are positioned within the
overall market.
Describes your customers and your competition.
Explains exactly what tactics you aim to use in your marketing.
So that‘s what‘s included within the marketing strategy development.
3. OBJECTIVE OF STUDY
The project is undertaken to meet the following four objectives effectively:
To know about Marketing Strategy Development and how companies‘
are effectively using as a tool to succeed in business.
To know the various techniques and concepts of Marketing Strategy
Development and its application.
To know how an education consultancy firm is enabling to use the
Marketing Strategy Development techniques in their course of business.
To analyse how Marketing Strategy Development can be helpful to
expand the scale of business operations in future to maximize profit.
To know how an education consultancy firm ADMISSION SQUARE
LLP, BANGALORE is successfully carrying out and being benefitted
through the technique of Marketing Strategy Development.
4. FRAME WORK TO DEVELOP A MARKETING
STRATEGY
• Write a successful marketing strategy .
• Identify your business goals .
• State your marketing goals .
• Research your market .
• Profile your potential customers .
• Profile your competitors .
• Develop strategies to support your marketing goals .
• Use the '7 Ps of marketing' .
• Test your ideas .
6. IMPORTENCE OF MARKETING STRATEGY
DEVELOPMENT
Marketing strategy provides an organization an edge over it‘s
competitors.
Strategy helps in developing goods and services with best profit
making potential.
Marketing strategy helps in discovering the areas affected by
organizational growth and thereby helps in creating an organizational
plan to cater to the customer needs.
It helps in fixing the right price for organization‘s goods and services
based on information collected by market research.
Strategy ensures effective departmental co-ordination.
It helps an organization to make optimum utilization of its resources so
as to provide a sales message to it‘s target market.
A marketing strategy helps to fix the advertising budget in advance,
and it also develops a method which determines the scope of the plan,
i.e., it determines the revenue generated by the advertising plan.
In short, a marketing strategy clearly explains how an organization
reaches it‘s predetermined objectives.
7. LATEST TRENDS IN MARKETING STRATEGY
DEVELOPMENT
• Trend 1. Lifecycle marketing .
• Trend 2. Conversational marketing .
• Trend 3. Insights-driven marketing .
• Trend 4. Marketing technology .
• Trend 5. Consumer Privacy and KYC
.
• Trend 6. Digital transformation and
Marketing Transformation .
8. COMPONENTS FOR DEVELOPING MARKETING
STRATEGY
• Target Audience .
• Awareness .
• Unique Advantages .
• Communication with Your Clients .
• Activities .
9. ADVANTAGES OF MARKETING STRATEGY
DEVELOPMENT
• Promotes Your Business to a Target Audience .
• Helps You Understand Your Customers .
• Helps Brand Your Business .
• Keep Your Focus .
• Meet the Needs of Target Customers .
• Helps You Discover What Makes Your Business Unique .
10. DISADVANTEGES OF MARKETING STRATEGY
DEVELOPMENT
• Costs of Marketing .
• Time and Effort May Not Yield a Return .
• Hard to Generate Momentum .
• Expose Your Weaknesses .
