Making a Business Plan: 4. Determine Your Marketing Strategy

Marketing strategy can be described as a process that allows an organization to focus its resources on the best opportunities to increase sales and gain a competitive advantage.

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A marketing strategy forms the basis of a marketing plan that addresses market needs and achieves market objectives. Tests are done to ensure that objectives and plans yield measurable results.

Marketing strategies are usually multiyear plans that include a tactical plan that outlines specific actions to take in the current year. Although time frames can vary from one organization to another, they are getting shorter as market changes accelerate. Market strategies are dynamic and interconnected.

Factors determining marketing strategy

Marketing strategy requires careful monitoring of both internal and external factors. The marketing mix and performance analysis are two examples of internal factors. External factors include customer analysis, target markets analysis, and staying abreast of any changes in technology, politics, and the economy.

Marketing strategy must be consistent with the mission statement. After these scans are complete, a strategy plan can then be created to establish goals and the best marketing mix to achieve them.

When creating a market strategy, it is important to list the overall goals and objectives. They must be listed with a timeframe and specific numbers of what needs to be accomplished.

It is important to identify the primary target markets as precisely as possible. It is also important to note the current resources available to the company. The company has current resources if it has contacts that are already used and know about organizations and committees. You must consider the various methods that can be used to reach each market. These could include emails, press releases and flyers.

After all of the research has been completed, the marketing process can begin. The results of sales will be analyzed to determine if the strategy was successful.