Developing Marketing Strategies
Now that we know what marketing is and have been cleared about the difference between marketing and selling, the next most important thing to know is developing marketing strategies.
Developing marketing strategies can provide your company with a long term vision about market trends, customers, and competitors. From this, your company can meet your long term needs of customers and prepare the necessary time and resources to adjust themselves to market changes. It is important to document all activities regarding what you want to do in the market environment. This helps you understand your customers,competitors, their needs and how to reach them.
Below is a pictoral representation of an analysed marketing environment;
Positioning is the aspect where you help the customers to think and act when they see your brand.The company with a product that gains more customers interest will ultimately have a greater chance of success.
STEPS IN POSITIONING
(A) Identify competitive advantage by analysing the marketing environment particularly the successes and failures of your competitors and the internal resources of the company.
(B) Market segmentation and identifying the target market;
You can do this by;
- Analysing the marketing environment
- Breaking down the market into segments
- Identifying the target market
Market segmentation is the division of a large and complicated market into smaller groups of customers with similar needs,characteristics and behaviour. The target market is a segment of the market that the company is focused on.
(C) Identify core benefits for the target market;
It is not necessary for your company to satisfy all of customers needs. Instead your company should focus on satisfying one or two of their needs. This can be done through
- Satisfying outstanding needs of the target market which have not been satisfied or have not been fully satisfied.
- Touching or satisfying areas where your company has the competitive advantages to satisfy these needs better than your competitor
(D) Positioning statement
A position statements first goal is to document your expectation of your brand. This statement should be known and agreed upon by the whole company and will be the basis for all marketing activities.
The marketing mix is a combination of factors that can be controlled by a company to influence consumers to purchase its products. The marketing mix is also known as the 4Ps of marketing, which are explained below;
Products represent the core benefit identified in positioning
- Cost-based pricing
- competitve pricing
- value-based pricing
Pricing Strategies In The Marketing Mix
- Price in line with the core benefit identified in positioning
- suitable with the products life cycle
- support the development of a distribution system
- support the communication objectives.
PROMOTION OR COMMUNICATION
- Identify a communication message or method
- Select one or more suitable tools of communication in line with the target audience-advertising, promotion, public relation, direct marketing and personal selling.
- Distribution channels should focus on target customers.
- Distribution channels enhances core benefit.
- Distribution helps to stabilise prices according to the pricing strategy
- Supporting communication through display of materials and promotional programs.