why do you need a marketing strategy
Marketing planning helps you develop products and services in your business that meet the needs of your target market. Good marketing helps your customers understand why your product or service is better than, or different from, the competition. A good marketing plan can help you reach your target audience, boost your customer base, and ultimately, increase your bottom line. It's often required when seeking funding and helps you set clear, realistic and measurable objectives for your business. Developing a marketing plan requires research, time and commitment, but is a very valuable process that can greatly contribute to your business success. Without customers, your business would not survive. To attract and retain customers, your business needs to understand the value of marketing. People are unlikely to simply walk into your business and buy something from you if they don't know who you are, what you are selling and why they should choose you over the competition. Many smaller businesses don't place enough importance on marketing. They often see it as something that requires a lot of money and fancy advertising campaigns. However, marketing is about much more than advertising and sales. Building your brand is a crucial part of building your business. Questions you need to consider to build the foundation of both your business and brand include:
what are the needs of your target customers? how do your competitors meet the needs of your target customers? how can you help your target customers understand why your product or service is better than, or different from, the competition? You've probably already considered some of these questions when preparing your business plan, but many businesses don't realise that these questions are also marketing fundamentals. So if you've already addressed these critical points, you've made the first steps in building a successful business and brand! One of the greatest benefits of developing a marketing plan is that it helps you to focus your resources and plan for your business growth.
The planning process helps you to understand the different factors that may affect your success. Instead of worrying about the future, you can actually have a sense of control over your business and livelihood. position your brand, products and services so that your target market sees your business as better than, or different from, the competition set specific, measurable goals and timeframes for your marketing activities map out a strategy to reach your target audience, including the messages, channels and tools you will use. Marketing planning helps the day-to-day running of your business. When you develop your plan, you'll set targets and milestones which help you to: manage performance of your staff members and marketing efforts. It's important to have a marketing plan, but it's just as important to keep it up to date A marketing plan is not a document you create once and store in your bottom drawer. It's a living guide that you should develop as your business grows and changes. Set yourself a reminder to review your marketing plan regularly. To write an effective marketing plan you'll need discipline, time and focus. The process can seem challenging, but it's also rewarding, creative and even fun! You don't have to start with a blank sheet of paper. Our was developed by experts to help you achieve your goals and gain control of your business future. It gives you a clear process to follow as you develop your marketing plan. It helps you identify who your customers are, how you'll meet their needs and how you'll differentiate yourself from the competition. Search to find business and marketing training and workshops near you. Use to find a free or low-cost business advisor in your area. Download our and. There are many reasons to define the need forP to current businesses. Each of them is discussed below 1) The fight for market share Each market is divided into shares, which are captured by the players of the market.
This fight for market share is intensifying. Because of competition, margins are poor, and hence the increase of market share provides leverage to the company. To increase market share, companies need marketing. 2) External business environment Most sectors like Petrol, airlines, logistics as well as telecommunications are regulated by government. Similarly, the affects decision-making continuously. As this external business keeps changing, the need forPmarketing strategy arises because you need to be ready for the changes in external environment. 3) Business expansion While managing all aspects of businesses, the firm also to at a rapid pace. This involves various kinds of mergers, acquisitions takeovers or introduction of new lines, each of which needs to be micro managed. Any business that wants to expands, needs a marketing strategy in place to ensure that the expansion is happening in the right manner, and is maintaining the right pace. The business also needs to be ready for the Ifs and buts of business, in case the expansion is slower or faster than forecast. 4) Management of channel structure The distribution is changing very fast. Many companies now have their own softwares and they can monitor what is happening at the level. The rise of modern retailers and E-retailers is giving more power in the hand of consumers as well as. At the same time, changes are happening on the purchase end with buying groups being formed being managed to match. All these require the right strategies in place to prepare for good or bad times. 5) Penetration of national and international brands Not only do manufacturers have to worry about local brands, but they have to worry about national as well as brands entering the market. If you look at printers or driven, you will find bulk of the products originating from or Japan.
On the other hand, Automobiles mainly originate from Germany or USA. Thus, a national level manufacturer, needs to have a strong marketing strategy in place to ward off competition from international players. On the other hand, the international player has to enter with the right marketing strategy otherwise he will lose. 6) Increasing segments / product portfolio Take any company you want, you will find that the company has multiple products and an in-depth. Because offers many advantages, companies keep expanding their product portfolios and keep more inter connected market segments. So a FMCG company which is selling chocolates, can also venture into biscuits because the channel is the same. Thus, with so in place, becomes very important. 7) Technology This point requires no explanation because we ourselves know how much humanity has progressed in terms of technology in the last 1 century. There was a time when Barter system was used and there were no quality or price standards in place. But if today, you don t supply a, your reviews will be plastered on a 100 review sites, on portals as well as in consumer forums. Technology has made decision-making very simple. And hence you require strategy in place to handle ever improving technology. 8) Innovation The need for marketing strategy does not end at handling the business alone. It is fine to be a. But if you really want to be at the top of the business pyramid, you need at all levels product, supply or manufacturing to give you a. 9) Demanding customers At the end, you have to remember that whatever you do, the success and failure lies in the hands of the customers. The power has shifted from the manufacturers to the customers. And due to the habit of receiving over a period of time, most customers have become demanding like a spoilt brat. They want only the best. You need marketing strategy to give the best to your customers.
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