Developing an effective marketing strategy
As the old saying has it, “If you don’t know where you’re going, any road will get you there.” Documenting your business goals and developing an effective marketing strategy to get there can be crucial to business success. An effective marketing strategy includes:
Identifying your business goals & objectives
Developing your business strategy
Allocating key resources
Opportunityanalysis
Target market selection
Competitive positioning
Developing a marketing plan & tactical execution plans
This is usually an iterative process. After you identify your goals and begin to develop your strategy, you may find that the opportunities or your resources are not sufficient to reach your goals, and you may need to re-define your goals and strategy. The most important outcome is not the marketing plan itself, but the thinking that goes into the planning process. Stay flexible– and realistic. Identifying Business Goals & Objectives
The first step of a successful marketing strategy is to decide where you want your company to go by identifying and prioritizing your business goals and objectives. Some examples:
Profitability
Sales growth
Market share
Risk mitigation through diversification
Innovation
Once you have identified your business goals and objectives, you will have a better idea of where you want your business to go—a strategic direction.
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