Ravinder Tulsiani | Marketing Policy Effective marketing starts with a examine ,well-informed marketing policy. A good marketing strategy helps you define your sight, work and business goals, and outlines the steps you need to take to achieve these goals. Your marketing strategy touch the way you run your whole business, so it should be planned and developed in discussion with your team. It is a wide-reaching and inclusive policy planning tool that:
describes your business and its products and services explains the position and role of your products and services in the market profiles your customers and your competition identifies the marketing strategy you will use allows you to build a marketing plan and measure its effectiveness.
A marketing strategy sets the overall direction and goals for your marketing, and is therefore different from a marketing plan, which outlines the specific actions you will take to implement your marketing strategy. Your marketing strategy could be developed for the next few years, while your marketing plan usually describes plan to be achieved in the current year.
Write a successful marketing strategy Your well-developed marketing strategy will help you realise your business's goals and build a strong reputation for your products. A good marketing strategy helps you target your products and services to the people most likely to buy them. It usually involves you creating one or two powerful ideas to lift awareness and sell your products. Developing a marketing strategy that includes the part listed below will help you make the most of your marketing speculation, keep your marketing attentive, and measure and improve your sales results.
Identify your business goals To develop your marketing strategy, identify your overall business goals, so that you can then define a set of marketing goals to backing them. Your business goals might include:
increasing awareness of your products and services selling more products from a certain supplier reaching a new customer segment.
When setting goals it's critical to be as address as possible so you can definitely measure the outcomes against what you set out to achieve. A simple benchmark for goal-setting is the SMART method:
Specific - state clearly what you want to achieve Measurable - set tangible measures so you can measure your results
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Achievable - set objectives that are within your capacity and budget Relevant - set objectives that will help you improve particular aspects of your business Time-bound - set objectives you can achieve within the time you need them.
State your marketing goals Define a set of definite marketing goals based on the business goals you listed above. These goals will motivate you and your team and help you gauge your success Examples of marketing goals include increased market penetration or market development. These marketing goals could be long-term and might take a few years to successfully achieve. However, they should be clear and significant and have time frames for achievement. Make sure your global policy are also practical and measurable. A good marketing strategy will not be changed every year, but adjusted when your action have been achieved or your marketing goals have been met. Also, you may need to modify your strategy if your foreign market changes due to a new competitor or new technology, or if your products considerably change.
Research your market Research is an essential part of your marketing design. You need to gather information about your market, such as its size, growth, social direction and demography. It is important to keep an eye on your market so you are aware of any changes over time, so your strategy remains important and targeted
Profile your competitors Similarly, as part of your marketing strategy you should develop a profile of your competitors by analyse their products, supply chains, pricing and marketing tactics.Use this to identify your competing advantage - what sets your business aside from your favorite . You may also want to identify the strengths and weaknesses of your own internal processes to help improve your performance related with your competition.
Use the '7 Ps of marketing' Identify your tactical marketing mix using the 7 Ps of marketing. If you can choose the right combination of marketing across product, price, promotion, place, people, process and physical cue, your marketing strategy is more likely to be a success.
Test your ideas In deciding your approaches, do some online research, test some ideas and approaches on your customers and your staff, and review what works. You will need to choose a number of approaches in order to meet your customers' needs, reach the customers within your point market and correct your sales results.
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