Marketing Plan Template for Business Beginners
Marketing is crucial for any new business as it decides how fast your brand will gain recognition in the market. A good marketing strategy requires several components which are discussed below.
Research: Research is very crucial for a creating marketing strategy. Understand your target customer base and develop advertising campaigns according to their age, tastes, locations, preferences, etc. Consumer research helps you to select the deal market segments and know what they are seeking so that you can go after them aggressively. Also, market research helps you in developing products and services with features that interest the customers and also differentiates your products from those of your competitors.
Competition: Study the products and marketing strategies of your competitors. Identify the flaws in their products and see that your products do not have them. Formulate creative ideas that will display how your products can be better than the ones sold by your would-be competitors.
Positioning: Positioning is all about creating a positive impression of your brand in customer’s mind. It means how strategically you present your brand as a unique and better solution to the needs of your customers.
Marketing Mix: Marketing Mix is a business marketing tool used to create the marketing strategies. It helps you view your marketing from the standpoints of the product as well as the consumer.
Product oriented model – the Four Ps:
Product: Considered as a commodity to satisfy the customer’s needs, it could be physical or intangible (eg: travel and tourism). Each product has a life-cycle in which it slowly becomes popular, reaches a peak stage and finally goes out of trend where it will be replaced by its latest versions. This cycle should be carefully estimated for every product.
Price: The price of the products should be aptly balanced so that the customers must feel them affordable while you can make profits.
Promotion: It encompasses all modes of advertising you use to increase market exposure of your products. It includes different ads in different sources like print media (news-paper ads, placards, bill boards) or digital media (television commercials, internet marketing).
Place: It means how available your products are to the customers. It includes various distribution strategies that you implement.
Consumer oriented model – the Four Cs:
Consumer: Consumer is the focus of your business and satisfying him should be your prime concern.
Cost: Similar to ‘price’ in the above model, here the ‘cost’ means the amount customer pays to gain the ownership of the product.
Communication: Contrary to promotion, communication essentially includes public relations, customer feedback collection, customer service and any mode of communication between the customer and the company.
Convenience: This term means how conveniently your customers can buy your products. It is becoming popular due to the increase in online shopping facilities.
Apart from all the marketing strategies discussed above, great marketing strategies can be created by studying the marketing of several successful organisations.
Author Bio:
Hi, I am Julie Fernandez. I am a finance advisor who is passionate about writing. Presently, I am writing guest posts for several blogs that help people in availing AXA Insurance. I suggest everyone contact AXA insurance in order to get insurance easily.
Comments (1)
Trackback URL | Comments RSS Feed
Sites That Link to this Post