Referral
and Marketing Tools Article:
"Strategy Planning Posted By : Sharon White"
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A marketing strategy consists of a target marker and a marketing mix; it is a “big picture” of what a firm will do in some target market. A marketing plan includes the time-related details – including expected costs and revenues – for that strategy. In most firms, the marketing manager must ultimately combine the different marketing plans into an overall marketing program.
As suggested in the Scheme, developing an effective marketing strategy involves a process of narrowing down to a specific target market and marketing mix that represent a real opportunity. This narrowing down process requires a thorough understanding of the market. That understanding is enhanced by careful analysis of customer’s needs, current and prospective competitors and the firm’s own objectives and resources. Similarly, favorable or unfavorable factors and trends in the external market environment may make a potential opportunity more or less attractive.
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Physical good
Service
Features
Quality level
Accessories
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nstallation
Instructions
Warranty
Product lines
Packaging
branding
Place
Objectives
Channel type
Market exposure
Kinds of middlemen
Kind and locations of stores
How to handle transporting and storing
Service levels
Recruiting middlemen
Managing channels
Promotion
Objectives
Promotion blend
Salespeople
Kind
Number
Selection
Training
Motivation
Advertising
Targets
Kinds of ads
Media type
Copy thrust
Prepared by whom
Sales promotion
Publicity
Price
Objectives
Flexibility
Level over product life cycle
Geographic terms
Discounts
Allowances
Each of these requires careful decision making. Yet, marketing planning involves much more than just independent decisions and assembling the part into a marketing mix. The four Ps must be creatively blended – so the firm develops the best mix for its target market.
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