Marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. Marketing strategies serve as the fundamental underpinning of marketing plans designed to fill market needs and reach marketing objectives.
The following will be useful when creating your next marketing strategy.
• Define what your company is
• Identify the products or services that your company provides
• Identify your target buyers/end users
• Establish the marketing category (e.g., fast food purveyor, high-end audio equipment sales, etc.)
• Determine whether your company will be a market category leader, follower, challenger, or niche player
• Describe the unique characteristics of your products or services that distinguish them from the competition.
• Define whether your pricing will be above, below, or at parity with your competitors and establish whether you will lead, follow, or ignore changes in competitors’ pricing
• Identify the distribution channels through which your products/services will be made available to the target market/end users
• Describe how advertising and promotions will convey the unique characteristics of your products or services
• Describe any research and development activities or market research plans that are unique to your business
• Describe the image or personality of your company and its products or services