Importance Of Marketing Strategy
Planning and coordinating marketing and other functional strategies.
2.) Marketing Goals
Marketing goals communicate a broad direction for the department. The managers review the total company goals and identify ways that the marketing department supports those goals. Each supporting action represents a goal for the department to continue and improve on. For example, a company goal of increasing revenue might correlate to a marketing goal of increasing awareness for new products. These goals provide a direction for the marketing department to follow.
Marketing objectives identify specific actions that marketing employees can perform. Each objective provides a method of achieving the company’s goals. Objectives include a measurement capability allowing marketing employees to evaluate their ability to succeed at meeting their objectives. For example, a marketing goal of increasing product awareness might be supported by a marketing objective of contacting ten new customers each week.
3.) Marketing strategy is a process that can allow an organization to concentrate its resources on the optimal opportunities with the goals of increasing sales and achieving a sustainable competitive …show more content…
A marketing strategy with substance must play to your strengths as a business.
To lay strong foundations for your marketing strategy it's worth spending some time putting together a SWOT analysis, assessing your business' strengths and weaknesses; the market opportunities and market threats.
During this stage it might be worthwhile conducting some market research with your existing customers to get a more honest idea of your reputation in the market place.
An anonymous email survey may give you more candid response - so be prepared for praise and criticism! If you're sending a survey out to 100 or fewer people try www.Zoomerang.com as it's free to use and easy to create a professional looking survey.
Strengths might include: specialist knowledge, unique product features, personal service, flexible service.
Weaknesses might include: inefficient computer systems, high customer attrition, limited financial resources, and low employee skills.
Opportunities might include: growth in market sector, change in government regulation, using the internet to reach new