Business question

How to create your own business marketing strategy?

It is extremely important to understand what you are waiting from your business as your entire strategy depends on specific goals and desires. Let’s figure out what ‘marketing strategy’ means.

A marketing strategy is the way in which you realize your marketing plan, aimed at making products and services available for consumers. In developing this strategy, you need to determine your target market/audience, goals and solve financing issues. Another significant moment is timing. You have to determine the precise date of which tasks to complete when. This will stimulate work productivity.

There are several stages of marketing strategies:

  1. Research the current market;
  2. Analyze competitors’ policy;
  3. Analyze company competitiveness;
  4. Development an objectives strategy;
  5. Research the target audience;
  6. Choose a company position;
  7. Economically evaluate the strategy;
  8. Develop control elements.

Defensive and offensive strategies are formed in relation to the competitors. The aim of the defensive marketing strategy is to defend a company’s position. An offensive strategy is usually used by new companies that have appeared on the market recently and seek to gain higher positions.

Your strategy must ask these 5 questions:

  1. Am I offering customers what they really want/need?
  2. Do we show up alongside competitors?
  3. Are our messages effective?
  4. Is it easy to buy our product?
  5. Do we provide customers/clients with comprehensive assistance and support?

We have listed the basic principles. Remember that complete strategies bring together two factors, such as, target-audience orientation and competitiveness skills.