Marketing is essential for all businesses great and small
To run a successful business you need to know:
- Who your competitors are - and what their strengths
/ weaknesses are
- Who your customers are and what they want
- Any gaps in the market
Think of the P group - Price, Product, Promotion (advertising), Placement, People, Physical environment, Process.
Why have a marketing strategy?
Strategic planning should be an annual process.
To be most effective, your marketing plan must be formalized in a written document to which you can refer. The main ingredients should include
market research to examine customers, competitors, capabilities and
resources. It should also clearly identify your business priorities to
ensure the marketing strategy will achieve your overall
business objectives.
Many businesses spend a lot of money on advertising without
putting into place an overall marketing strategy.
And as a result they get side tracked from their main goals. A marketing plan / strategy ensures that you
maintain focus.
What to include in your marketing plan?
- Goals
- Current Situation - macro environment, market analysis, consumer analysis, internal business analysis
- Marketing research
- Marketing Strategy - product, market share objectives, price, promotion, distribution
- Implementation
- Budget
Need more information?
Contact us for more information or to arrange a time to speak with our preferred marketing expert Nicola from FEENEY marketing visit www.feeneymarketing.com.au.
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