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The main factors influencing your marketing strategy and planning

Key Factors that affect your marketing strategy and planning

Marketing strategy is driven by your business strategy — where you want to go, what market you’ll serve, how you’ll go to market with your products, etc. A marketing plan is goal-driven activities and tactics to help you achieve that vision.

The initial plan will indicate the number of options, possibly many overall the stages it considers. The next decision must be made that provides a strategic focus on when and how the marketing effort should be applied.

Three levels of decision making are involved.

  • Define the market
  • Setting clear objectives
  • Selecting strategic direction ( the course of action that is intended to achieve those results)

The market

If it is too narrow, a company’s marketing strategy may also be too narrow and fail to achieve the product’s potential. If it is too wide, the marketing strategy and resources may be too diffuse, again failing to achieve the product’s potential.

 

The market may be:

  • A group of people sharing a common interest
  • A particular part of the world (New York City, Southeast Asia, …..)
  • A broad business sector
  • A narrow business sector
  • A particular product area that cuts across many market segments

 

Marketing objectives

There are just six overall objectives

  • Increase the share of the existing market
  • Expand existing marketing by increasing the frequency of customer purchase, increasing usage and opening new branches
  • Develop a new market for existing products or services through approaching new market segments and export marketing
  • Device new product or services for existing markets
  • Create new product or services in the new market
  • Increase the profitability of existing market

 

Marketing plan

The plan must recognize and balance

  • The needs of the organization
  • The needs of its staff
  • The demands of the external environment and the market
  • The activities of competitors
  • The resources and capabilities of the organization
  • Identify the opportunities for future profit improvement
  • Have the ability to anticipate dynamic external changes
  • Provide better protection for the future of the business
  • Prompt the collection of relevant data
  • The planning system and purpose are clear to all

 

Key points

To help achieve success a plan must be:

  • Approached systematically
  • Based on sound recent information
  • Practical and able positively to assist the decision making
  • Given some time
  • Based on up-to-date data
  • Analyzed
  • Discussed
  • Finalized and agreed
  • Documented
  • Communicated
  • Linked to implementation

Reference: Marketing A guide to fundamentals ” Patrick Forsyth”

 

December 10, 2019

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