Business Marketing Strategies

There are many definitions of marketing but one of the simplest suggests that:

"Marketing is getting the right product or service in the right quantity, to the right place, at the right time and making a profit in the process".

Marketing is about identifying and understanding your customer and giving them what they want. It's not just about advertising and promoting your business.

Effective marketing is a result of examining every aspect of your business and how it affects the consumer's end experience. It covers everything you'll need to do in order to deliver your products and services to the consumer including research, planning, pricing, packaging, promotion, selling and distribution.

Why do I need a marketing plan?

A successful business operator understands what they are offering the customer and how it differs from their competitors. What are you offering your customers? The process of developing a marketing plan will help you understand the key benefits and features of your product or service, and how to go about attracting and retaining the right type of customer. The marketing plan is usually a component of your business plan.

A significant component of your marketing plan involves in depth industry analysis which will help you to segment your target market and appropriately position your business.

A good marketing plan will also provide you with clear objectives so that you can benchmark your achievements and measure the success of your marketing endeavours.

Marketing Plan

Generally a marketing strategy will cover the following areas. Download the Marketing Plan Template for more information.
Executive summary
  • Brief description of products or services
  • Define target market
  • Competitive advantage
  • Positioning statement
  • Anticipated sales, profits and market share
Market and situation analysis
  • Economic environment
  • Social environment
  • Technology environment
  • Industry environment
  • Competitor environment
Market segmentation and customer analysis
  • Market Segmentation
  • Target market/segment characteristics
  • Market research findings
Objectives and goals
  • Mission Statement
  • Objectives
  • Goals
  • Price strategy
  • Product strategy
  • Place strategy
  • Promotion strategy
  • People strategy
  • Process strategy
  • Priorities and timeframe
Budgets and controls
  • Sales, expenses and marketing budgets
  • Contingency plans and risk management