Building a marketing strategy is the most crucial aspect of marketing management. Students can get strategic marketing assignments help from Assignment Hippo to attain complete knowledge of the process of creating an efficient marketing strategy from scratch. In today's world, no business can survive without an effective marketing strategy in place. Marketing professionals are expected to create a branding and marketing plan which includes within its purview various aspects like segmenting, targeting, and setting up objectives.
The purpose of this subject is to teach students about the various aspects of marketing and the creation of a marketing strategy. Students will be expected to write detailed Marketing strategy report and marketing strategy essays.
Creating a marketing strategy can be both exciting as well as overwhelming. The responsibility of the marketing professional goes beyond just a plan. A good marketing plan can help a business achieve considerable growth in real time whereas a faulty marketing plan can drag down even the most successful businesses. The professional has to understand the market, consumers, preferences, as well as the competitors before sitting down to create a plan.
Here are some of the key points for creating a marketing strategy:
1. Creating a mission and vision for the business
It is important to understand what the company stands for. Make sure you write down the mission the company has and the vision it has for its future.
2. Setting clear Marketing objectives
Don't just get to creating a marketing strategy right away. First spend enough time understanding is the objective of the strategy that you are creating. A company can have multiple objectives depending upon factors such as the competitive ecosystem and financial position of the company. At times the objective is to increase the sales while at other times it could be an improvement in brand awareness. The entire marketing strategy will depend upon the objective for which you are strategizing.
3. Understand the customers
No matter how effective a marketing strategy you create, if it is not created for the right people it will fail. If your company is a dog food producer, your customers are not dogs, they are dog owners. Dogs will be your consumers. Keep in mind who will be the one paying for your product or services. At times we get carried away to satisfy our consumer but we forget that it's the customer who is actually going to pay it.
4. Segmenting and targeting
Another most crucial part of your marketing strategy is to understand the segment for which you are creating it and to target the right people, at the right time, at the right place. The sale of your product will vary based on the geographical and demographic conditions of your targeted customer. Hence, no business strategy should be created ignoring the segments and the targeting.
5. SWOT analysis
List down each strength, weakness, opportunity, and threat that the companies facing. Marketing strategy has to be such that it enhances the strengths, reduces the impacts of weaknesses, utilizes the opportunities at hand, and dodges the threats coming its way. Ensure that the swot analysis is done on both internal as well as external situations.
6. PEST analysis
PEST analysis is a detailed analysis of the Macro-environment pertaining to the political, economical, social, and technical environment in the country. It is important to understand all these aspects of a particular country for entering its market. A professional needs to understand the culture of the country, and what kind of technology it can support.
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Some parts of examples of Marketing strategy report are as follows:
Here is a sample flow of content that you can utilize while creating a marketing strategy for yourself or any other company.
Table of contents
- Executive Summary
- Company Analysis
- The Company-Overview (History and Current Status)
- Current Status
- Future orientation
- Mission & Vision Statement
- Situation Analysis
- Market Overview
- Market Trends and Evolution
- Consumer Behavior
- Environment Analysis-Pest Analysis
- SWOT Analysis
- Key Success Factors and Critical Issues
- STP (Segmentation, Targeting, and Positioning)
- Market Segmentation
- Market Positioning
- Competitive advantage
- Marketing Mix strategy
- IMC (Integrated marketing communication) Strategy
- Financials- Cost/Budgeting
- Implementation, Control and Contingency Plan
- Conclusion & Recommendations
Here are some more points to keep in mind while writing a strategic marketing report or essay:
1. Understand the background of the company that you are working with. Include points and strategies that have worked for them before, while also mentioning the mistakes they have done previously.
2. Set up small goals and deadlines, instead of trying to do it all together. It is easy to get over when you have a lot of work to be submitted at one single date. Try to segment your work into small batches and set up deadlines for yourself.
3. Research well! There is no escape to it. So many people do not spend enough time learning about the company, the founder, and other aspects of the business. The origin of a company tells a lot of stories about it if only you're listening.
4. Do not shy away from asking for help. Students to not realize that they are still learning and it is OK for them to ask help. Do not struggle alone and feel free to reach out to your friends as well as teachers. There is also ample health available over the internet forever Strategic Marketing Assignment Help.
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To conclude it is fair to say that strategic marketing planning is the biggest part of any marketing as well as the business course. It has to be taken seriously by the students and each assignment, essay, or report that the student submits is one step taken towards a professional marketing career. You can avail amazing discounts right now by going to our website to make this global pandemic a little less painful.