With marketing being such an important part of leading a business to succeed it is important that marketing strategies are developed. This is usually done by marketing management. It serves as the foundation for the marketing team to implement the marketing campaigns.
The planning must be done by first studying the objective of the marketing campaign. Once the end goal has been identified then the individual steps and strategies needed can be developed.
The plan then begins with a proper description of what the business is about and what it must offer. Marketing management must clearly define what position the products of the business or the services must offer the target market.
Planning will also include defining who the target market is. Then once all this information is collected strategies can now be developed.
Marketing Strategies and The Seven P’s
The 7Ps is the foundation of marketing tactics. They are comprised of;
- Product: The marketing team must know everything there is about the product being marketed or services if that is the case.
- Price: The price for the items being marketed hast to be set and to do this it means that the marketing team must know what their target market will find as acceptable pricing.
- Promotion: The promotion will be comprised of the different segments of the marketing strategies.
- Place: There must be a place for the target market to access the products or services. This must be well planned out otherwise all the marketing tactics futile.
- People: The people for the marketing and development refers to the marketing team that is going to be involved in carrying out the marketing process.
Process: The process is the step-by-step program that the marketing strategy is comprised of.
- Physical Components: The physical components are the visual aspects of the marketing campaign that the target market will see.