In this lesson, we will focus on the components and core elements used to plan a marketing strategy. In addition, we will discuss the importance of measuring the impact of a marketing strategy.
Background on Marketing Strategy
Marketing strategy includes all the components that an organization uses to obtain the market's attention. These components include actions such as research, advertisement, and promotion. These components impact and are impacted by core elements, which are also part of the marketing strategy. Core elements typically include:
What to promote, which is the product or service along with the brand
Who to promote it to, which is the target market
Where to promote it, whether through social media, television, radio, or newspaper, for example
How to promote it, which is the way to craft the message that will have the most impact.
Do most business owners and managers rely on their own thoughts and intuitions to make a business plan work? There are most likely some business owners that have worked on numerous projects and may have used their own thoughts or past ideas in making business decisions. While informal knowledge may be useful in making business decisions, it may not always provide all the information you need to plan the most effective marketing strategy.
Advertising and promoting your business either through social media, television, radio, or newspaper can also bring about a successful marketing strategy. But let's just be honest here, some small business owners may not have a budget big enough for promoting their businesses. One of the primary steps in your business venture may be to have money set aside for promoting it. This can play a crucial part of the success that you want to achieve when promoting a product or service.
Marketing in Action
Take a look at these examples and you'll see how the components and core elements of marketing strategies work together.
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Newspaper Marketing Strategy: These days you don't find as many people reading the newspaper. This is why it's important that you know the audience that you want to reach when you market a product or service. The daily local newspaper usually grabs an older audience due to the increase in receiving information through a computer or smart phone.
TV and Radio: TV and radio marketing strategy may be more effective at achieving brand recognition or getting the message out to a large audience. However, TV and radio marketing strategy may be less effective in obtaining a direct response from the target audience. You'll find that more individuals turn to TV or radio to receive news stories, so it may be safe to say that this marketing strategy may reach a more mature audience.
Social Media Marketing: The use of social media (Twitter, Facebook, etc.) to market a business has become a popular and resourceful way to market a service or product. It may not be the best alternative to use as the only marketing tool used to market a product or service, but social media has flourished in the last few years as a viable and less expensive way to get the word out.
Measuring the Impact
Every marketing effort must be measured to assess its impact. You can ask yourself questions such as:
'What affect did the marketing strategy have on gains in sales, increases in store or website traffic, or additions of new customers?'
'Did we profit from this marketing effort?' In other words, 'How much did we spend for the gains we made?'
'Are there ways we could spend less and gain more in the next marketing effort?'
Answering questions such as these will help you tweak your overall marketing strategy and ensure your efforts are profitable.
Any business owner must have a marketing strategy, which includes components that an organization uses to obtain the market's attention. These components include research, advertisement, and promotion, which are used in conjunction with the core elements of the marketing strategy. The core elements determine what to promote, who to promote it to, where to promote it, and how to promote it. Every marketing effort must be measured to assess its impact, so you can continue to tweak your overall marketing strategy and ensure your efforts are profitable.
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