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#3 steps of marketing strategy series

What positioning strategies are not yet capitalised on?.What are the shortcomings in the current market scenario?.Who are the current players in the market?.Conduct A Market Analysisīefore developing a marketing strategy, a marketer should analyse the current situation of the market.

But they give structure to the set of steps that a market strategy defines. The goals can be big or small, quantitative or qualitative, and short term or long term. Identify the Goals and ObjectivesĮvery market strategy stems from the core goals defined in a marketing plan. It requires a marketer to hop through six different steps. But developing a marketing strategy isn’t as easy as it seems. Marketing strategy builds a roadmap that leads a business from the current scenario to the desired scenario. This made the company gain its initial users. So, whenever a user shared a TikTok video on Instagram, their friends got triggered by FOMO as to what this platform was and downloaded the app just to try it. The company placed its logo within the user-generated content and made sharing videos on Instagram and other social media platforms super easy. In its initial days, the company used Instagram and other social media channels to get more users onboard. TikTok is a short-video powered social media platform that makes it easy for users to create and share short videos across the internet. Moreover, 90% of the brands within the store are in-store brands which allow the company to source most of its products from local vendors. The company believes in a no-frills experience and limits its inventory to only important items with high sales volume. While the marketing plan sets the objective to sell products at a highly discounted price, the marketing strategy makes Aldi’s business model unique. The company sells highly discounted products that are up to 50% less pricey as compared to competitors. Some of the renowned marketing strategy examples include: AldiĪldi is a renowned discount supermarket operating in over 18 countries. Marketing Strategies ExamplesĮvery business in the market employs some form of marketing strategy to achieve sustainable competitive advantage and increase its sales. Physical Evidence: The tangible elements surrounding the product and the physical environment where the product or service is provided to the customers.Ī business develops its marketing strategy only after considering these seven Ps of marketing.

#3 steps of marketing strategy series

Process: The series of actions involved in delivering the offering to the final consumer.

People: Thebusiness’s human resource that enables it to deliver the offering to the customer.

The three additional Ps of a marketing strategy include:

Promotion: how the business promotes its product to the customers.

Place: where and through what channels can the customer purchase the product.

Price: how much the customer pays to buy the product.

Product: the tangible, physical good or intangible service being marketed.

The four pillars of a marketing strategy are: These include four key pillars and three additional pillars. What Are The 4 Ps and 7ps Of Marketing Strategy?Įach marketing strategy stands on some key pillars required to market an offering to the customers. Hence, it becomes easier for marketers to control the marketing activities and ensure they are going according to the plans.

Ensures better control: It decides on the path to be followed and interim goals to be achieved.

Reduces Wastage: Marketing strategies ensure optimum resource use by reducing duplication of work and appropriate allocation of limited resources.

Ensures coordination: The set of steps ensures coordination and avoids confusion among different business departments that work together to achieve the same goals.

This roadmap gives direction and ensures that the business doesn’t stray away from the set of listed steps.

Provides direction: Marketing strategies set roadmaps that includes apt steps towards achieving goals.

Helps achieve marketing objectives: Marketing strategies lay down a set of steps to achieve marketing objectives focused on fulfilling the business’s short term and long term marketing goals.

These marketing strategies play an essential role in the marketing mix of a business. Every marketing plan derives its form from a set of marketing strategies it uses.