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A.
Warming
Up
Introduction
Instruction:
Think, Speak Up, and Do
It (ThiSuDo)
ü Which
of the following points do you discuss when drawing up a marketing plan? Are
there any factors you can add?
B. Reading Text
Reading
Comprehension
Instruction:
Read the following text silently and loudly!
Effective marketing starts with a considered,
well-informed marketing strategy. A good marketing strategy helps us define
clear, realistic, and measurable marketing objectives for our business.
Our marketing strategy affects how we run our
business, so it should be planned and developed in consultation with our team.
It is a wide-reaching and comprehensive strategic planning tool that:
- Describes
our business and its products and services
- Explains
the position and role of our products and services in the market
- Profiles
our customers and our competition
- Identifies
the marketing tactics we will use
- Allows
us to build a marketing plan (the tactics to deliver) and measure its
effectiveness.
A marketing strategy sets the overall
direction and goals for our marketing, which differs from a marketing plan. A
marketing plan outlines the specific actions we will take to implement our
marketing strategy. For example, our marketing strategy could be developed for
the next few years, while our marketing plan usually describes tactics to be
achieved in the current year.
Developing a marketing strategy that includes
the components listed below will help us make the most of our marketing
investment, keep our marketing focused, and measure and improve our sales
results.
Identify our business goals.
Align our marketing strategy to the business
goals outlined in our business plan; we can then define a set of marketing
goals to support them. Our business goals might include:
- increasing
awareness of our products and services
- selling
more products from a particular supplier
- reaching
a new customer segment.
When setting goals, it's critical to be as
targeted as possible to effectively measure the outcomes against what we set
out to achieve. A simple criterion for goal-setting is the SMART method: Specific,
Measurable, Achievable, Relevant, Time-bound.
State our marketing goals
These marketing goals could be long-term and
might take a few years to successfully achieve. However, they should be clear
and measurable and have time frames for achievement.
Make sure our overall strategies are also
practical and measurable. A good marketing strategy will not be changed every
year but revised when our approach has been achieved or our marketing goals
have been met. We may need to amend our strategy if our external market changes
due to a new competitor or technology or if our products change substantially.
Research our market
Research is an essential part of the marketing
strategy. We need to gather information about our market, including its size,
growth, social trends, and demographics (population statistics such as age,
gender, and family type). In addition, it is essential to keep an eye on our
market to know of any changes over time so our strategy remains relevant and
targeted.
Profile potential customers
Use the market research to develop a profile
of the customers we target and identify their needs. The profile will reveal
their buying patterns, including how they buy, where they buy, and what they
buy. Again, regularly review trends, so we don't miss out on new opportunities
or become irrelevant to our marketing message.
While we try to find new customers, ensure our
marketing strategy also allows us to maintain relationships with our existing
customers.
Profile our competitors
Similarly, as part of our marketing strategy,
we should develop our competitors' profiles by identifying their products,
supply chains, pricing, and marketing tactics.
Use this to identify our competitive advantage
– what sets our business apart from our competitors. We may also want to
identify the strengths and weaknesses of our own internal processes to help
improve our performance compared with our competition.
Develop strategies to support our marketing goals
List our target markets and devise strategies
to attract and retain them. An example goal could be to increase people's
awareness of our products. The mean strategy could be to increase our online
social media presence by posting regular updates about our product on Instagram
or Facebook; advertising in local magazines targeted to people; or offering
discounts for students.
Use the '7 Ps of marketing.'
Reach our selected market by utilizing the 7
Ps of the marketing mix. If we can choose the right combination of marketing
across product, price, promotion, place, people, process, and physical
evidence, our marketing strategy is more likely to succeed. We can choose any
combination of these to achieve our marketing strategy.
Test our ideas
In deciding our tactics, do some online
research, test some ideas and approaches on our customers and staff, and review
what works. We will need to choose several tactics to meet our customers'
needs, reach the customers within our target market and improve our sales
results.
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