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Marketing Strategy Refresher
Why is developing a marketing strategy so important?
From a high-level, the goal of a marketing strategy is to identify a targetmarket and develop a marketing mix that will appeal to those potentialcustomers.Decisions regarding the ideal marketing mix can be organized in termsof
Price, Promotion, Product, and Price
However, the goal is not to just come up with a particular strategy, but rather to focus on the beststrategies that provide the most opportunity, and least risk, for the firm.
What types of analyses need to be completed?
As a starting point, most marketers conduct an internal analysis or theirorganization to identify which opportunities make the most sense topursue. Use Demand
to get started.
This framework identifies the firm’s Strengths, Weaknesses,
Opportunities, and Threats, with special attention paid to the variousimplications stemming from each.
Once you have a clear understanding of your firm’
s capabilities andresources, you are ready to analyze the external environment to seek
market opportunities that fit your organization’s goals and objectives.Next, download Demand Metric’s
to review of the
Social, Technological, Economic, and Political issues affecting your firm’s
ability to capitalize on a market. Combining the internal and externalanalyses provides a foundation for evaluating potential marketopportunities, and serves as a basis for objectively comparing theattractiveness of each opportunity.It is helpful to view marketing strategy planning as a process of segmenting markets, targeting specific customers, and working toeffectively position your offering among the competition. The followingsections in this report will outline how to effectively segment, target,and position, your product or service.