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When studying marketing strategy, it is important to formulate a marketing strategy to precisely meet the needs of customers and launch products and services that are different from the competition.
In this article, Chiasenow will briefly explain what is a Marketing strategy? Marketing strategy implementation processes and typical Marketing models.
Article table of contents
Explain easily what is Marketing strategy?
Marketing strategy is the fundamental step towards achieving the goal of increasing sales and having a sustainable competitive advantage.
Marketing strategy includes all the basic, short-term and long-term activities in the field of marketing that address the analysis of an opening strategic situation of the company; Formulate calculations, evaluate and select the right marketing strategies to the market, all with the common goal of generating profits for the company.
The word Marketing, very familiar to us in business, originally meant a deeper understanding of the needs in the market, producing products that meet those needs, and performing important activities. public system.
Marketing is an integral part of doing business, regardless of the industry or the products and services we deal with.
Marketing strategy generally means trying to decide who, what value and how to deliver.
Its about distinguishing our products from our competitors and thinking about what kind of customer, what kind of value, and how.
Ultimately, we aim for customers to purchase and continue to use products and services.
1. Why Marketing Strategy Is So Important
The biggest advantage of developing a Marketing strategy is that you can optimize resource usage. Business development based on intuition often wastes management resources such as people, goods and money.
To use these resources effectively, you need to develop a literal strategy.
One of the good things is that the position of the product/service or the company itself becomes clear in the process of formulating a marketing strategy.
Marketing strategy requires industry analysis and competitor research. It also helps identify your companys strengths and directions to work towards and establish a strong position.
In addition, Marketing strategies are important to communicate with stakeholders on an equal footing.
It will be easier to convince and get approval because you can negotiate convincingly based on Marketing analytics.
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5 steps to create an effective marketing strategy
Here, Chiasenow will explain the process of building a marketing strategy in five steps.
In each section, Chiasenow explains the market, research and analysis to know the companys strengths and weaknesses, and how to put it into a realistic plan according to certain patterns.
Step 1 of Marketing Strategy: Market Analysis
First, Chiasenow will analyze the companys market and products and services.
Specifically, we need to analyze external factors such as customers, markets, competitors. We also need to analyze our company as a key element for each specific marketing strategy.
Templates such as 3C analysis, PEST analysis, and SWOT analysis are widely used in this step. We will talk more about these patterns later.
Step 2 of Marketing Strategy: Decide on “target”
Next, we perform target to define the target audience. Targeting is an important factor in determining marketing results.
It is important to define the goal in detail.
Think not only about gender and age, but also about occupation, region, interests and tastes. In the case of BtoB, the type of business, the way it does business, the size of the company, etc. can all be scrutinized.
In this Step 2 and the next Step 3, STP marketing pattern analysis is often used.
Step 3 of Marketing Strategy: Positioning
Step 3 of your marketing strategy determines where you want to be in the entire market, including your competitors, and how you want your customers to recognize you.
It can be said that it is the job of clarifying the ideal form of a company or product. In the market, we will be looking for a unique standing position and a position that seems to be the most stable.
Step 4 of the Marketing strategy: Consider the benefits
Based on targeting and positioning, Step 4 will derive what kind of value should be provided to the customer.
Consider the value of buying products and services, problems that can be solved, and an edge over competitors.
This effort is known as the value proposition.
The value proposition is to find an area where the following are met: value that customers want, value that our company can provide, and value that competitors paintings do not provide
Step 5 of Marketing Strategy: Decide on a Specific Marketing Strategy
Here, well look at how to deliver the value we saw in Step 4 to our customers.
In this step, it is important to consider how to get the product into the hands of the customer so that the customer enjoys its value from the customers point of view.
You also need to analyze the competition to find ways to offer products and services that are more accessible to customers than your competitors products and services.
This step takes advantage of templates such as 4P/4C analysis.
Templates for creating effective marketing analytics
You can use the business template in planning your 5-step marketing strategy mentioned above. Here, Chiasenow will explain the rule introduced earlier.
1. Marketing Analytics – STP . Analysis
STP analysis is a framework that includes:
- Segmentation
- Targeting
- Positioning
We categorize our customers on various axes, selecting our target customers among them, and clarifying where our company stands. Among the steps mentioned above, it is useful for step 2 and step 3.
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2. Marketing Analytics – 3C . Analysis
3C analysis is an abbreviated template for
- Customer
- Competitor
- Company
It is used as a template for analyzing the business environment. A template for analyzing customer needs, market conditions, competitive strengths/weaknesses and your position, and clarifying your marketing strategy.
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3. Marketing Analysis – SWOT Analysis
A SWOT analysis is a framework that includes:
- Strength
- Weakness
- Opportunity
- Threat
Strategy is based on multiple axes such as internal environment (strengths/weaknesses) that the company can control, external environment (opportunities/threats) that cannot be controlled, positive factors (strengths/ opportunities) and negative factors (weaknesses/threats).
Among the above, the SWOT Analysis is used in the environmental analysis of step 1.
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2. Marketing Analytics – PEST . Analysis
PEST analysis is an analysis framework from four axes:
- Politics
- Economy
- Society
- Technology
Among the stereotypes used in Marketing, we focus on the external environment the most. This is the framework used in the environmental analysis of step 1.
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3. Marketing Analysis – 4C and 4P . Analysis
4C analysis is a framework for analyzing four factors such as:
- Customer Value
- Cost
- Convenience
- Communication
It is used to understand what is a valuable product from the customers point of view.
4P analysis is a framework that includes:
- Product
- Price
- Place
- Promotion
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It can be said that it is a product-focused template from the perspective of the company.
Both are templates used in step 5 strategic decisions.
Conclusion of Marketing analysis
This time, chiasenow introduced what is a Marketing strategy? Purpose of marketing analysis and practical analysis methods.
You may find it difficult to actually move your feet, but try, try and correct, to increase profits through company practices that are right for the times.
The concept of marketing strategy itself is very simple and using a template makes it much easier to think.
Learn how to develop a marketing strategy for better value and profits, and run your business on the basis of economic science.
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