In establishing a business, a marketing strategy will never be missing in any of your business plan, as it will serve as your key to lure customers. However, others would define a marketing strategy similar to a marketing plan which is not correct.
The marketing plan will give you a detailed information how to achieve your goals for your business, while on the other hand, the marketing strategy answers the question of what are your goals?. What and How are far different from each other and that’s what make the two terms distinct from one another.
In formulating a marketing strategy, the first thing that a businessman should do is to identify the the benefits of your product or service to the consumers and how different is the unique selling proposition it has that your competitor don’t have. Focus on that and research it.
Afterwards, when you are through with your research you can write your ideas and notion that integrates the 5 P’s in your marketing mix:
- PRODUCT– What are you selling? It should contain the packaging creativity and the distinction of the product from the competitors and its advantage.
- PRICE– How costly will your product be? Make sure that the price is worth it from the raw materials used. Stick to the principle of quality over quantity.
- PLACE– Where will be your products to sold? The place of your product won’t just be about the setting itself, but how will the transactions takes place? Or how will the customers contact you at any cause?
- PEOPLE– Who will help you? This is actually the new P in a marketing mix. Nevertheless, it is your responsibility to hire potential individuals that would help you in producing an invention that would be a-click to the society. Your product may be a winter rompers for women and earrings amazon.