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Nov. 11.

Creating marketing strategy

Creating marketing strategy

 

 

 

 

 

 

Creating marketing strategy

UNDERSTANDING YOUR STRENGTHS AND WEAKNESSES in Creating marketing strategy is of Key Importance.

Creating a  marketing strategy must take into account how your business’ strengths and weaknesses will affect your marketing.

Start your marketing strategy document with an honest and rigorous  analysis, looking at your strengths, weaknesses, opportunities and threats. Conduct some market research on your existing customers, and contrast that research analysis to see how it will help you in building a more honest picture of your reputation in the marketplace.

Strengths could include:

  • special knowledge you have of your products
  • special features or benefits that your product offer
  • personal and flexible customer service
  • Conducting yourself with the utmost Integrity

Weaknesses could include:

  • lack of an established reputation
  • limited financial resources
  • accounting systems could not be efficient enough
  • not diverse enough competitively

Opportunities could include:

  • increased demand from a particular market sector
  • using the Internet to reach new markets
  • new technologies that allow you to improve product quality
  • Becoming more competitive with the changing trends in the market

Threats could include:

  • the emergence of a new competitor
  • more sophisticated, attractive or cheaper versions of your product or service
  • new legislation increasing your costs
  • a downturn in the economy, reducing overall demand

Once you have done your analysis, you can then more effectively measure the potential effects each element may have on your marketing strategy, thus giving you a better edge with your customers in creating marketing strategy .

For example, if new regulations causes you an increase in cost to compete in the marketplace where you’re already weak, you may want to look for other opportunities. On the other hand, if you have a good reputation and your key competitor is struggling, the regulations might present an opportunity for you to push more aggressively for new customers.

All ABOVE are key in Creating your Marketing Strategy based on your Strengths and Weaknesses as a company.

blessings,

George

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By George Gould Jr | Posted in Marketing | Both comments and trackbacks are currently closed.

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