The marketing department is one of the most important departments for any business, irrespective of their size and financial status. The marketing department is responsible for promoting a product or service so that it attracts potential customers. They also have to ensure that existing customers are satisfied with the products and services offered and that they will continue to buy products and services from the company.
A good marketing strategy will ensure that brand loyalty is built in the minds of the customers. Marketing is the only operational function that never ends – it begins before the product or service is made and continues after a sale is made. Here are some ideas you should keep in mind when you are making a marketing plan.
Assess the Market Situation
The first step into developing a marketing strategy is to perform a thorough analysis of the current market situation with regard to the product or service you are looking to offer. There is a lot of information that one needs to obtain before coming up with a marketing plan. Here are some questions you need to ask yourself when you are assessing the market scenario:
- Who are your competitors?
- Who are your potential suppliers?
- Who will be your end consumers and where are they located?
- How are you going to connect to your customers to make them buy your product or service?
It is best that you get an idea of the market that you are going to be a part of before actually creating your product or offering your service.
4 P’s of marketing
The essential ingredient of a good marketing plan incorporates 4 P’s – Product, Price, Promotion, and Place. You will need to ensure that your product fits a standard quality and is attractive enough for customers to buy it. You will have to fix a price that is not too high or too low and is close to current market rates. You will have to promote the product or service through advertisements and social networking sites so that customers will be drawn into purchasing your product. And finally, you will have to establish a good channel of distribution between the manufacturer and the final customer – be it through retail outlets, wholesale, or directly to the customer.
http://commonection.com/how-to-make-a-good-marketing-plan/