Strategize the Marketing Function for Home Business
Developing a marketing strategy for your home business is a significant amount of work but some people confuse it with a marketing plan.
Marketing strategy focuses on what you want to achieve by putting in all the efforts and marketing plan however outlines how you want to achieve these goals. It shows what all tactics you will use as part of your business and 5 P's of marketing which will eventually achieve your marketing objectives. A supreme basic thing here is that no one can create effective marketing strategy for their business unless they understand how their business fits into the market , customers needs, competition etc and that is how you will know what you will need to achieve your sales targets. All these set of information that is researched as part of marketing strategy is fed into creating marketing plans for the business. BookMyEssay team provides effective marketing strategy assignment help across the globe at the best prices.
Let's Learn How to Create Marketing Strategy
Before we create marketing strategy we need to know how our product or the service is going to give benefit to the customers and what is unique about it, this term is referred to as the unique selling proposition. Besides we need to do research on our target market ,how competition looks like. We would also like to pay attention to any factors that will impact how our product will reach the masses and any hurdle that we foresee. Once we have the required data we need to create a marketing strategy keeping 5P's of marketing in mind.
Product which is basically the good or the service that we are offering to the market , what are its physical attributes , its unique fetaures , its benefits etc. Then comes the price which is about what is the cost of the product and what the profit margin will be. Talking about the third P which is place that is where all our product will be available, where do we expect its demand to shoot up etc. Promotion which is the 4th P talks about how will we let the prospects or target market know about our product. People is the newly added 5th P which talks about all people involved in the process ,their training and motivation level. Detailed and well written content on strategizing marketing function for home business is available as write my assignment at BookMyEssay.
Here are Some Steps to Create a Marketing Strategy
Begin by running a quick SWOT analysis which is an analysis on strengths , weakness, opportunity and threats of your business. Under the value proposition that is by keeping in mind the results of SWOT as well as what is it that your competitors are offering. Define some key marketing objectives like the measurable targets basis the overall goals. Understand the customers you are planning to target , their needs, their likes , their lifestyles etc. Basis all this set of information define the marketing methods you would want to establish to reach out to your prospects . Marketing doesn't end with sales and will include post sales activities and customers loyalty programs too. To be able to get marketing strategy assignment help as part of write my assignment services , reach out to BookMyEssay team today