marketing plan– part 2: developing a strategy

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Developing an effective marketing strategy As the old saying has it, “If you don’t know where you’re going, any road will get you there.” Documenting your business goals and developing an effective marketing strategy to get there can be crucial to business success. An effective marketing strategy includes: Identifying your business goals & objectives Developing your business strategy Allocating key resources Opportunityanalysis Target market selection Competitive positioning Developing a marketing plan & tactical execution plans This is usually an iterative process. After you identify your goals and begin to develop your strategy, you may find that the opportunities or your resources are not sufficient to reach your goals, and you may need to re-define your goals and strategy. The most important outcome is not the marketing plan itself, but the thinking that goes into the planning process. Stay flexibleand realistic. Identifying Business Goals & Objectives The first step of a successful marketing strategy is to decide where you want your company to go by identifying and prioritizing your business goals and objectives. Some examples: Profitability Sales growth Market share Risk mitigation through diversification Innovation Once you have identified your business goals and objectives, you will have a better idea of where you want your business to goa strategic direction. You can read the full version of the article here: http://bit.ly/VxRqER

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As the old saying has it, “If you don’t know where you’re going, any road will get you there.” Documenting your business goals and developing an effective marketing strategy to get there can be crucial to business success.

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Developing an effective marketing strategy

As the old saying has it, “If you don’t know where you’re

going, any road will get you there.” Documenting your

business goals and developing an effective marketing

strategy to get there can be crucial to business success.

An effective marketing strategy includes:

Identifying your business goals & objectives

Developing your business strategy

Allocating key resources

Opportunityanalysis

Target market selection

Competitive positioning

Developing a marketing plan & tactical execution plans

This is usually an iterative process. After you identify your goals and begin to develop your

strategy, you may find that the opportunities or your resources are not sufficient to reach your

goals, and you may need to re-define your goals and strategy. The most important outcome is not

the marketing plan itself, but the thinking that goes into the planning process. Stay flexible– and

realistic.

Identifying Business Goals & Objectives

The first step of a successful marketing strategy is to decide where you want your company to go

by identifying and prioritizing your business goals and objectives.

Some examples:

Profitability

Sales growth

Market share

Risk mitigation through diversification

Innovation

Once you have identified your business goals and objectives, you will have a better idea of where

you want your business to go—a strategic direction.

You can read the full version of the article here: http://bit.ly/VxRqER