Marketing is
a necessary
process that
identifies and
satisfies the
customer needs
of a business
entity. It also
involves
researching new
opportunities
and reviewing
and improving
current
advertising
strategies to
stay ahead in
the market.
PrimeSiteUK
firmly believes
that a marketing
strategy can
make or break
your business.
It is,
therefore,
imperative to
devise a
marketing plan
that defines
your business
objectives and
spells out a
marketing and
advertising
strategy to
capture a niche
or an entire
market.
Our resources at
PrimeSiteUK can
help you create
an effective
marketing plan
or guide you to
draft your own
blueprint to
success.
Defining
your business
strategy
At the
outset, define
your business
strategy, or in
other words, the
direction and
the scope of
your business
and what it aims
to achieve in the
long term.
The following
questions can
help you define
your business
strategy:
• What are your
products and
services?
• How do you
wish to price
your products
and services?
• How do you
wish to promote
your products
and services?
• Who are your
target
customers?
• Do you have a
strategy and
budget to reach
your customers?
Coordinate these
points to reach
your customers,
give them a
clear message
about the unique
selling point of
your products
and services,
and turn your
efforts into
sales.
Analyzing
your business
strategy for
drafting an
effective market
plan
Your
marketing plan
is all about
bringing your
products and
services to the
market and
reaching your
target
customers.
The SWOT
analysis
framework :
To operate
successfully in
a market, you
need to
understand where
you stand with
respect to the
other players.
For this, do a
SWOT analysis to
identify your
strengths,
weaknesses,
opportunities
and threats
associated with
your areas of
business and
then draft your
market plan
accordingly. A
SWOT analysis
allows you to
scan both the
internal and
external
environment in
which your
business will
function.
Your strengths
and weaknesses
are integral to
your internal
business
environment.
Providing
cost-effective,
high quality
services may
constitute your
strength; your
budget limiting
your ability to
market them may
be your
weakness.
Strengths :
Your strengths
provide you the
competitive
advantage over
your rivals.
Strengths can
include factors
such as good
reputation,
strong brand
awareness in the
market and
exclusive access
to resources.
Weaknesses :
Weaknesses can
include a high
cost structure,
weak brand name
or lack of
access to proper
distribution
channels for
marketing your
products and
services.
Opportunities
and threats
allow you to
understand the
external
environment for
your business.
Opportunities :
Keep an eye for
new
opportunities
for they may
allow you to
explore new
avenues of
growth for your
products. There
may be a change
in government
policy, for
example, a more
liberal trade
policy that will
give you the
opportunity to
explore new
markets across
borders.
Threats :
These can
include factors
such as a shift
in customer
taste away from
your products
and services or
any change in
government
policy that may
adversely affect
your profit
margins.
You should also
scan the
macro-environment
of your business
entity in terms
of the PEST
factors:
• Political and
legal changes
such as tax
policy and
employment laws
• Economic
factors such as
interest rates
and exchange
rates and
inflation rate
• Social factors
such as changing
attitudes and
lifestyles, age
distribution and
career attitudes
• Technological
factors such as
R&D and any new
inventions
Developing a
marketing
strategy for
your marketing
plan
PrimeSiteUK
suggests that
you answer the
following
questions to
develop your
marketing
strategy.
Your
customers
• Who are your
potential
customers?
• What are the
requirements of
your existing
customers?
• What are the
factors that
affect their
buying
decisions?
Market
• What is the
size of the
market for the
products and
services you
offer?
• What are the
growth
characteristics
for these
products and
services?
• What are the
opportunities
that you can
target?
Competition
• What is that
you can offer
which is not
already
available?
• What are the
profiles of your
competitors?
• Can you
compete with the
quality, price
and delivery of
similar products
in the market?
Your existing
customers should
be your primary
targets in any
marketing and
advertising
strategy.
Familiarity, in
business, breeds
trust. Also, it
is more cost
effective to
reach existing
customers than
attracting new
ones through
advertising.
If you are
targeting new
customers, first
do a careful
research
analysis of the
market to:
• Understand
current trends
and what
customers
require in the
different
product segments
that you offer.
• Study what the
competition is
like in each
segment.
• Identify the
segments which
offer you a
competitive
advantage.
• Do a cost
analysis to
assess
profitability in
the segments.
• Work out an
advertising
strategy to
reach potential
customers.
PrimeSiteUK
recommends that
studying the
market should be
a regular
process as
trends,
competition and
customer
behaviour keep
changing. So
plan your
marketing
strategy in a
way that it is
flexible enough
to anticipate
and accommodate
these changes.
Implementing
your marketing
strategy into a
reality
An effective
marketing
strategy should
have the
following
defined, and in
place, for a
successful plan
implementation:
Product:
What is your
product and how
does it stand
apart from the
others in the
market in terms
of quality,
price and the
value addition
it provides to
the customers?
Based on these
factors, decide
on your product
positioning to
create awareness
and capture the
market.
Pricing :
Is your product
competitively
priced? If it is
priced above the
market value, do
you have the
strategy in
place to justify
it? Again, your
pricing will
depend on
whether you wish
to sell limited
editions of the
product to
premium
clientele or
target the
masses.
Place :
Where is it that
you want to sell
your product? Is
it for a global
audience or is
it meant for
localized
customers? These
factors will
help you decide
your advertising
and distribution
channels to
create awareness
and sell your
product.
Promotion :
Choose between
advertising
channels such as
TV, radio, print
media,
tradeshows,
Public Relations
and the Internet
to reach your
existing and
potential
customers.
Targets :
Set realistic
and measurable
targets and the
deadlines to
meet them.
Budget :
The budget
should take into
consideration
all resources
you would
require to
launch and
market your
product. In
other words,
specify a budget
for each
activity listed
in the marketing
plan.
Distribution
channels :
Depending on the
penetration
level you wish
to reach, decide
the budget and
the means by
which your
products and
services will
reach your
target
customers.
Customer
Care :
Ensure that your
employees have
adequate
knowledge and
are trained to
answer customer
queries and take
advantage of all
leads that may
occur.
Schedule :
Develop a
schedule for
putting your
marketing
strategy in
place and allow
for some
flexibility. An
inability to
meet the
schedule would
increase costs.
Once everything
is in place,
designate
responsibility
for each process
to key
individuals to
ensure that
everything is
implemented as
per schedule and
within the
budget.
Monitoring
your marketing
strategy
Have the
right people at
the right place
to monitor the
effectiveness of
your marketing
strategy.
They
should be able
to :
• Ensure
processes occur
as per
timelines.
• Analyze
customer
response.
• Fix
responsibility
and respond to
any lapse in
schedule.
• Respond to
customer
queries.
• Review the
process as and
when required.
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