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A marketing strategy is a written plan that includes marketing topics like product development, promotion, distribution and pricing approach; identifies you company's marketing goals; and explains how you will achieve those goals. Marketing strategies can help you identify strengths and weaknesses of your company and your competitors so you know where to focus your marketing tactics. There are several important components of a marketing strategy that you should include when writing the document.
Goals and Objectives
Because marketing strategy means finding ways to reach your marketing goals, one of the most important parts of your strategy is the goals and objectives section. Write your marketing goals so they are S.M.A.R.T. This means they should be "specific" because concise goals have a greater chance of being accomplished than general goals; "measurable," which means you establish criteria for measuring your progress; "attainable," so you focus on the goals most important to you; "realistic," which means they're not too lofty and out of reach; and "tangible," which means you can experience your goals with your senses.
The "marketing mix" is also called the "four Ps" of marketing: price, place, product and promotion. This means your marketing strategy should describe in detail your product or service offering, communicate the pricing strategy for how much you will charge, describe the place you manufacture and distribute your products or services and outline the promotional strategies for your company.
A marketing strategy also means comparing your product to your competitors' products to find competitive advantages. Examine the market opportunities for your business by conducting a competitive analysis. Make a list of each competitor and include addresses, total number of employees, sales figures, target market, market share, advantages and disadvantages. Then communicate how your company will position itself to develop and sustain a competitive advantage over each of these competitors.
Marketing Strategies and Tactics
Marketing strategy also means identifying the specific marketing mediums you will use to position your product in the marketplace. Your marketing strategy will depend on your target market. For example, if you target young adults who spend a significant amount of time online, use an Internet-based marketing strategy. Then pick several tactics that coincide with that strategy, such as email marketing, social network marketing and search engine advertising.