The Importance Of Marketing Strategies

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Every time you speak to somebody about your company you are carrying out marketing. When you bring your company up when talking to somebody you have created the opportunity to promote or ‘market’ your company and in turn create sales. A company's marketing strategy is a statement of all of a company's marketing goals and a plan of how a company will carry out all of these goals .It will help a company to focus in on what needs to be done in relation to marketing. (Iyamabo and Otubanjo, 2013)The best marketing strategies are carried out by conducting extensive market research and finding out which product mix is the best for you in order to achieve maximum profit potential and keep your business afloat. It will show you the best ways to communicate…show more content…
It will include important things like the budgets and deadlines for your marketing activities and also explain how you will communicate with your consumers. This could be things like advertising campaigns, one to one direct marketing and going to trade shows etc;. One of the most important thing when it comes to marketing a product is timing. You need to find out information about your target customers ‘buying cycles’ and fit the launch of your marketing strategy into this at the correct time. This can be crucial to the success of a product and if you get the timing right you can hope to avoid wasting time and maximizing sales. The last thing your marketing strategy should include is what you will do in the future to continue to develop your product and to identify what works and what doesn't work so can continue to set new targets as your market grows and changes .(Iyamabo and Otubanjo,…show more content…
By creating innovative and original ways to market their products they will increase their chances of reaching their target market. Before this can happen, the marketing team must follow each step in their marketing strategy in order to ensure that nothing is overlooked. The first step is “Understanding customer”, this is deemed the most crucial step in the marketing strategy as if this is done incorrectly, the rest of the marketing strategy will be unsuccessful. From carrying out research on Little Dragon Supplements, their customers can be described also as “young and energetic” as they target people between the ages of 18-40 who are regular gym goers or active in some way. Once the target market has been distinguished, it is now important to get to know these customers in more detail. Knowledge of your customers will help to distinguish patterns and even “buying cycles”. Surveys are a great way to gather in-depth information to find out what their customer wants, when they want it and where they want to buy it. The picture below outlines further steps in the marketing strategy process which included analyzing the competition which we have done in our “competitor analysis” section, it also shows defining the marketing mix which we will go into more detail later in this report, along with financial reports on how much of our funding
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