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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…

The marketing strategy is there to help you tweak and customize the message that you want to send out to your consumers and also to put together different types of marketing approaches in a bid to bring together both your sales and marketing strategies in one final marketing plan that is as powerful as it possibly could be (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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