Marketing Strategy - Business Development

A carefully designed marketing strategy plan is vital if a company is to achieve its overall business objectives. The plan should not be regarded as a static document but as an agenda for action, which is reviewed, regularly to monitor progress against defined goals. Most successful entrepreneurs are also good at selling and in the early stages of a company's growth it is possible to survive without a clear marketing strategy. However, without a clearly defined marketing plan an in-depth understanding of all the dynamics of their marketplace they are operating in, no company will be able to sustain profitable growth. The company has to carefully decide which markets to operate in, identify potential prospects and determine how best to reach them and then how to convince customers to buy their products and services. Direct selling is only one aspect of marketing implementation and should follow from a carefully thought out plan - not lead the development of marketing strategy.

In order for a marketing plan to be successful, not only does every aspect of the marketing mix have to be analysed and the importance of each marketing method considered, but these elements must work together to support overall business objectives. For example, Internet marketing would not be used in isolation to gain sales, but also contribute to the growth of a customer database and the strengthening of a corporate identity.

A consideration of the four classic variable of the marketing mix - price, product, promotion and distribution - form the basis of any marketing plan. These four variables are highly interactive and any change in one variable is likely to have an effect on the other elements of the mix.

We also have to take into consideration the market forces that bear on the marketing mix and be prepared to modify the marketing plan to cope with changes in these forces and new market conditions. Changes in market force should be born in mind when reviewing and updating the marketing plan:

• Changes in buying habits of end users and attitudes towards the company's products and services
• Changes in trade structure and distribution practices
• Changes in the choice of competitive products and services available to your customers
• New firms entering the market with substitute products & services
• The company's relative position and strength in the market
• Competitors' reaction to your own marketing initiatives
• Changes in government controls and legislation that affect your markets

Let us help you to develop this vital tool for your business. Please contact us for a detailed discussion.