MARKETING EVOLUTION
competition and those that are yet to consider purchasing from you but have good potential to do so . One can analyze how big the market is , what trends are ongoing and upcoming , and how fast the market is growing .
In analyzing the competition , one looks at what their business offering is vis-à-vis the competition , how they ’ re doing better than the competition and vice versa , what can be improved and if the business is truly differentiated . This allows the business to determine what can be improved and what can be emphasized .
The SWOT analysis allows the business owner to look at his / her strengths and weaknesses which are internal , and the threats and opportunities posed by the market situation . There are some ways that the SWOT analysis can be utilized but , in most cases , this tool allows the business owner to be sober about how far the business can be stretched and if all resources are being put to optimum use .
Marketing Objectives
A marketing objective is a stretch goal that an organization sets to achieve a competitive advantage in the marketplace . Marketing objectives should be aligned to the organization ’ s mission . To set marketing objectives state clearly what you ’ d like to achieve in a specified period . For example , ‘ decrease customer acquisition costs by 1.5 % per quarter ’ or ‘ increase sales revenue by 10 % by the end of the year .’ It may sound like a broken record , but the acronym SMART stands true when developing marketing objectives . They should be Specific , Measurable , Achievable , Realistic and Time bound .
The Marketing Strategy
The marketing strategy addresses the game plan for achieving the marketing objectives . Here , the market is grouped homogenously , and the needs that the business ’ offerings are intended to satisfy are described . To segment , one can use demographics , where customers are grouped by characteristics such as age , gender and income levels . Geographic segmentation allows you to know where customers are physically . This helps determine where to place stores for example . Psychographic segmentation helps one understand customers from the perspective of their thinking and their attitude towards products , e . g ., the need for prestige or convenience . Behavioral segmentation aids in understanding customers from the things they do such as frequency of purchase , price sensitivity , etc .
One then proceeds to target exactly what segment they ’ d like to sell to and what product specifically . Through positioning , the business owner determines how he / she wants customers to think of products . In essence , positioning allows the product and the business to occupy a specific place in the mind of customers . For example , one can position their company as the premier skating accessory company . This may also be described as the unique selling proposition ( USP ). A USP is the exceptional reason your customers buy from you and not others .
“ A marketing objective is a stretch goal that an organization sets to achieve a competitive advantage in the marketplace . Marketing objectives should be aligned to the organization ’ s mission . To set marketing objectives state clearly what you ’ d like to achieve in a specified period .”
The Tactical Section | Marketing Mix
To execute the marketing strategy , one needs to be clear about the tactics . These are the combinations of what are typically known as the 7Ps of marketing or the marketing mix . It describes in detail the products and / or services , the pricing approach , marketing communication programs , channel design , people , process and physical evidence . This section is generally quite detailed and takes quite a bit of time and effort . It should be thought through carefully to avoid inconsistencies . When the 7Ps are cohesive and well aligned you ’ re sure to enjoy success .
The 7Ps Explained Further
A marketing plan allows a business to tailor its 7Ps to address customer needs , competition and the marketing environment . The first P is product . In order to be successful , organizations develop products that their customers want with the right level of quality to meet and preferably exceed expectations . They then set a competitive price ( not necessarily the cheapest ). The more value you can give to the product ; the more willing customers will be to pay .
When it comes to place , this refers to having the product available in good condition , when it is expected , every time it ’ s expected . This isn ’ t easy especially for products that quickly expire such as newspapers and milk . Getting the route-to-market strategy right is very important .
Promotion is the way a company communicates what it does and what it can offer customers . This includes PR , advertising , branding , digital outreach , special offers , exhibitions , amongst others . The digital space is colossal . The details of digital marketing would have to be tackled in another article . In most cases businesses create separate digital marketing plans .
The people aspect of your business is critical because no matter how much is spent on other forms of promotion , an encounter with a member of staff who doesn ’ t meet customer expectations will do your business a major disservice . Every staff member who meets a customer will make an impression . It ’ s important to ensure that your levels of customer service meet expectations and that every person in the organization goes through the necessary training to ensure they deliver .
Customers want easy , smooth transactions when they interact with organizations . Interestingly , some customers will settle for a product that ’ s lower in quality than another simply because the process from discovery to purchase and beyond is easier . The simpler the process , the more appealing it is to engage with a particular business .
The organization ’ s physical and virtual spaces speak a lot to customers . When considering physical evidence ,
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