Brands Lying in the Dog & Question Mark Section

Brands Lying in the Dog & Question Mark Section

good marketing strategy provides specific goals and can include:

a description of the key target buyer/end user

competitive market segments the company will compete in

distribution channels

the unique positioning of the company and its products versus the competition

the reasons why it is unique or compelling to buyers

price strategy versus competition

marketing spending strategy with advertising and promotion

possible research and development

market research expenditure strategies.

An overall company marketing strategy should also:

define the business

position the business as a leader, challenger, follower, or niche player in the category

define the brand or business personality or image that is desired in the minds of buyers and end users

define life cycle influences, if applicable

Use the following checklist to help create your own marketing strategy.

Marketing strategy checklist

define what your company is

identify the products or services that your company provides

identify your target buyers/end users

establish the marketing category (e.g., fast food purveyor, high-end audio equipment sales, etc.)

determine whether your company will be a market category leader, follower, challenger, or niche player

describe the unique characteristics of your products or services that distinguish them from the competition.

define whether your pricing will be above, below, or at parity with your competitors and establish whether you will

lead, follow, or ignore changes in competitors' pricing

identify the distribution channels through which your products/services will be made available to the target

market/end users

describe how advertising and promotions will convey the unique characteristics of your products or services

describe any research and development activities or market research plans that are unique to your business

describe the image or personality of your company and its products or services

Strategy statement tests. If the statements in your strategy are measurable and actionable and work to differentiate your company and products apart from the competition, congratulations! If they are not measurable and actionable and do not

differentiate your company from the competition, revise them until they are.

A good working marketing strategy should not be changed every year. It should not be revised until company objectives (financial, marketing, and overall company goals) have been achieved or the competitive situation has changed significantly, e.g., a new competitor comes into the category or significantly different or new products emerge from existing competitors.

Who are our target buyers?

What sources of uniqueness or positioning in the market do we have?

Where will we implement our marketing spending plans?

When will marketing spending plans occur?

How much sales, spending, and profits will we achieve?

The financial projections contained in your business plan are based on the assumptions contained in your marketing plan. It is the marketing plan that details when expenditures will be made, what level of sales will be achieved, and how and when advertising and promotional expenditures will be made. Here are the major elements of a marketing plan:

The situation analysis describes the total marketing environment in which the company competes and the status of company products and distribution channels.

The opportunity and issue analysis