You are watching: Which of the following is the first step in developing a marketing strategy?
Marketing is how you satisfy the needs of determined consumers or customer groups. The is the structure of a effective business.
Start with setup marketing objectives. What do you want to accomplish through your marketing? What will certainly drive you towards achieving the organization goals the you outlined (hopefully) in your company plan? perhaps you want to accomplish 40% customer retention during the comes year or boost wholesale sales by 30% over the next 12 months. Don"t stretch yourself thin v too numerous marketing objectives. Decide on a couple of high priority goals that will enable you to emphasis in ~ above them.
Do your Research
The sector research you perform will drive the decisions you make when deciding upon your marketing strategy. Who room your customers? will certainly you it is in marketing to individuals or businesses? straight or wholesale? exactly how does your product to fill their needs and wants? You"ll need to recognize their wants, needs, what they think, believe, exactly how they prefer to communicate, their price comfort, and also how her product “checks the boxes" because that them.
It"s important likewise to research study other similar businesses who you will be contending with for your customers" business. How do you and also your product(s) compare? What comparative benefits can you highlight and use to your benefit?
Once you have actually an knowledge of the industry (target audience) for her product, girlfriend can begin making decisions concerning your marketing mix, i m sorry is a mix of the 4 Ps – product, price, place, and also promotion. You might see recommendations to 5, 7, or even 9 Ps, however the American Marketing combination still specifies marketing mix as the 4 Ps, and also this is a solid foundation as friend start and grow your business.
What are the characteristics of your product(s) that your customer sector values? You require to have the ability to identify, describe, and effectively connect these features to her customers.
At the very least, your prices must cover your cost of production. Beyond that, the price deserve to be used to influence customers" late of your product as well as to achieve the details marketing objectives that friend have collection for yourself. Watch the publication Product Pricing: What carry out I Charge?and expertise Pricing Objectives and also Strategies because that the Value-Added Ag Producerfor an ext on pricing.
Place, or placement, needs to do with where and when her customers can get your product. Will customers have actually to come to your farm yard or a farmers" sector to purchase? If girlfriend will sell via a CSA (community supports agriculture) model, will you have actually drop off locations, delivery, pick-up at her farm? how accessible, convenient, and when space those places open?
How will certainly you communicate, interact, and engage v both her customers and also non-customers? promo is therefore much more than traditional advertising, and it extends beyond the revenue of your product; as in customer service. A society media presence, event sponsorship, or speak invitation room all examples of promotion activities. Any kind of communication with an separation, personal, instance or team when girlfriend (or an employee) deserve to be attached to your organization should be taken into consideration promotion.
Write the Down
Throughout her research and decision-making process, write down what you"ve learned and also the decision you"re making. What you"ll finish up through will be her marketing plan, a record that explains your product, consumer groups, and how you will certainly implement her marketing strategy to achieve your objectives. Why is a marketing arrangement so important? A well-constructed marketing plan can assist you accomplish your service goals. As with a business plan, the process of emerging your marketing setup will provide you through the opportunity to thoughtfully consider numerous questions:who her customers will certainly behow your organization fits right into the greater organization landscapehow girlfriend will position your business and also productshow you will pricehow you will certainly communicate and also engage v both the public and also your customershow you will certainly analyze the success of her marketing strategy
Additionally, a composed marketing arrangement will save you grounded when presented through opportunities. You"ll have a frame to use as soon as deciding whether or not to seek those opportunities.
See more: What Capital Budgeting Decisions Usually Involve Analysis Of:
How you usage the 4 Ps in response to her marketing research study to achieve the marketing goals you"ve set for yourself is the significance of a marketing strategy. Remember, the vital is to understand your customer(s). If you can stay on optimal of this, girlfriend can readjust the other facets of your strategy together your company grows and matures.