Often, the most promising segments are those where you have existing customers.
See what you can do to expand sales to these customers. If you are targeting new customers, you need to be sure that you have the resources to reach them effectively. Once you have decided what your target market is, you also need to decide how you will position yourself in it. For example, you might offer a high quality product at a premium price or a flexible local service.
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Some businesses try to build a strong brand and image to help them stand out. Whatever your strategy, you need to differentiate yourself from the competition to encourage customers to choose your business first. Once you have decided what your marketing objectives are, and your strategy for meeting them, you need to plan how you will make the strategy a reality. Your marketing plan must do more than just say what you want to happen.
It must describe each step required to make sure that it happens. The plan should therefore include a schedule of key tasks. This sets out what will be done, and by when. Refer to the schedule as often as possible to avoid losing sight of your objectives under the daily workload.
It should also assess what resources you need. For example, you might need to think about what brochures you need, and whether they need to be available for digital distribution by email or from your website. You might also need to look at how much time it takes to sell to customers and whether you have enough salespeople. The cost of everything in the plan needs to be included in a budget. If your finances are limited, your plan will need to take that into account.
Don't spread your marketing activities too thinly - it is better to pick a handful and make the most of them. You may also want to link your marketing budget to your sales forecast. As well as setting out the schedule, the plan needs to say how it will be controlled. You need an individual who takes responsibility for pushing things along. A good schedule and budget should make it easy to monitor progress. When things fall behind schedule, or costs overrun, you need to be ready to do something about it and to adapt your plan accordingly.
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From time to time, you need to stand back and ask whether the plan is working. What can you learn from your mistakes? How can you use what you know to make a better plan for the future? Make sure you think through each of your objectives logically. For example, you might set a target for the number of new enquiries. But if you don't provide the resources and training to turn these enquiries into sales, you will have increased costs without any benefits. Assess the business environment to identify the opportunities and threats that you face.
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Look for where you can capitalise on your strengths or where you need to overcome a weakness. All parts of your business must work together. For example, if you have limited cash flow you should avoid seeking large orders from customers who demand extended credit or that will involve you in heavy, up-front costs.
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Remember to focus on your long-term strategy. Reducing customer service might boost short-term profits, but next year you might not have any customers left. A plan will not happen by itself. You need to make someone responsible for monitoring progress and chasing up overdue activities. Reviewing progress will also help you learn from your mistakes so that you can improve your plans for the future. Our information is provided free of charge and is intended to be helpful to a large range of UK-based gov.
Product mix 1 Single product 2 Product line s 2. New product description 3. SWOTT analysis a. Strengths internal b. Weaknesses internal c. Opportunities external d. Threats external e. Trends external 4. Marketing research a.
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Consumer analysis 1 Demographics 2 Psychographics 3 Behaviors e. Industrial analysis, if applicable 5. Defining the business involves setting the vision of the business. The vision outline the broad goals that the company would like to achieve in future. Secondly, the process of setting the mission tries to define why the business exists and how it will meet the needs of its target market in order to meet its long-term objectives Schnaars, Thirdly, developing functional plans is involved with outlining the tasks that will help the business in achieving its objectives.
Finally, budgeting is concerned with the resources that the marketing department will have to implement the marketing plan. A good strategy must outline the marketing mix objectives that it wants to achieve. The four elements of a marketing mix are the product, price, a place, and the promotion strategies. Firstly, product strategy is involves deciding the product or services that the business will offer to the customers and the need that this will satisfy.
For restaurants, the marketing mix will involve determining the menu mix that the business will offer to its clients. The product mix should also take into considerations like the customer service and quality to satisfy all the needs of the clients Percy, Secondly, the place involves determining how the customers will access the business so as to consumer its services.
The business must locate the business in a convenient place so the customers can access the restaurant easily. The managers must also look at the location of similar business in order to come up with a good location for the business David, Thirdly, the price is concerned with the price that the customers must pay to acquire the service.
Pricing is an important component of the marketing strategy because it helps the business in its branding and positioning efforts. For example, a luxury restaurant will price its services above those of its competitors in order to position itself in the market.