Marketing Plan Phase 3
Now that you have defined your goals and conducted your situation analysis, it's time to create a strategy to help you to achieve your goals. Next, you will complete your Marketing Strategy. In the Marketing Strategy, the marketing manager defines the company's strategies for increasing sales and gaining a competitive advantage.
Complete Marketing Strategy by providing 1-2 paragraphs about each of the following items:
- Positioning Strategy: Discuss your strategy for positioning and differentiating your product. What market segments will you target? What is your value proposition? Discuss how you will differentiate your product from similar competing brands.
- Product Strategy: Discuss your product and strategy for building a strong brand.
- Pricing Strategy: Determine how you will price your product or service. Talk about how you expect to remain competitive with your pricing and still earn a return on your investment. How will your product price compare to the competition? Don't forget to take all of your variable and fixed costs into account when defining your pricing strategy.
- Distribution Strategy: How do you intend to get your product into the hands of the consumer? Incorporate the use of the Internet and other technologies in your Distribution Strategy. Also, discuss a traditional method for distribution such as, mail, retail, sales representatives, etc. Finally, specify the exact distribution channel that you will be using. Distribution channels include: direct distribution channel (product goes directly from manufacturer to consumer), or indirect distribution channel where intermediaries are used. An example of an indirect distribution channel would be the product going from the manufacturer to the wholesaler to the retailer to the customer or from manufacturer to retailer to consumer.
- Marketing Communications Strategy: Your communications strategy must incorporate traditional methods, as well as methods utilizing the Internet and Social Media. Discuss the elements of the promotion mix that you will use to promote your product.
- Marketing Research: Describe your plans for market research. What will be your approach and which tools will be utilized? How will you conduct your studies and what will you be measuring?