Marketing strategies are designed to sell the products to consumers. They vary, each depending upon the nature of the product and the kind of advertising strategy chosen. Marketing plans are designed to fill the needs of the products related to its market niches and logistics created to reach marketing objectives. Plans and objectives are generally tested for measurable results with a goal of finding the most meaningful and actionable data that will help optimize success rates and help establish and maintain competitive advantages. Marketing plans and strategies should be dynamic and interactive. Marketing strategies need to architect long-term views and create related logistics and tools which include lifetime value models for the products so that these value models help simulate the effects of strategy of acquisition.
Marketing strategy involves careful planning and it should be kept in view the internal and external environments. Internal environmental factors include the marketing mix plus performance analysis and strategic limits. External environmental factors include customer analysis, competitor analysis, target market analysis. Once a strategic plan is created to identify business alternatives, establishing challenging goals would become easy and focused. We need to determine the optimal marketing mix to reach these goals. A final step in developing a marketing strategy is to create a plan to monitor progress and a set of contingencies if problems arise in the implementation of the plan.
Marketing Mix Modeling determines the optimal marketing budget and the allocation process to achieve these strategic goals. Such models can help allocate spend across a portfolio of brands and manage brands to create value.
Marketing strategies are diverse in nature. They should be chosen depending on the product and the direction it needs to be given. Marketing strategies need to take into consideration the consumers’ needs. And also need to take into consideration the unique selling points of the products. The other factors that need to be taken into consideration are the status of the rival product in the market, their unique selling proposition, the status of your product in the marketplace vis-à-vis rival product and many more such factors goes into consideration.
Saroj Ads has for the last 26 years been doing these… architecting marketing strategies for your product, creating promotional strategies, innovative advertising campaigns that impacts the customers changing their buying profiles. Saroj Ads is headquartered at Chennai with having branches in Bengaluru, Hyderabad and New Delhi. For more info on how we architect marketing strategies for your products and services successfully contact Saroj Ads.