marketing plan as the main part of the business strategy - Essay Example

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marketing plan as the main part of the business strategy

Markets and products have become extremely fragmented. There are hundreds of special-interest magazines, for example, each targeted to a very specific market segment. It's the same with restaurants, cars and retail clothing stores, just to name a few industries.
Positioning your product competitively requires an understanding of this fragmented market. Not only must you be able to describe your product, you must also be able to describe your competitor's product and show why yours is better. Positioning your product involves two steps. First, analyze your product's features, and decide how they differentiate your product from its competitors. Second, decide what type of buyer is most likely to purchase your product. Pricing and placement are critical to competitive positioning. In today's marketing culture, pricing cannot be separated from the product.
Take grocery stores, for example. The full-service supermarket is still the most popular form of grocery distribution. But today, busy families want faster service and more convenience, even if it means higher prices. As a result, convenience stores, home delivery services, personal shoppers and takeout restaurants have proliferated. At the same time, warehouse grocery retailing has also increased. ...
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Summary

Unlike a business plan, the marketing plan focuses on the customers. A marketing plan includes numbers, facts and objectives, but it is not primarily numerical; it is strategic. It is your plan of action-what you will sell, to whom you will sell it and how often, at what price, and how you will get the product to the buyer…
Author : erdmanconner

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