What is Market Strategy Planning Process?
Market strategy planning process is a crucial step that businesses take to identify their target market, develop a marketing plan, and achieve their business objectives. This process is also known as marketing planning or simply, planning.
Why is Market Strategy Planning Process Important?
Market strategy planning process helps businesses to define their target market, understand their customers' needs, and develop a marketing plan that meets those needs. It also helps businesses to evaluate their competition, identify their strengths and weaknesses, and develop strategies to stay ahead of the competition.
Furthermore, market strategy planning process helps businesses to allocate their resources effectively, set realistic goals, and measure their progress towards achieving those goals. It also helps businesses to identify potential risks and develop contingency plans to manage those risks.
Steps in Market Strategy Planning Process
Market strategy planning process involves several steps, including:
- Defining the business's vision, mission, and objectives.
- Conducting a situational analysis of the business's internal and external environment.
- Identifying the target market and analyzing their needs and behavior.
- Developing a marketing mix that aligns with the target market's needs and behavior.
- Setting marketing objectives and goals.
- Developing a budget and allocating resources.
- Developing an implementation plan.
- Monitoring and evaluating the effectiveness of the marketing plan.
Conclusion
Market strategy planning process is a crucial step that businesses take to identify their target market, develop a marketing plan, and achieve their business objectives. It helps businesses to define their target market, understand their customers' needs, and develop a marketing plan that meets those needs. It also helps businesses to evaluate their competition, identify their strengths and weaknesses, and develop strategies to stay ahead of the competition. By following the steps in market strategy planning process, businesses can allocate their resources effectively, set realistic goals, and measure their progress towards achieving those goals.
Table of Content
- What is Market Strategy Planning Process?
- Why is Market Strategy Planning Process Important?
- Steps in Market Strategy Planning Process
- Conclusion
Identifying the Target Market
Identifying the target market is an important step in market strategy planning process. A target market is a specific group of customers that a business wants to reach with its products or services. To identify the target market, a business must conduct market research and analyze the data to determine the demographic, psychographic, and behavioral characteristics of its potential customers.
Demographic characteristics include age, gender, income, education, occupation, and geographic location. Psychographic characteristics include values, beliefs, attitudes, and interests. Behavioral characteristics include purchasing habits, brand loyalty, and product usage.
Once a business has identified its target market, it can develop a marketing mix that aligns with the target market's needs and behavior. The marketing mix includes product, price, promotion, and place. By developing a marketing mix that aligns with the target market's needs and behavior, a business can increase its chances of success.
Developing a Marketing Mix
Developing a marketing mix is another important step in market strategy planning process. The marketing mix includes product, price, promotion, and place. Product refers to the goods or services that a business offers to its customers. Price refers to the amount that customers pay for the product. Promotion refers to the methods that a business uses to communicate with its customers, such as advertising, sales promotions, and public relations. Place refers to the channels that a business uses to distribute its products to its customers.
Developing a marketing mix that aligns with the target market's needs and behavior is crucial for a business's success. For example, if the target market is price-sensitive, a business may need to lower its prices or offer discounts to attract customers. If the target market is tech-savvy, a business may need to use digital marketing methods to reach its customers.
Measuring the Effectiveness of the Marketing Plan
Measuring the effectiveness of the marketing plan is the final step in market strategy planning process. To measure the effectiveness of the marketing plan, a business must set marketing objectives and goals and develop metrics to measure its progress towards achieving those objectives and goals.
For example, if the marketing objective is to increase sales by 10% in the next quarter, the business can develop metrics to measure its progress towards achieving that objective, such as tracking the number of sales, the revenue generated, and the ROI of its marketing campaigns.
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