Developing a Marketing Strategy

Marketing Strategy Breakdown

Market Research:

• Why will people buy your product or service?

Industry Trends: 

• Social & cultural trends, demographic trends, technological trends, political & legal trends, economic trends, environmental trends.

Product Life Cycle:

• Introduction, Growth, Maturity & Decline - what stage is your product/service at?

Target Market Analysis:

• Potential customers that have the need, the willingness and the ability to pay for your product or service; who is your client?
• Demographics (age, gender, income); geographic (where do they live or where are they located); psychographics (lifestyle characteristics - activities, interests, opinions)

Competitive Analysis:

• How is their product different from yours? 
• Sales volume? # of employees? 
• How do they promote & advertise? 
• Strengths? Weaknesses? Opportunities? Threats? 
• Traffic patterns? Sales/discounts? 
• Store layout? 
• Customer service standards?

4 P’s of Marketing/Promotional Strategy:

• Product - unique features, position against competition?
• Price - labor, overhead, materials, profit margin, break even analysis
• Place - traffic flows, costs associated with location
• Promotion - distribution frequency & coverage, costs