Discussion Includes Initial Post And 2 Replies

Marketing Strategy

A marketing strategy technique refers to a business' general approach for arriving at prospective shoppers and transforming them into clients of the items or services the business gives. A marketing strategy contains the organization's offer, key brand informing, information on track client demographics and other elevated level components.

Marketing Strategy is the segment of our business plan that outlines our general course of action for discovering customers and clients for our business. At times, marketing strategy is mistaken for marketing plan. However, they both are unique.

I believe Marketing Strategy centers around what you need to accomplish for our business and promoting endeavors. Whereas, marketing details on how we can accomplish those objectives. A good marketing strategy incorporates what you know about how our business fits into the market and the five P’s of marketing to develop the tactics and actions that will achieve your marketing objectives.

How to create a good Marketing Strategy?

I believe, before drafting a marketing strategy we need to know about the service benefits of our product and how unique is it in the market. We need to ensure our marketing strategy incorporates the five P’s. The five P’s include Product, Price, Place, Promotion and People.

1.      Product – What are we selling in the market? Our product uniqueness from our competitors? In addition, the benefits provided to our customers.

2.      Price – What is the profit margin by selling at that price? How does the price vary to our competitors? The total cost associated to the product.

1. Place – Where will be the product be available for purchase? What marketing promotions are initiated?

2. Promotions – How do we plan to inform our market know about the product that we are launching? How are we planning to promote the features and benefits associated with the product?

3. People – Who are our target audience and who are the people that will help us in creating or delivering our product and services.

We can increase our customers and sales in the market through the six marketing strategies.

1. Provide free workshops and classes on the product.

2. Collaborate with local business networks.

3. Get Charitable.

4. Create our own blogs.

5. Join social media for promotion.

6. Request for referrals.

Marketing Plan

A marketing plan is a report that outlines our marketing strategy for the coming year, quarter or month. An effective marketing plan helps a company understand the market that it targets and the competition in the market, understand the impact and the results of marketing decisions and provides direction for future initiatives. Although marketing plans can vary depending on the industry, type of products or services, and the goals we want to achieve.

 Ideally, a marketing plan includes the following elements.

1. An overview of our business marketing and advertising goals

2. A description of our business current marketing position

3. A timeline of when tasks within our strategy will be completed

4. Tracking Key performance indicators (KPIs)

5. A description of our business’s target market and customer needs.

I believe a good marketing plan should incorporate the following.

1. Executive summary

2. Business description

3. Situation Analysis

4. Business Objectives

5. Distribution and Delivery plan

6. Marketing Goals

7. Target Market.

My graduate level response to the given questions is as follows.

Question-1

Porter's Five Forces is a simple but powerful tool for understanding the competitiveness of your business environment, and for identifying your strategy's potential profitability.

Now, let us analyze Porters Analysis of the brand Nike.

Bargaining power of suppliers: low

Items made universally and hence multiple small providers pose low competition from providers.

Bargaining power of buyers: low to moderate

The exchanging cost of clients is low as there are numerous brands available like Adidas, Puma etc.

Threat of substitutes: low to moderate

As there are many competing brands making coordinating or comparative products.

Threat of new entrants: Low

Despite the fact that speculation required is low yet getting different things in process is expensive undertaking and difficult like showcasing, dispersion and gracefully chain the board

Level of competitive rivalry: High

A saturated market with many players like Adidas, Under Armor, Puma etc. who pose strong competition.

Question-2

My favorite brand is Chick- Fil-A. The 5 C’s of Chick-Fil-A are Company, Collaborators, Customers, Competitors and Climate.

Company - Chick-fil-A is one of the largest American fast food restaurant chains and the largest whose specialty is chicken sandwiches. Its headquarters is in College Park, Georgia. 

Collaborates – Chick- fil- A collaborated with many other suppliers who can produce meat, milk that is used extensively in their product to reduce the costs and ensure the product  delivered to clients are of high quality.

Customers – Chick-Fil-A targeted all ages of customers from seniors, adults, teenagers including children.

Competitors – Chick-Fil-A has many competitors in the current market such as Mc Donald, Burger King, Taco bell, subway and many more. However, their fine quality distinguish them from other leading companies.

Climate – Chick-Fil-A has limitations due to political, economic and technological trends.