how to develop a marketing strategy? six steps

how to develop a marketing strategy? six steps

“The packages of the magic P’s for marketing strategy” its totally depend upon these P’s,  the P stands for POWER, the power of place, power of price, power of products, power of promotion, people and process, how much power package you have that much profit you will earn for your company.

1) Prace:
The significant point is to have right place for business, work on how to reach  the people with lesser cost and the place have tremendous growth over a periods of time and before you step in, do a small survey that what kind of people are visiting to this place in a week or ten days and how often they visit. The survey is depending upon what kind  of business you have.

2) Price:

 If you’re entering for the first time to the market and have huge competition it’s good to come up with low price with high technology product such that you can grab the market quickly once you made foot mark in the market then you can introduce high end products. The Micromax mobile company did the same thing, “first earn the customers then earn the money”

3) Products:

 Work on products based strategy because every strategy won’t work for all the products, have depth knowledge about you’re products or services. Understand  each products line and their segments and this will help you to reach the right customers.

4) Promotion:

It’s better to growth naturally rather than spending cores to gather money on advertisements, big companies like Google, Zara they never spent money on advertisement, they build their name by their products and services but not with the help of ads instead of investing money on ads invest on the development of business.

5) People:

What type of people you have in your bucket? How much aggressive they are? How much dedication they have? How much passionate they have about their job? Everything counts because the implementation is totally depend upon how they work to executive the strategy in simple, smarter and faster way. Your success of business is depending upon the kind of people you have. The significant thing to understand is. “Take care of your team and they take care of your business”.

6) Process:

 You want have loooooooooooooooooooong process or short process, if the process is too long then it will become bit difficult to understand and implement it, and if you have short process you might have miss some points which would be very essential to the business, so work on the process, It’s good to analyze it and then have perfect planning for it, letter work on design and develop it from beginning to end, provide easy going method such that people don’t stuck in the middle of the process and end up with the loss.

I believe that these MAGIC P”s will help you a lot in  marketing strategy for your business and more over I suggest to invest lot of time in preparing these process, it will help you a lot in cost cutting and avoid  unnecessary losses. Try to prepare simple strategy and have a backup plan if one will not work according to you, you can try another one and don’t prepare more than two plans because if you do so it will sound like your plans are poor  try to  close it within two plans and don’t reveal your strategy to all only main person has to help all the department to execute it.