The Brainly marketing presentation is a virtual and multimedia presentation tool that instantly connects students to a whole library of professional and educational video lending. The platform allows students to customize presentations and create interactive quizzes, games and Powerpoint projects. A marketing strategy refers to a company's overall game plan to reach potential consumers and convert them into customers of its products or services. A marketing strategy contains the company's value proposition, key brand messages, data on target customer demographics, and other high-level elements.
A comprehensive marketing strategy covers “the four P's of product marketing, price, place and promotion. This provides marketing teams with a template that should report their initiatives across all of the company's products and services. For example, Walmart (WMT) is widely known as a discount retailer with “everyday low prices”, whose business operations and marketing efforts are based on that idea. 1 The marketing strategy is described in the marketing plan, which is a document that details the specific types of marketing activities a company carries out and contains schedules for implementing various marketing initiatives.
Ideally, marketing strategies should have a longer lifespan than individual marketing plans because they contain value propositions and other key elements of a company's brand, which are usually held constant over the long term. In other words, marketing strategies cover general messaging, while marketing plans outline the logistical details of specific campaigns. The ultimate goal of a marketing strategy is to achieve and communicate a sustainable competitive advantage over rival companies by understanding the needs and desires of their consumers. Whether it's a print ad design, mass personalization, or a social media campaign, a marketing asset can be judged on how effectively it communicates a company's core value proposition.
Market research can help chart the effectiveness of a given campaign and can help identify untapped audiences to achieve the final goals and increase sales. A marketing strategy will detail the advertising, outreach and public relations campaigns that a company will carry out, including how the company will measure the impact of these initiatives. Usually, the “four P's” will follow. The functions and components of a marketing plan include market research to support pricing decisions and new market entry, personalized messaging targeting certain demographic and geographic areas, selecting platforms for promoting digital products and services, radio, Internet, trade magazines and the combination of the platforms for each campaign and the metrics that measure the results of marketing efforts and their reporting schedules.
The 4 P's are the product, the price, the promotion and the place. These are the key factors involved in the commercialization of a good or service. The 4 P's can be used when planning a new business, evaluating an existing offering, or trying to optimize sales with a target audience. It can also be used to test a current marketing strategy on a new audience.
While “marketing strategies” may seem relatively simple, there can often be some confusion when it comes to whether you are creating a marketing strategy, marketing plan, or marketing tactic. While these three marketing initiatives work together, they cover slightly different aspects and should not be used interchangeably. A marketing plan is an overview of all your marketing initiatives. This will include any campaigns you intend to carry out over a given period of time, your objectives and ambitions for the projects as a whole, and any research you have collected to support these objectives.
Marketing strategies at first glance seem very similar to the general marketing plan. However, the strategies will take a closer look at only selected parts of the marketing plan. For example, if your marketing plan is to promote a new product or service, you may have a strategy dedicated to how you're going to use email marketing to support these broader objectives. Chances are that each marketing plan will produce several marketing strategies as part of a larger plan.
While the marketing plan and strategies are committed to explaining what you're going to do, marketing tactics go deeper and establish how you're going to do it. Using the example above, the marketing plan is to raise awareness of a new product. The marketing strategy is how you will use email marketing as part of this. The marketing tactics will detail the specific actions you'll take as part of the marketing campaign.
Now that we understand some of the different marketing terms, it's time to focus on marketing strategies and how they work as part of your business plan. Nowadays, social media marketing is a very important part of any company's marketing plan, as it's a hugely compelling way to drive traffic, build brand awareness, and take advantage of the social sales reveal that is taking over online marketing. According to recent data, about 54% of social media users use social platforms to research brands and products, and 89% of consumers who follow a particular brand will buy from that brand. With these numbers, if you're not using an effective social media marketing strategy, you're missing out on countless rewards.
Anyone who has told you that “email is dead” is very wrong. Capturing your customers' emails and browsers should be an essential part of your marketing strategy and is a great way to continue a conversation with people who have expressed interest in your brand. There are many email marketing tools available to help you in this area. However, you still need an effective email marketing strategy to produce consistent and compelling emails that turn readers into buyers.
An inbound marketing strategy is to attract customers and drive traffic to your website or products. Rather than using “disruptive” marketing techniques (such as television advertising), inbound marketing is based on generating leads using people who have shown an interest in your products, services or brand as a whole. Email marketing can be a good example of an inbound marketing strategy. If someone has subscribed to your mailing list, chances are they're at least a little interested in what you have to say.
This allows you to take a softer approach to your marketing, as these leads are more likely to convert into sales. Another inbound marketing strategy could be blog posts. People will only see blog posts relevant to their search terms and interests, meaning they have expressed a need that, at least to some extent, is related to what you're selling. A content marketing strategy is likely to overlap with an inbound marketing strategy, but it's more specific.
With content marketing strategies, you focus on creating content that will attract people and generate interest. This will likely cover blog posts and white papers and may even overlap with your social media marketing. Indeed, any part of your marketing campaigns that requires content will require an effective content marketing strategy. Adopting an editorial approach is a particularly vital marketing strategy for advertising companies, highlighting the content formats, workflows and channels you'll use to achieve your marketing goals.
It's similar to the kind of marketing strategies you'd expect to see in a news or media organization and can be essential for brand publishers or advertisers to keep their marketing efforts and ideas in the spotlight. Your marketing communication strategy should focus primarily on your brand's message and value proposition. It's about how you're going to say what you have to say. For example, is your tone of voice serious or humorous? Do you promote yourself as an expert in your industry? What is the message you want to convey? While in-house marketing will be less vital to SMBs, it can be a vital part of large companies' marketing efforts.
A good example of an internal marketing strategy would be an internal email that lets employees know they are eligible to become shareholders or to ask existing shareholders to support a new initiative. Internal marketing can also cover more mundane issues, such as keeping staff up to date on any changes to the company, brand, or internal procedures. If you're in business, you probably know how complicated public relations strategies can be. Making public relations right not only ensures that you keep your customers happy, but it's also vital to protecting your brand image in the eyes of your stakeholders, the media, and even government agencies or other influential institutions.
Any large company should have a public relations team dedicated to the public image of the brand. In addition to protecting you, good public relations can also offer valuable word-of-mouth advertising. SEO should be part of all different marketing strategies. Even so, you may find it beneficial that some of your marketing efforts are explicitly dedicated to SEO, as this is likely to be your main source of lead generation.
When a company focuses on selling its current products to existing customers, it seeks a market penetration strategy. The marketing activities that will dominate in this type of marketing plan are those that emphasize increasing the loyalty of existing customers so that they are not vulnerable to losing competition, attracting customers from competitors, increasing the frequency of using the product, and converting non-users into users. Increasing awareness through marketing communications and increasing availability through expanded distribution are common marketing activities in this type. Identifying new usage occasions and new uses for a product can increase the frequency of use or convert current non-users into users.
For example, the orange juice advertising campaign with the slogan “It's not just for breakfast anymore” was an effort to expand its use. Price promotions can be used to encourage competitor customers to try the company's product if there is reason to believe that such a test will lead to repeat purchases. Loyalty programs can be very effective in retaining existing customers. This strategy reduces risk by relying on what the company already knows well, its existing products and existing customers.
It is also a strategy in which marketing investments should pay off more quickly, because the company is based on an existing base of customer relationships and product knowledge. Efforts to expand sales by selling current products in new markets are known as a market development strategy. Such efforts may involve entry into new geographical markets, such as international markets. Raising product awareness and developing distribution channels are key marketing activities.
Some product modification may be required to better suit local market needs. For example, as fast-food restaurants have moved to international markets, they have often changed their menus to better suit the dining preferences of customers in local markets. Expanding into a new market with an existing product carries some risk because the company is not well aware of the new market and the company and its products are not well known in the market. The return on marketing investments in such a strategy is likely to be longer than that of a market penetration strategy due to the time needed to build awareness, distribution, and product testing.
Creating new products to sell to existing customers, a product development strategy, is a common marketing strategy among companies that can leverage their relationships with existing customers. For example, American Express has been able to leverage its relationships with its credit card customers to also sell travel-related services. Similarly, cable television companies have expanded their offerings to Internet and telephone services. Research and development activities play a dominant role in this strategy.
The time required to develop and test new products can be long, but once a product is developed, the creation of awareness, interest and availability must be relatively fast because the company already has a relationship with customers. A product development strategy is also riskier than a market penetration strategy because the product needed may not be possible to develop, at least at an acceptable cost to customers, or the product developed does not fit the needs of customers. A diversification strategy involves bringing new products to new markets. This is really the creation of a whole new business.
This is the riskiest strategy and the strategy that is likely to require the most patience while waiting for a return on investment. Marketing strategies can be used to sell products or services through advertising, promotional activities or public relations. A great way to reach your target audience is through social media. Social media allows you to reach people instantly and for free.
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