| The overall marketing strategy of an organization should focus on developing relationships with customers to understand their needs, and to develop goods, services, and ideas to meet those needs. |
The overall marketing strategy of an organization should focus on developing relationships with customers to understand their needs, and to develop goods, services, and ideas to meet those needs. |
| Information Gathering: research potential customers, their needs, and spending habits in order to understand what sort of product, service, or idea they wish to buy. |
Information Gathering: research potential customers, their needs, and spending habits in order to understand what sort of product, service, or idea they wish to buy. |
| Evaluation of Organization Capabilities: decide what your organization can produce relatively well, and what your organization is not capable of producing based on the organization's specific strengths and weaknesses. |
Evaluation of Organization Capabilities: decide what your organization can produce relatively well, and what your organization is not capable of producing based on the organization's specific strengths and weaknesses. |
| Identify Market Opportunities: research the current market for a product idea, and look for an opportunity; such as no competition or strong demand. |
Identify Market Opportunities: research the current market for a product idea, and look for an opportunity; such as no competition or strong demand. |
| Set Objectives of Marketing Strategy: decide what results need to be achieved in order to reach the organization's goals; such as a specific increase in sales, or net profits. |
Set Objectives of Marketing Strategy: decide what results need to be achieved in order to reach the organization's goals; such as a specific increase in sales, or net profits. |
| Formulate an Action Plan: List the specific steps the organization needs to take in order to implement the marketing plan, and assign the responsibilities to specific staff members. |
Formulate an Action Plan: List the specific steps the organization needs to take in order to implement the marketing plan, and assign the responsibilities to specific staff members. |
| Monitor & Evaluate: Study the marketing plan regularly, at least once per quarter, to track performance against the set objectives. |
Monitor & Evaluate: Study the marketing plan regularly, at least once per quarter, to track performance against the set objectives. |
