An overall company marketing strategy should also:
• define the business
• position the business as a leader, challenger, follower, or niche player in the category
• define the brand or business personality or image that is desired in the minds of buyers and end users
• define life cycle influences, if applicable
Use the following checklist to help create your own marketing strategy.
Marketing strategy checklist
• define what your company is
• identify the products or services that your company provides
• identify your target buyers/end users
• establish the marketing category (e.g., fast food purveyor, high-end audio equipment sales, etc.)
• determine whether your company will be a market category leader, follower, challenger, or niche player
• describe the unique characteristics of your products or services that distinguish them from the competition.
• define whether your pricing will be above, below, or at parity with your competitors and establish whether you will lead, follow, or ignore changes in competitors' pricing
• identify the distribution channels through which your products/services will be made available to the target market/end users
• describe how advertising and promotions will convey the unique characteristics of your products or services
• describe any research and development activities or market research plans that are unique to your business
• describe the image or personality of your company and its products or services
Umit Demir
Detroit Web Designer - Freelance Web Designer in Metro Detroit Area, Southeast Michigan.
Every small business owner should develop a written guideline that sets forth the business's marketing strategy. This document is used to judge the appropriateness of each action that the business takes. If a company has to take an action that is off-strategy, it may indicate a temporary emergency action prompted by competition or other factors beyond normal management control. Or it may indicate the need to change or revise the company's marketing strategy.
• a description of the key target buyer/end user
• competitive market segments the company will compete in
• distribution channels
• the unique positioning of the company and its products versus the competition
• the reasons why it is unique or compelling to buyers
• price strategy versus competition
• marketing spending strategy with advertising and promotion
• possible research and development
• market research expenditure strategies.