Developing Marketing Strategies And Plans

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Marketing takes time, money, and lots of preparation. One of the best ways to prepare yourself is to develop a solid marketing plan. A strong marketing plan will ensure you’re not only sticking to your schedule, but that you’re spending your marketing funds wisely and appropriately.

Marketing strategy

When you decided to start your business, you undoubtedly found an unmet or underserved need in your target market, and felt that you could address that need.  The marketing strategy section is where you actually spell out how your business is going to do just that, by setting goals and high-level strategies.

Start by setting the goals for your business, typically for at least one year.  Make them realistic, achievable and measurable.  No sense in setting yourself up for failure right out of the gate.  State them in simple, straightforward terms – for example, “ABC Widgets will achieve $100,000 in sales of Widget A by the end of this year.”

Wrap up the strategy section of your marketing plan by outlining the particulars of your business offering – in marketing parlance, you’ll be defining what are known as the “four Ps” for your business:

  • Product – description of your product or service, including features and benefits
  • Price – initial pricing strategy
  • Place – distribution channel for your product or service, i.e. where you’ll sell
  • Promotion – the methods and channels used to reach customers and let them know about your product or service

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