STRATEGY AND ANALYSIS
Strategic marketing plan is necessary for any
organization that wants to exchange their products in the market. Strategic
Marketing Plan evolves from corporate strategy of the organization. It acts as
a guide for the organization to know what and how many resources they have and
how to allocate them, marketing plans and policies. Marketing strategy comes
from detailed assessment of the market, products and brands. From this company
understands the various opportunities they have in the market, their competition
and which market segment to target.
Detailed analysis of market leads to either of
product in current or new market
product in current market
product in new market
Favourable demand, customer needs and low
competition are areas which leads to market opportunities.
Eg: Elon Musk found the opportunity in electric
vehicles segment in 2003 and found the company Tesla Motors and making fully
electric vehicles and many other major automaker companies are following suite
and coming out with either fully electric or hybrid cars in the market.
While preparing or developing marketing strategies,
plans and policies for its products or services in the market, it is very
important to know and analyse your competitors in the market. Competition can be
from your own brands or from other product substitutes.
While analysing competition, company must also look
for having a competitive advantage or point of differentiation from other
products or brands which gives them an edge over others in the market.
Eg: Gatorade has a great taste and it’s proven to
regenerate more lost electrolytes faster than any other energy/sports drink in
the market and it was a first mover in this segment which gave it an edge over
others and now is a market leader in this segment.
After doing detailed analysis of opportunities and
the competitors, the organization gets many market segments then they can
choose which market segment to focus upon and it becomes their target market
and they put all their focus and resources for becoming leader in their