Because a single aspect of a marketing plan can affect all the others, coordinating your activities is very important to eradicate the interferences and increase profit for your business.
A well-crafted marketing strategy like the Jollibee marketing strategy looks at all the perspectives of your selling activities and makes sure that all of your departments are well-aware of what every single person is doing.
Comprehending how to develop a marketing strategy will allow you to make better decisions regarding marketing plans.
- Elegant product development
A good marketing strategy creates services and products with the chance of making a remarkable profit.
This is the only reason why a marketing strategy begins with market research, taking into account your targeted customer, what your competitors are doing, and what might be the market trends.
Using this information, you can easily identify what benefits your customers want from you, what they will pay, and how you can make your product or service better than the others.
- It helps you to recognize your customers
The truth is that you cannot be all things to all individuals. From a sales and marketing angle, there has to be a specific type of person that is most likely to become your regular customer.
When you have a specific audience in mind, you can fix their problems, take care of their needs, and show them your product will eliminate their fears and meet their needs.
So, it is the marketing strategy that helps you to define your targeted customers so that you know precisely who actually needs your business.
- It helps you to determine the prices
It is the marketing strategy that enables you to set the exact price for your product based on all the information that you gathered from the market research.
If you found that customers want an exclusive product in your category, then the pricing strategy might require you to sell at prices that create an expensive brand value.
On the contrary, if your targeted customers are bargaining and not buying the product at your set price, then the pricing strategy requires you to sell the product below the competitors’ prices.
- It develops an effective distribution
After determining what product features you will offer, who your potential prospects are, and what your cost of the product will be, you can select where you want to sell that product in order to generate great marketing effectiveness.
The younger customers will prefer to buy using a mobile phone and pay with a credit card. However, the older customers will prefer to buy your product at the outlets.
- It helps you in marketing communications
It is your marketing strategy that helps you to uplift your brand. Without developing a marketing plan, you might send messages that do not suit the brand’s identity you have developed.
Accordingly, a marketing strategy helps you to determine if a specific website or a magazine suits your selling plan.
- It creates a strong organizational impact
Only your departments will better work in collaboration with each other when you develop a solid marketing strategy. This is because your marketing plan is the only thing that brings them on the same page.