To meet your business goals, create a marketing strategy mission statement that clearly defines the actions necessary to meet these goals. Without a plan to market goods and services, your business cannot reach its maximum earning potential. Marketing strategy statements guide companies in completing the tasks large and small to increase profits, increase consumer awareness, and foster growth.
Table of Contents
Function
A marketing strategy statement describes the specific marketing actions that a company must take to meet specific business objectives. For example, to expand a product line to increase company profits, your marketing strategy statement should detail the use of particular actions, such as targeting consumer groups using speciality marketing and advertising campaigns. To raise consumer awareness of new products. Increased marketing to consumers often leads to higher profits.
Characteristics
Characteristics of marketing strategy statements include a list of business objectives, a list of actions necessary to meet these objectives, marketing research and analysis that support the need for these actions, description of target markets, annual or quarterly goals, and the support resources needed to implement the strategy. Support resources may include new hires, increased advertising budgets, or additional market research.
Profits
A market strategy statement provides a plan for how to achieve specific business objectives. This statement also helps keep everyone involved informed of the next steps in the strategy. Check the market strategy statement often to complete all the tasks necessary to achieve your goals.
Considerations
Although, An effective market strategy statement should provide a clear description of the business objectives and the actions necessary to achieve these goals. Detailed instructions help prevent misinterpretation by team members.
Making Changes
Once a market strategy statement is created. It should not be changed until you have met all of the business objectives listed. Changes in market strategy statements should only occur due to increased competition in target markets from new or existing companies or environmental factors.