Marketing strategy includes some important tactics that are a part an organization’s marketing objectives. The right combination of objectives, strategies, and acts makes the marketing approaches effectual. The main goal of marketing strategy is to upsurge the transactions and incomes of any business or corporation. A compact, operational marketing plan takes the short- and long-term factors together into consideration. Professionals like George Bardwil say that when developing a new marketing plan; one must consider the following factors:
- Environment analysis: Environment analysis can identify all the external and internal elements that can affect the organization’s performance. Formulating a marketing environmental analysis is an important step in understanding the external local, nationwide or intercontinental forces that might affect the business. This analysis recognizes the prospects and intimidations in a business environment in terms of a company’s strengths and weaknesses.
- Market Research: It is the process of collecting, examining and interpreting information about a product, service, customer and the industry as a whole. It involves two types of data primary and secondary information. The market research helps in identifying potential new customers, and performance, valuing or advertising opportunities. It also helps to understand and know the competitors and to test new markets.
- Market selection: For improved sales of a product, market selection is important. The major criteria that needs to be kept in mind while doing a market selection is the growth potential of the market. This can be done by determining the objectives or goals of market selection, the parameters to be used for market selection and by evaluating the shortlisted markets.
- Consumer analysis: The characteristics of the consumers can affect the product marketing directly or indirectly. The consumer characteristic differs from one individual to the other and also from one place to the other. So, assessment of consumer characteristics, needs and purchase processes is also significant.
- Brand name: A company’s brand signifies their market uniqueness. Thus, brand marketing is important to nearly every business, from those selling a product, to those developing new technologies, to those providing logistic support to other businesses. The main objective of brand marketing is to enhance credibility, motivate the buyer and increase customer loyalty.
- Product planning: This includes the development of present product by altering the composition, product positions, packaging system, brands and removal of the old products.
Apart from all these factors, price of a product, distribution planning and communication planning are some of the factors that are considered when developing marketing strategy.
So, when developing a marketing strategy experts like George Bardwil ensures that all these important factors are taken into consideration. Since the success or failure of a company is an uninterrupted result of an active or not so active marketing strategy. Therefore, selecting a marketing strategy that fits the company product is of vital prominence.
Thus, it can be concluded by stating that George Bardwil is an individual who has vast knowledge in business and knows how to increase the sales and profit of the organization with the help of a marketing strategy.