You have found out how your industry works, discovered what the industry is comprised of, learned of the level of competition within the market where you operate. You have also profiled your customer base- who buys your products, where are they from, when are they buying, why are they buying, and to some extent, why are they buying your competitor's products instead. More importantly, you have also identified the need that your product/service/company aims to satisfy. This is what you are trying to offer to the market. It is what you are trying to sell.
You have also dissected your firm's inner systems, and found out where you are best at and where you need to improve in order to survive.
Then you set your objectives or goals for the next 3 years. The goals are consistent with your company mission-vision and core values.
You are now ready to embark on the next chapters of your paper, in fact, the heart and soul of a marketing plan- the marketing strategy.
First, the definition: a marketing strategy is a game plan to reach target markets and the enumeration of value propositions that will be offered based on analysis of the best market opportunities (Kotler).
Here is an example of target segments and corresponding features/benefits for each segment (Kotler):
There are in fact several marketing strategies that you can employ. Your choice would be dependent on what you want to accomplish (objectives), what you are capable of doing (competitive advantage).
You may use the following frameworks to choose the most appropriate strategy.
1. The Product/Market Opportunity Mix
2. Segment-Target-Position
3. Market Positioning
For detailed discussions, read your textbook: Part 4 and Part 5.
Then proceed with specific strategies for each of the 4Ps in your marketing mix: Product, Price, Place (Channel/Distribution), and Promotion.
Next up: Implementation.
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