Marketing Strategy Process - 7 steps

MARKETING STRATEGY PROCESS Understand 01 Customer Develop a clear picture of your target customer using market research and analysis 07 Review and Revise 02 Analyze Market Continuously evaluate the effectiveness of your marketing strategy, and revise or extend as needed. Some basic market research should allow you to find market data such as total available market, market growth,market trends, etc. 06 Financial Analysis 03 Analyze Competition Put together your marketing budget and evaluate projected marketing ROI, customer acquisition costs, etc. Analyze what other choices your target customers have to solve their need. Research and assess the strengths and weaknesses of each. Research 04 Distribution Define 05 Marketing Mix Develop a clear picture of your Marketing Mix i.e. product, price, place and promotion. What is the best way to deliver your product or service to your target customers? This will impact your sales strategy.