Successful marketing requires careful planning, often based on the results of thorough market research. Planning typically involves the creation and implementation of strategies to achieve a desired goal, such as increasing market share or gaining wider distribution. Planning can occur in one or more areas of the marketing mix, which includes pricing, promotion, product and place, also known as channels of distribution.
A small business can implement a marketing plan based on a pricing strategy. One common tactic is to become known as the price leader in the market by offering lower prices than the competition on high-demand items. An opposite strategy can be used by a company wishing to be recognized as the quality leader, as higher prices may evoke an image of reliability or expert craftsmanship. A quality pricing strategy is often accompanied by a promise of delivering superior customer service.
A marketing plan can also consist of a strategy based on heavy promotional activities to spread the word about a product or business. The company may create a multipronged advertising campaign consisting of various types of media to convey a specific message. It can also develop specific promotions aimed at increasing market share. For example, the company may saturate a market with coupons to entice consumers to try its products, with the ultimate goal of getting them to switch from a competitor on a permanent basis.
A company can develop a marketing plan based on increasing its channels of distribution. A possible strategy to accomplish this is to focus on contacting all retailers and middlemen in the market in an effort to persuade them to carry a particular product. A company can also develop alternate strategies for distributing its items, such as developing a website where customers can purchase online in addition to a brick-and-mortar location.
Marketing planning can include developing product strategies. One example is to expand a successful product line by adding complementary products. A company can also add to its product mix, which is the total assortment of products it sells, by focusing on adding more product lines. Another strategy is to change a product's packaging to make it more appealing than a competitor's or to create the perception that the product has also been improved.
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