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Four factors to keep in mind while formulating a Basic Marketing Strategy for your business.

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"Old wine in a new bottle" is your century's persisting idea of marketing. Once you fail to opt a suitable marketing strategy then your innovative idea is in starvation. It’s a time consuming process to fix a marketing strategy based on your business, though the most inevitable process towards your success. Based on the entrepreneur idea, business goals to be accomplished vary, business goals are varied means marketing strategies to be extracted are also different according to your business goals.

Onerous sail begins with your contemplation of beginning something creative .Once you set your business goal to be accomplished; all we have to know is how four pillars of marketing i.e. Product, Price, Place and Promotion are intertwined with each other to support your innovative idea.

Product -Your product or service is your offering ,hence it should be marketed in a way you wanted your outcome to be using paid advertising, cause marketing, relationship marketing, undercover marketing, word of mouth, internet marketing, transactional marketing, diversity marketing etc.
Price -Only after making a study of your target customer you should fix your price, by knowing your target client’s financial capacity of buying you can probably fix the pricing strategies.
Place -Place where the product has to be introduced should be predetermined; also your availability to clients has to be ensured. If you're a new business, finding the right business location will be a key marketing tactic.
Promotion -Promotional activities you use to make your customers aware of your products and services includes advertising, sales tactics, promotions and direct marketing. Generally, these marketing tactics will gain an image to your product or service in the market.

Following the P's of marketing, things to be remembered are:
Mark your market to outshine: Keeping a close look on the boom and bust cycle; don’t forget to study the market where your product or service is to be sold. You should have a clear idea about your target market. Effort taken to study about the changes in the market will reflect in identifying new opportunities in your industry, classifying and targeting your potential customers, to introduce new methods and strategies in your business.
Shape your business through benchmarking: Find time to benchmark your business which is essentially necessary to improve and measure your performance against similar sets of businesses in your industry. Deciding what to be measured against in the same set industry can be identified by going through the business articles, publications, surveys and even searching on the internet.
Table your client: It might be any business; your asset is your client. Prepare and develop a profile of customers you're targeting. A continuous monitoring over the recent trends that influence the customers will have to be noted to recommend how your modernized product or services help them in their success. Content marketing, social media marketing, SEO efforts are most helpful in finding the target audience.
Marketing requisite towards any success: We are living in an era where smartphones and data have become inevitable .One can use any existing social media presence to make aware about your product or services among target customers. There are many marketing techniques, plans, SWOT analysis and advertising techniques etc. available to help you in distinguish yourself amongst industries.

Every marketing strategy is different. However, the overall purpose of any great strategy is to map out the steps you're going to take to achieve your desired goals. Put the hard work in and you’ll be well on your way to reaping the rewards.
Aswathi
11-11-2020

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