Marketing Strategy
Next comes your marketing strategy. Once you have completed the research on your target market with specifics such as demographics, geographics, psychographics, product-usage characteristics, justifications for the selection of this target market, and your competitors in this market.
Next consider your marketing mix (pricing, distribution and promotion strategies). How does this marketing mix give you a competitive advantage in your niche market? Is this competitive advantage sustainable? Why or why not?
Other Elements to Consider
Some other elements that fit within a good marketing plan are:
• Distribution channels.
• Pricing and terms of sale.
• Promotion and advertising plan.
• Marketing budget.
• Inventory selection and management.
• Visual merchandising.
• Customer relations.
When drawing up your marketing plan, think about where you want your business to be in three years and how you plan to get there — that’s your marketing plan in a nutshell. Marketing your web-based business is a never-ending task.
Once you have your information and your marketing plan in place, you must continuously revisit, revise, refine, and revamp it to accommodate changes in your marketplace.
With a marketing plan in place you have a considered strategy to outmaneuver your competition by capitalizing on their weaknesses and emphasize your web-based business’s strengths.
By increasing market awareness of the offerings of your website, you acquire new customers.
Next comes your marketing strategy. Once you have completed the research on your target market with specifics such as demographics, geographics, psychographics, product-usage characteristics, justifications for the selection of this target market, and your competitors in this market.
Next consider your marketing mix (pricing, distribution and promotion strategies). How does this marketing mix give you a competitive advantage in your niche market? Is this competitive advantage sustainable? Why or why not?
Other Elements to Consider
Some other elements that fit within a good marketing plan are:
• Distribution channels.
• Pricing and terms of sale.
• Promotion and advertising plan.
• Marketing budget.
• Inventory selection and management.
• Visual merchandising.
• Customer relations.
When drawing up your marketing plan, think about where you want your business to be in three years and how you plan to get there — that’s your marketing plan in a nutshell. Marketing your web-based business is a never-ending task.
Once you have your information and your marketing plan in place, you must continuously revisit, revise, refine, and revamp it to accommodate changes in your marketplace.
With a marketing plan in place you have a considered strategy to outmaneuver your competition by capitalizing on their weaknesses and emphasize your web-based business’s strengths.
By increasing market awareness of the offerings of your website, you acquire new customers.