Developing a ground-breaking product with universal application and global appeal isn’t the sole factor that determines the success of the venture. Via marketing, awareness of the product offered is created. Marketing stretches the outreach of a product or service. If the product does not reach the target audience the intent of its production is lost. A good marketing strategy improves the customer pool and ultimately increases sales leading to an increase in profits. The advantage of a good online marketing strategy also helps in educating the consumer on the products application, utility and its unique features that sets it apart from the competitor’s product. There are absolutely no disadvantages of a marketing plan. To further convince its importance, below are the listed reasons for the need of a marketing strategy for all businesses regardless of its physical size.
- Scope to understand the business: When the strength and weakness of a business is assessed, detailed insights on areas that need improvement surface. By focusing on the strong points, the strength of the business can be further improved. Working on the negatives to minimize the same will have similar results. Valuable information on the structure of the business allows improvement in approach towards legal, economic, political, social and technological ventures.
- Better decision making ability: When there is clarity in the functioning and structures of a business, decisions that need to be enforced become clear. When the affecting factors and the available resources are analyzed, the position to make the right decision is placed right. Questions that arise regarding the advertising, distribution of product and pricing are dealt with the right way. The required budget, the available resources and time restrictions become clear.
- Implementation of a short and long term plan: If a short term plan is considered important, then a long term plan’s importance is double. A short term plan aids in the initial launch and marketing of the product. A long term plan is necessary to maintain product growth and outreach. During the journey constant revisit to the long and short term plans must be made. An annual plan will steer the strategic plan towards the fulfilment of the monetary expectations of the business.
- Working document: A good market plan is a written document that guides the course of action for a business. By revisiting the plan, problems can be dealt with effectively. Amendments can be made when necessary to accommodate the ever evolving market.