Question

What are the key issues in developing the marketing strategy for a company? Responses should adhere to APA Guidelines; including the citation of secondary sources. Responses should be a minimum of 300 words and must include at least 1 reference that is to be cited using APA format

Answer 1

Developing the marketing strategy for a company is always a critical process because before developing the marketing strategy for a company many associated factors must be considered because these factors are very important and also affect marketing strategy of the company.

Now let’s see those key issues one by one;

1. First of all top management should know the vision & mission of the company because it will helps in understanding the true motive of the company hence without knowing vision & mission of the company we can not develop a good & effective marketing strategy.

2. Competitive Analysis also should be done because without knowing the level of competition we can not develop a good & effective marketing strategy.

3. SWOT Analysis also should be done because without knowing the strengths & weaknesses we can not take maximum advantages from the available opportunities and also can not be ready for facing weakness.

4. Marketing Objectives of the firm & company must be clear because without having clear knowledge about the marketing objectives we can not develop a good & effective marketing strategy.

5. Proper study of internal capacities of the firm must be done before developing a good & effective marketing strategy because without knowledge of internal capacities we can not form a good marketing strategy. As we know that every type of strategy is formed & implemented by the internal factors of a firm.

6. Market Segment Selection should be done perfectly because it will help in deciding which area should be focused more and which areas should be focused less. Hence we can say that there are limited amount of resources so these resources can not be used for all types of market segment thus a firm must select a market segment to which more focus is required.

7. It is also important to review & follow up its own marketing strategy because as the time pass then changes become much desirable. So one type of marketing strategy can not work in all conditions and all time thus it is necessay to review & follow up its own marketing strategy time to time.