Table of Contents Hide
- Factors Considered When Making a Winning Marketing Plan
- 6. SET YOUR MARKETING BUDGET
- What Characteristics Define a Successful Marketing Plan?
- What Are the Top 3 Demands of the Consumer?
- What Does a Marketing Motto Mean?
- What Influences Clients to Purchase Your Goods?
- What Are the Four Determinants of Consumer Behavior?
- What is the fastest growing business in Africa?
- What businesses are lacking in Africa?
- What is the biggest industry in Africa?
Setting up a fabulous marketing plan has never been more painstaking, especially in this ever-evolving African business environment. For any business to have a very good marketing plan certain conditions must be in place. A winning marketing plan for African businesses must meet certain basic requirements and must also be exceptional.
A winning marketing plan must be unique; goal-oriented and must be applicable to all areas of the business. A winning marketing plan should be adaptable to the business environment where the business operates and should be also open to change so as to meet up with the ever-changing business environment.
Factors Considered When Making a Winning Marketing Plan
1. CREATE AN ENTIRE MARKETING PLAN FOR THE BUSINESS
Against the norm of only writing a marketing plan prior to the inception of the business, a marketing plan can be drafted at any given time before commencement and as a going concern. An entire marketing plan will be encompassing, will provide a base for which other plans will be crafted. The marketing plan should have all the information needed to control the business both internally and externally. It should also show projections of the future face of the business. After drafting a business plan, a marketing plan which should be a subset of the entire business plan
2. SET ACHIEVABLE GOALS AND OBJECTIVES
In scripting, a winning marketing plan, the essence for which the plan is being drafted must be spelled out. What it aims to achieve in the nearest future and in the long run, also must be quantifiable and open for assessment. At steady intervals, the goals and objectives should be reviewed and necessary corrections made for future implementation.
3. THE PLAN SHOULD HAVE THE RIGHT TARGET
When drafting a marketing plan, the plan should target the right customers and market because, without this, the benefits of the plan will be defeated. Before launching out, you should have known who your target market is and worked to reach them in the most effective way possible.
4. DEVELOP A GOOD PRICING POLICY AND POSITION STRATEGY
Pricing is very key, and its importance cannot be overemphasized. Setting the right prices and working within a minimum price range when drafting the marketing budget is very important and should be given all the needed attention. In setting prices for your products, you should neither over nor underprice your products. For a new product, you could use a price penetration policy to penetrate the market and gain a reasonable market share for your product. Also whatever price you want to set must factor in all your operating costs and profit.
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This medium has become one of the most effective ways to do business. The social media space has provided an enabling environment for most businesses to reach their potential customers. Having a business profile on different social media platforms will help to boost the marketability of any business product as long as it is properly structured and channeled to the right customers. You could also use these platforms as an effective tool of communication with your customers. These platforms should be as enticing as they can be, steadily active, and also professional in all standards.
6. SET YOUR MARKETING BUDGET
This is quite essential so you don’t overspend. Also, the budget should set premises for assessment, to ascertain if the purpose was fully achieved. The budget should be drawn to factor in all the expenses that will be incurred all through the financial year.
7. SITUATION ANALYSIS
This is a snapshot of the current state of the business; it is carried out to ascertain the current level of effectiveness and efficiency of business operations. This will help to give a clear picture of the business and provide a premise through which the marketing plan will be catered to. The situation analysis will point out our key areas that need attention and how best to tackle the situation.
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No matter how fabulous your marketing plan is it won’t win enough without promotions. Promotion is a pillar on which marketing hangs. Promotion should be done aggressively and in the best way that will yield the most needed result. Promotions will include advert placements, on-air commercials, offering of freebies to customers, campaigns, use of influencers, and social media or digital marketing. Once these are effectively done, be sure to have the MOST winning marketing plan.
What Characteristics Define a Successful Marketing Plan?
For every aspect of strategy in a successful marketing plan, there are nine parts of the implementation. Make sure you have a way to monitor progress objectively. Stay away from platitudes like “be the best.” Include information about who does what and when. Clearly define tasks and budgets.
What Are the Top 3 Demands of the Consumer?
They want a tailored experience. They want you to help them with their issues. They want you to pay attention to them. They appreciate your initiative.
What Does a Marketing Motto Mean?
The guiding philosophy of an organization can be summed up in a memorable phrase called its motto. Mottos assist businesses in communicating their values and preferred modes of operation. A company’s principles are captured and communicated through mottos, which are employed as outward-facing features in branding.
What Influences Clients to Purchase Your Goods?
When buying a new product, buyers are primarily motivated by seven fundamental variables. Along with security, FOMO, identity and belonging, pricing, peer recommendations, obligation, anxiety, price, and enjoyment, our motivations also include necessity and convenience.
What Are the Four Determinants of Consumer Behavior?
Consumer behavior is generally influenced by four elements. Whether or if your target customer purchases your goods depends on these considerations. They are cultural, social, psychological, and personal.
What is the fastest growing business in Africa?
Agriculture, telecommunications, banking, infrastructure, and oil and gas are among the fastest-growing industries.
What businesses are lacking in Africa?
Food, drinks, medicines, financial services, healthcare, and education are among the industries where Africans have unmet requirements, and these trends are fueling growth.
What is the biggest industry in Africa?
Agriculture is Africa’s largest economic sector, representing 15 percent of the continent’s total GDP, or more than $100 billion annually.