Marketing Plan For A Marketing Strategy

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Marketing strategies is a strategy that takes in consideration of all marketing goals into a one comprehensive plan. A good marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and sustain the business. The marketing strategy is the foundation of a marketing plan. Their three steps for developing a good marketing strategy 1) Planning Phase It includes SWOT analysis of your business in the marketplace, once customers need is determined and decided what product will satisfy those needs, then marketing mix 4 P’s and budget must be applied which will look over the facts that how those needs would be met. The next step in planning process is determining how the resources will be allocated. 2) Implementation Phase It is the stage of any process where the plan is put into action. It has four steps: • Obtaining Resources • Designing marketing organization • Developing planning schedules • Executing the marketing plan 3) Evaluation or Control Phase The evaluation stage is the stage of verification. This process involves ensuring that the results are consistent with the objectives. Marketing team, especially the manager will be in accordance with any deviations in the plan and quickly correct any deviations to get back on course. (Enterpreneurial Insights, 2015) Marketing Strategy used by Lululemon Focused differentiation and Building Brand name • Focusing on lifestyle perception •
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