Developing Marketing Strategy

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Marketing
Question1: Developing a Marketing Strategy
Marketing is an essential part of entrepreneurship as it enhances communication, customer relation, and value addition (Mcbee). Customers are the pillars of success for every business venture, and the introduction of a new product into the market is not a walk in the park. To successfully maneuver the numerous challenges deeply rooted in the business environment to reap the best of a new business venture, an elaborate and effective marketing strategy ought to be put in place. A new business venture is unknown to potential customers, and the initial step is to develop a business objective that will help create awareness of the product and services to be offered. Creating awareness is a more broad objective, and it should be succeeded by more specific objectives, in this case, to introduce a new product and service to the market.
To actualize the goal of introducing the new product and service into the market, extensive market research ought to be conducted to understand the customer needs, motivation, preferences, and competitors with similar products and services. Market research is then used to perform market segmentation, targeting, and product positioning based on the uniqueness of the product and services that make the new business venture stand out from its peers. Leveraging on emerging product promotion and positioning techniques such as social media marketing would greatly enhance the marketing strategy. Since marketing is a recurring process, the marketing mix's different aspects can be adjusted accordingly to suit market demand. The successes and failures of the marketing strategy can then be rounded up using analysis tools such as the SWOT analysis to inform future decisions on the strengths, ...