Answer to Question #115461 in Management for sana

Question

Discuss the factors that need to be considered when developing a marketing strategy.

Answer 1

Businesses need good marketing strategies to edge out competitors. There are various factors to be considered when choosing marketing strategy. The first factor that need to be considered is need to decide the priority item. A business need to know which kind of commodities that customers complain about and improve them. Therefore, a good marketing strategy should consider finding out which product customers prioritize most. The second factor is building the brand which helps the company to increase likes for the company. Brand helps to improve the personality of a firm. Marketing plan is another important to consider when choosing a marketing strategy. A marketing plan should have goals and objectives and strengths and weakness of the company. The company should also combine both tradition and digital marketing strategies. The fourth factor to consider is innovation. For a business to outshine its competitors it should invest in producing more innovative products.