- Set your marketing goals
- Conduct a marketing audit
- Conduct market research
- Analyze the research
- Identify a target audience
- Determine a budget
- Develop marketing strategies
- Develop an implementation schedule
What are strengths and weaknesses in marketing
Strengths and weaknesses are internal characteristics of your business. For example, your strengths might include a unique product or a good reputation.
A weakness might be a shortage of financing. Opportunities and threats are outside factors.
How do you measure market opportunity?
- Define the Target Market
- Size the Market “Top Down” or “Bottom Up”
- Crunch the Numbers
- Verify Accuracy
- Apply the Goldilocks Principle
What marketing channels Historically work best with your target customers
When asked to name the most effective channel for reaching their target customers, 79% of marketers said content marketing (by way of organic traffic) was most effective.
Coming in a distant second was a tie between email marketing and social media marketing at 44%.
Rounding out the top three was paid search at 37%.
What are the 4 steps of branding?
- Step 1: Brand Salience – In this step, it is crucial to establish your identity and ask yourself as the brand, “who are you?”
- Step 2: Performance and Imagery –
- Step 3: Judgement and Feelings –
- Step 4: Brand Resonance –
How do you identify opportunities and threats?
- Identify the current trends in technology
- Look at your competitors
- Ask your existing customers
- Make use of Google Trends
- Ask your potential customers
- Follow economic trends
- Pay attention to government regulations
- Consider changes in consumer behavior
What are the 4 types of market risk
The most common types of market risk include interest rate risk, equity risk, commodity risk, and currency risk.
What are three ways to identify an opportunity?
- Observing Trends,
- Solving a Problem, and
- Finding Gaps in the Marketplace
What is annual plan control
Annual plan control is the monitoring of current marketing efforts and results to ensure that the annual sales and the profit goals are achieved.
Annual plan control signifies continuous ongoing performance verification against the annual plan and taking the necessary corrective actions.
What are the 4 types of risk?
- strategic risk – eg a competitor coming on to the market
- compliance and regulatory risk – eg introduction of new rules or legislation
- financial risk – eg interest rate rise on your business loan or a non-paying customer
- operational risk – eg the breakdown or theft of key equipment
What are the 3 types of risks
Types of Risks Widely, risks can be classified into three types: Business Risk, Non-Business Risk, and Financial Risk.
Sources
https://www.monash.edu/business/marketing/marketing-dictionary/m/marketing-cost-analysis
https://catchyagency.com/blog/6-step-channel-audit
https://www.winmarketing.co.uk/marketing-strategy/marketing-audit/
