MARKETING STRATEGY

MBA Marketing Concepts Strategy

MBA Marketing Concepts Strategy

Introduction

In this day and age of increased noise in the marketplace, the need for Necessity Housing to reach out and engage new audiences is more important and more difficult than ever. Increasingly, there is overlap of issues and programs and increased competition for donors and supporters. Organizations can no longer afford to have one audience for fundraising, another for programs, and yet another for membership. The resources are limited and the work is urgent (D, 1984).

To reach and engage new audiences, many organizations find a strategic marketing plan useful, if not essential. The reason of this item is to:

_ present a step-by-step guide to creating a strategic marketing plan

Step One: evolve the Goals

The first step in evolving a thriving trading plan is to characterise the exact and substantial trading goal. What does the organization desire to accomplish as a result of these trading efforts? The goal should be long term (Robert, 1982). A strategic trading design is not a quick fix to a funding or likeness problem. A concise, apparently characterized aim will help measure success.

Step Two: Situation Analysis

An important and often overlooked step in creating a strategic marketing plan is evaluating internal, market, and external conditions (V, 1986). Knowing and understanding the environment in which a nonprofit is operating is critical to its success. Internal conditions include such things as values, skills, staff, systems, and structures.

Step Three: Market investigation and Segmentation

The next step in developing a strategic marketing plan involves analyzing and understanding the market. Market is defined as a group of people who behave in similar ways relative to an organization's product or service (Peter, 1988). Market is synonymous with audience, constituents, or clients.

Segmentation is the process of defining the largest potential market in a way that is most useful to an organization.

Step Four: goal Criteria and assortment of goal Markets

After segmenting the market, target markets are selected. Target markets are those audiences that are most likely to take action on an organization's behalf. The target markets are the priority segments for which an organization ultimately creates its product, position, packaging, and promotion strategies.

Step Five: Develop Market Strategies for goal Markets

Once an organization thoroughly understands its target market, it is relatively easy to know how to reach that market. Engaging a market, however, is much more than promotion or communication tools (John, 1982). Market strategies are the comprehensive approach an organization takes to engage its target markets.

Step Six: Programs and Services

To reach and engage its target market, an organization may need to redesign or develop new programs. An organization's programs are the most visible and profound way it distinguishes itself in the marketplace and defines who it is. Programs must support the mission and demonstrate the congruency between the organization's activities and messages (Robert, 1982). Nonprofit audiences want and need substance behind a promise or message. They look closely at what an organization is doing to determine alignment with their own values and ...