— DEFINITION

You may be on the path to marketing the product you have in store, but without an actual strategy, you may not be able to succeed.

For a successful strategy, you must have a development phase that you take up to ensure that the strategy you are stringing around is not isolated from facts and is the right identification of the market that you are targeting.

In the strategy development phase, some key components include:

• Target Markets: This is a small segment of the population which is shown by research to be prospective clients. This is based upon a series of indicators such as age, location. However, it is dependent upon the items on sale.
• Goals: Having clear goals can be extremely critical for the strategy you have. These goals should comprise of financial and distribution markers to assess the efficacy of the marketing strategy in place.
• Research: This allows you to make use of information that is relevant and of benefit rather than wasting efforts and honing your skills at places where there is hardly any scope for success.
• Evaluation & Adjustment: The marketing strategy that you have developed requires a clear evaluation end whereby it just does not stop once the output is in the market, rather, it is a continuous process that is in need of careful adjustments to substantiate its presence in the long run.