Question : in your opinion, should a marketing plan be created for each and every product under a single brand or should the marketing be for the brand itself?
Answer :
- Begin your marketing strategy document with an honest and rigorous SWOT analysis, looking at your strengths, weaknesses, opportunities and threats. It is a good idea to conduct some market research on your existing customers at this point, as it will help you to build a more honest picture of your reputation in the marketplace.
Strengths could include:
- personal and flexible customer service
- special features or benefits that your product offers
- specialist knowledge or skills
- Weaknesses could include:
- limited financial resources
- lack of an established reputation
- inefficient accounting systems
- Opportunities could include:
- increased demand from a particular market sector
- using the Internet to reach new markets
- new technologies that allow you to improve product quality
