What is even more confusing it that marketing strategy and go-to-market strategy are used interchangeable when they are actually very different concepts. Marketing Strategy Marketing strategy is usually focused on who to sell to and what to sell. The boundaries of marketing strategy run across functional lines inside an organization but marketing primarily interacts with two other functions in a company.
This area is full of small race teams that can't get products or services from the major vendors who focus only on professional race teams.
What begins as a customized version of a standard product, tailored to the needs of local racers, can eventually become a niche product that will fill the needs of similar racers across the country.
We are planning our marketing strategy so that we can eventually reach specific kinds of racers across broad geographic lines. We focus on satisfying the needs of entry-level race teams. We focus on follow-on technology that we can take to the masses, as opposed to leading edge technology that aims at the professional race teams.
Other specific strategies that will be used follow: Print Ads - Keeping the Southeast Racing Parts name in front of the customer while getting established will be necessary. We plan on running limited space ads in the local racing newspapers to keep our name and phone number in front of the consumer.
We may attempt to showcase a single product in an effort to return revenue from the ad.
Our past experience has been that showing measurable revenue from these types of ads is difficult. In the future we plan on utilizing Stock Car Racing magazine and Circle Track magazine both national magazines as a method of increasing our sales revenue.
Press Releases - The local racing papers: Stock Car Racing magazine has also extended us the same offer. We will also use the above media to run new product releases.
Decals - We will have decals manufactured with the Southeast Racing Parts logo. We will include the decals with all of the orders that we ship. Entry-level racers in particular enjoy displaying decals on their race cars, haulers, tool boxes, etc. A line of premium Southeast Racing Parts apparel could be designed and produced in very short runs to reduce inventory costs.
These can be sold or given away with qualifying purchases to further expose the Southeast Racing Parts name. Grand Opening - A Grand Opening is the most successful of any in-store promotions. With manufacturer support, a large number of door prizes can be given away while instantly building a mailing list.
Loss leader pricing on a few high volume consumable products will attract in-store traffic. Vendors will subsidize loss leader pricing with a rebate or kickback.
Appearances by local racing celebrities would also expose potential customers to Southeast Racing Parts. Trade Shows - We will exhibit at approximately four local trade shows annually. Revenue that we produce at the shows will outweigh our expenses for attending. Word of Mouth - By giving first-time customers great service and a fair price, the word is sure to spread.
Also, the many industry and racer contacts that we already have in the area will prove to be most beneficial in spreading the word.
All marketing decisions with regard to specific media choices, frequency, size, and expenditures will be conducted on an on-going basis with careful considerations of returns generated. We must ensure that our price and service are perceived to be a good value to the racers. However, in the nearly thirty years of experience that we have accumulated in the racing industry, one message rings true: Therefore, our pricing strategy is to be competitive within the various product categories, but not to rely on the selling price to overshadow the other advantages of doing business with our company.
We will sell ourselves on the basis of a diverse line of quality products, that are readily available, reasonably priced, and backed up by our extraordinary customer service.Create your own business plan Business planning has never been easier.
With complete sample plans, easy financials, and access anywhere, LivePlan turns your great idea into a great plan for success. Go-to-Market strategy should focus the organization on how to reach market penetration, revenue and profitability expectations.
distribution model, technical, marketing and day to day operations details in the business development plan. In short, it is a subset of the go to market plan. Reply. Ahemedin May 8, at pm. Thank you. The retail marketing mix. Marketing is an underlying philosophy that guides business activities, but how does a retailer do marketing?A retailer must engage in planning, research and analysis before implementing a marketing strategy.
How to Write a Business Plan for a Retail Business: Advertising Strategy Now that you've got supplies, it's time to create demand and move that inventory off the shelves. SAMPLE STRATEGIC BUSINESS PLAN ashio-midori.com An Internet Sports Entertainment Portal Funding and Exit Strategy Opportunity Page 33 Funding and Use of Proceeds Page 33 product in the online retail marketplace.
Company revenues will be generated from three specific sources: (1) ecommerce commission fees paid by . Small Business Pack Business Plan PROPRIETARY INFORMATION: Do Not or services. (Present only one business strategy.) Advertising Describe how you plan to advertise/market your new business to your target audience.
will you sell your products at retail, wholesale, over the Internet, mail order, or phone order? Will you maintain a sales.