A marketing strategy is a detailed document in a business plan that outlines an organization’s overall techniques of reaching as many customers as possible. One can only develop one if they have a concrete understanding of their target market. Be it you are writing one for your business or assignment, Kessays.com is here to guide you through the basics. However, if you are struggling with your marketing strategy assignment, you can seek our guidance as we stand out among the best-performing online assignments websites. Read on to have a glimpse of the dos and don’ts as you prepare to begin writing your marketing strategy assignment.
What to keep in Mind when Writing a Marketing Strategy Assignment
In every assignment, there is an approach you must follow in order to get it right. Marketing strategy assignment is not an exception. As the best online assignments website, Kessays.com has the following guidelines for you.
Know your Target Audience/Customers
The first and wise step that you can take when preparing to complete your marketing strategy assignment is to have a clue of the people you are marketing to. Your marketing plan and business proposal can really help you here. However, it is not the end if you have not written the two business documents already. Your assignment can make sense if you research your client base. Your assignment should illustrate high proficiency when tackling your target audience to earn full credit.
Take a piece of paper and write a few ideas on what you want your customers to look like. However, that should be based on the products and services you are aiming to sell. Sounds difficult, right? Worry less as we have compiled a list of questions to guide you when creating your target customer. First, where do they live? Their age? What is their gender? What specifically are their interests? What about their education level, income level, and buying trends? If you can be able to answer these questions, then you are okay to move to the next step of completing your marketing strategy assignment.
Know your Competitors
Remember you are not the only one producing products or offering services of that kind alone in the market. Business is all about competition. It is not easy to win customers to buy from you. Therefore, when writing your business strategy assignment, keep in mind that your instructor will be looking to see whether you are aware of the competition. The trick here is to conduct a simple competitor analysis to enable you to understand the mechanisms of beating them. Find out what is not working for them and see if it will work for you. Just focus on their weaknesses. In the end, develop a strategy that exploits the untapped opportunities in your favour.
Scan the marketing ground and come up with ideas on what you think can help your business stand out among your competitors. Prove to your instructor that you understand everything in competition by drawing out statistics from the internet about your competitors and other essentials. By the end of the day, you will end up creating a very strong marketing strategy that will please your instructor. Better still, if you cannot handle the assignment on your own, you can consult Kessays.com for guidance because we stand out as far as online assignments websites are concerned. Our focus is to ensure that you do not make unnecessary mistakes that can cost you in your marketing strategy assignment.
Choose your Marketing Channels Carefully
Assume you are in the real world and apply what you have already learned in class in this assignment. It is simple, by now we understand that you realize the impact of social media in marketing. Most thriving organizations are utilizing social media platforms to reach their customers. However, you should only mention this in your assignment if you have enough data to back it up. For the sake of your assignment, you can explain at least three marketing channels for products. For long assignments such as dissertations and reports, mention a minimum of five channels to earn full credit.
Marketing channels may also include creating public awareness through magazines, billboards, televisions, the internet among many others. As a student, conduct you can conduct simple research on your target audience to figure this out. For example, assume in your assignment you are planning to sell a youths outfit. That means you will create awareness through the internet and television. Many youths do not like reading magazines or listening to the radio. Demonstrate to your instructor that you are aware of what you are doing. You can still entrust us with the task and you can be assured of a clean assignment that will earn you an impressive grade. Your chosen channel should be able to meet the Attention, Interest, Desire, and Action model (AIDA).
Be Up to the Point
A marketing strategy assignment is not an ordinary class essay. For that matter, you need to be factual. For instance, remember to state realistic price ranges to illustrate to your instructor that you understand more than the basics of your assignment. But how can you be able to get these facts when still you are a student? Well, according to online assignments websites, you can perform research on the internet to learn more about the trends of the product you are planning to sell to your clients. In addition, some of the facts you can include in your marketing strategy assignment may include industry reports, competitor analysis, and major deductions of your thoughts on the market you are venturing into.
The Use of Visual Representations
Visual representations are very common with business documents. As a student pursuing a marketing or business course, you need to get used to them as earlier as possible. The point is, in your marketing strategy assignment; include a few visual representations to add to your explanations. For instance, visuals are helpful in explaining the market and industry trends among many marketing aspects. For your assignment, you can use charts, graphs, pie charts among many others to illustrate your facts on different aspects to your instructor or audience. To be brief, visuals should help you drive your point home easily.
While the main purpose of assignments is to assess students, it is also a good practice for a student to show some kind of professionalism in their assignments. Besides, it is not all about passing those tests. These assignments should prepare you to face the real world outside experiences. Online assignments websites such as Kessays.com teach students on this crucial aspect. Therefore, as you plan to complete your marketing strategy assignment, be sure to show that you understand what you are doing. Do not just rush your assignment because you want the stress to move out of your way. Better still, you can consult us at Kessays.com for guidance on how best you can have this critical skill.
The point is, to outline the financial analysis of your business, and keep the figures into consideration in your assignment. In case you are not aware, a marketing strategy assignment is part of the bigger marketing plan. One can only proceed to a marketing strategy assignment when they have already completed the marketing plan assignment. You can become professional in your marketing strategy if you incorporate those figures in this assignment. It is simple; just draft your marketing strategy assignment to say by itself. That is, it should have a close link to the financial decisions you had already made in the marketing plan. Above all, your marketing strategy assignment should be the one that addresses your organizational goal and objectives exhaustively.
Facts to Include in a Marketing Strategy Assignment
Not many online assignments websites have superb ideas on writing a marketing strategy assignment such as Kessays.com. We recommend students to try the below tips and they will not regret it when they finally receive their paper for grading.
In marketing, we have the 5 Ps of marketing strategies that are very helpful. Outstanding corporations like Apple Inc., Walmart, Uber among many others have tried them and they have succeeded to beat their competitors. Therefore, for your marketing strategy to outshine your colleagues, you should have the following aspects discussed in detail in your paper:
The 5 Ps of Marketing
In your assignment, you may need to create a list of marketing and promotion strategies you consider best for your business. The most common marketing and promotions ideas you may have in the list include networking, advertising, training programs, direct selling, public relations, trade shows among many others. All these marketing strategies are ideal, but you need to learn more about the 5Ps of marketing previously known as 4Ps of marketing. Each P stands for a crucial marketing aspect that any successful business may want to try. Here is a quick analysis of the 5Ps of marketing. In addition, are the facts you need to know when applying them in your marketing strategy assignment or a real business.
Explain in your marketing strategy the type of product you intend to sell to your clients. The description can go further by mentioning the product’s attributes. The same applies to services. Just be detailed and make sure your description is concise but self-explanatory. In your marketing strategy assignment mention why you think your services or products are better as compared to those of your competitors—inclusive of the benefits, your customer will be entitled to if they buy from you.
After describing your products to your customers, give them a price range of your products. In addition, your marketing strategy should give a comparison of the prices to your competitors. Do not assume that your clients will figure out the information by themselves. Similarly, your instructor will read through to see whether you covered all the aspects of pricing or not. Unlike in other online assignments websites, we advise you to state the profit margin—that is, in relation to your pricing.
A winning marketing strategy assignment should state the location their services will be available. As a student, you may need to list a few places where you expect to sell your products. In about two paragraphs, create an analysis of where your potential clients live and ensure you mention how they will buy the products from you. Are you planning to sell online or in physical stores? Well, that is upon you. Your instructor should be able to find the places easily in your paper. Explain to them why you chose the place and the anticipated benefits your business is likely to achieve. Otherwise, if you cannot discuss why you chose places you may end up scoring a zero in here.
Important, do not forget to include this part in your marketing strategy assignment. In addition, as per notable online assignments websites, it is a good practice to arrange your ideas properly. While many online assignments websites discourage the use of bullets in academic assignments, you can develop a rough draft to guide you when writing.
Your instructor will be skimming through your assignment to see whether you mentioned how you will create awareness for your organization. A competent marketing strategy assignment should mention how the products and services will reach potential buyers. Will you propose advertising them through TV, magazines, radio, billboards? Well, that is up to you to figure out. Again, are there any incentives you are proposing to have in order to attract more customers from your competitors? These are among the many questions that should run in the back of your mind as you plan to write your marketing strategy assignment.
While you can avoid this part in your marketing strategy, you may find it helpful. We are competent organizations and our guidance is based on thorough research. The fifth P is a new marketing component strategy that we recently discovered. In this section, you can include the people who will assist you to deliver your products or services to your potential customers. Be warned though, you should not mention the names of individuals here. Instead, you can state their titles. That is sales assistants, virtual sellers, brand ambassadors etc. Just mention their level of experience and you think their expertise will be of help to your business.
Takeaway Tip: Your bigger focus on this part should be to promote your brand and gain a competitive advantage over your competitors. Does it fit your clients’ needs or not?
Utilizing Net Present Value (NPV) in Marketing: Making Informed Investment Decisions
Net Present Value (NPV) is a widely used financial metric that can be leveraged to drive marketing decisions. In this essay, we will explore the concept of Net Present Value (NPV) and how it can be applied to marketing decisions.
What is Net Present Value (NPV)?
Net Present Value (NPV) is a financial metric used to calculate the present value of expected cash inflows from an investment project and deducting the initial investment cost. The result is a positive or negative value that indicates whether the investment is likely to generate a profit or a loss. Positive NPV implies that the investment is profitable, while negative NPV indicates a loss.
How is NPV used to drive marketing decisions?
In marketing, Net Present Value (NPV) can be used to evaluate the expected profitability of marketing campaigns, product launches, and other marketing initiatives. By calculating the NPV of a marketing project, marketers can determine whether the project is likely to generate a profit or a loss.
One of the most significant benefits of using NPV to drive marketing decisions is that it provides a long-term perspective. By taking into account the present value of future cash inflows, NPV allows marketers to evaluate the profitability of a project over its entire lifespan. This is particularly useful when assessing the viability of long-term marketing strategies.
Another advantage of using NPV is that it enables marketers to compare the profitability of different marketing projects or initiatives. By calculating the NPV of each project and comparing them, marketers can prioritize initiatives based on their expected profitability.
However, to apply NPV to marketing decisions, marketers must have accurate estimates of future cash flows and the initial investment cost. These estimates must also be adjusted for inflation and the time value of money. Inaccurate estimates can lead to incorrect conclusions about the expected profitability of a marketing project.
In summary, Net Present Value (NPV) is a valuable financial metric that can be leveraged to drive marketing decisions. By evaluating the expected profitability of marketing projects over their entire lifespan and comparing them, marketers can prioritize initiatives and allocate resources effectively. However, it is essential to have accurate estimates of future cash flows and investment costs to apply NPV to marketing decisions effectively.
Essentials Elements of a Good Marketing Strategy Assignment
Hopefully, when you are done with your studies, a company will offer you the opportunity to draft a marketing strategy for their products or services. In any case, if you did not know, a good marketing strategy should have an objective, mission, channels of marketing, and target audience. With a good marketing plan, one can easily create a winning marketing strategy—one that addresses customer needs as well as the organization itself. How exactly can the named essentials help a student when writing their marketing strategy assignment? Here are our thoughts on the question.
Just like the name suggests, a mission is a section of your marketing plan that defines the goal you organization needs to accomplish in the future. Different organizations have different missions. Thus, for your marketing strategy assignment to stand out, you may need to keep this aspect in the back of your brain. For example, your mission statement can be the one that incorporates the following marketing strategy points: creating awareness, optimum selling of your services and products to many clients as possible, creating strong relationships between workers and clients among many others you might find crucial.
An objective is different from a mission; goals are different from objectives. Goals are more broad and tangible whereas objectives are more specific, precise, and measurable. As a marketer, delineate your future achievements to accomplish through your marketing plan. Unlike other online assignments websites, we thought this comparison might be helpful for you as you prepare to start writing your marketing strategy assignment.
3. Target Audience
As discussed earlier in this guide, your assignment should outline information about your business’ target market and clients. For your information, your marketing strategy can only make sense if you can illustrate how well your company plans to attain success. Our advice to you is that: You need to know whether you are venturing into an existing market or a new market.
4. Channels of Marketing
Overall, this assignment tests your marketing abilities. Therefore, your instructor will go through your assignment to ascertain whether you noticed that fact. As explained earlier in this article or by other online assignments websites, make sure you select a marketing channel properly. There are a maximum of three marketing channels. Those are traditional, digital, and content marketing. It is up to you to choose that particular one that addresses you marketing needs.
Conclusively, if you can apply the points discussed in this article, you can end up creating a perfect marketing strategy assignment. Illustrate to your instructor that you are aware of the marketing principles discussed in class and you are able to incorporate them in your assignment or in the real world. However, you may also seek our professional help at Kessays.com in case something is not adding up.