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Marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. Marketing strategies serve as the fundamental underpinning of marketing plans designed to fill market needs and reach marketing objectives. Plans and objectives are generally tested for measurable results. Commonly, marketing strategies are developed as multi-year plans, with a tactical plan detailing specific actions to be accomplished in the current year | U.S. Small Business Administration EB-2 MARKETING STRATEGIES FOR THE GROWING BUSINESS Frederick H. Rice Director Kansas State University Small Business Development Center SBDC Manhattan Kansas Emerging Business Series Copyright 1991 Frederick H. Rice. All rights reserved. No part may be reproduced transmitted or transcribed without the permission of the author. SBA retains an irrevocable worldwide nonexclusive royalty-free unlimited license to use this copyrighted material. While we consider the contents of this publication to be of general merit its sponsorship by the U.S. Small Business Administration does not necessarily constitute an endorsement of the views and opinions of the authors or the products and services of the companies with which they are affiliated. All of SBA s programs and services are extended to the public on a nondiscriminatory basis. TABLE OF CONTENTS INTRODUCTION THE MARKETING CONCEPT SELF-ASSESSMENT QUESTIONNAIRE MARKET RESEARCH EXPANDING YOUR MARKET THE MARKETING PLAN Market Segmentation Market Positioning THE MARKETING BUDGET The Product or Service Price Place Promotion Persuasion THE ADVERTISING BUDGET How Much Should I Spend When Should I Spend It Where Should I Spend It What Media Should I Use MAKING ADVERTISING WORK FOR YOU Appeal to Consumers Needs Techniques in Presenting the Advertising Message Strengthening the Elements of Your Advertisement MEDIA AVAILABLE TO ADVERTISERS Paid-circulation Newspapers Free-distribution Newspapers Direct Mail Magazines Brochures Other Local Print Media Radio Television Outdoor Media Other Media for Advertising REFINING YOUR ADVERTISING FOR GREATER RESULTS Timing Each Ad For Impact Using Color Critiquing Your Ads REFERENCES APPENDIXES A. Customer Survey B. Annual Sales by Store Type C. Share of Annual Sales by Month D. Projected Sales and Planned Ad Volume -- Worksheet E. Average Advertising Investments of Retail Stores F. Determination of Advertising Media Budget -- Worksheet G. Media Budget .
