INTRODUCTION

Welcome to the official learning partner of Inquiries,

Investigations and Immersion!

This applied track subject in Senior High School

develops critical thinking and problem solving skills
through qualitative and quantitative researches.

For Accountancy, Business and Management Strand,

students will conduct a feasibility study and business
plan, that will be executed eventually as their Business
Enterprise Simulation.

Sincerely,

The Author, 3Is Learning Partner

 ABOUT THE AUTHOR

As a graduate of Bachelor of Science in Accounting

Technology and a completer of Bachelor of
Secondary Education, Mr. Ryan Billie Moran is
literally both a commerce guy and an educator. He
is one of the authors of Fundamentals of
Accountancy, Business and Management 1 and 2
eBooks which were especially made for ABM
SPCians. He also did the Entrepreneurship Learning
Partner (module) that is being used in different
tracks.

Aside from being an accountant and a teacher, he is

also a self-taught graphic and visual artist. He is the
man behind the designs of SPC Senior High
School’s official Facebook page. He is a singer-
songwriter as well.
 Lesson 2

Develop a Marketing Strategy

Learning Objectives

At the end of the lesson, you should be able to:

1. determine the importance of marketing strategy; and

2. develop marketing strategy for own business.

https://cdn.corporatefinanceinstitute.com/assets/marketing-strategy.jpeg

Having a great marketing strategy in place is key to the success of any business.
Without a marketing strategy, you lack focus. And without focus, you will, quite simply, fail to
reach any of the goals and objectives that you have set. Failure to plan is planning to fail.
Marketing is not a standalone, one-off activity. It is made up of several different
components that are necessary throughout each and every stage of a business’s endeavours -
from long before a sale is even made, to long after. With so much going on, it is essential to
have a strategy in place.

14
ENGAGEMENT

Let us revisit your Principles of Marketing:

Can you still remember the 7Ps of Marketing?

P
P

15
 EXPLORATION

Effective marketing starts with a considered, well-informed marketing strategy. A good

marketing strategy helps you define clear, realistic and measurable marketing objectives for
your business.
Your marketing strategy affects the way you run your business, so it should be planned
and developed in consultation with your team. It is a wide-reaching and comprehensive strategic
planning tool that:
• describes your business and its products and services
• explains the position and role of your products and services in the market
• profiles your customers and your competition
• identifies the marketing tactics you will use
• allows you to build a marketing plan (the tactics to deliver) and measure its
effectiveness.
A marketing strategy sets the overall direction and goals for your marketing, and is
therefore different from a marketing plan, which outlines the specific actions you will take to
implement your marketing strategy. Your marketing strategy could be developed for the next few
years, while your marketing plan usually describes tactics to be achieved in the current year.

Write a Successful
Marketing Strategy
Your well-developed
marketing strategy will help you
realize your business's goals and
focus on the actions required to
reach the right customers.
Developing a marketing
strategy that includes the components listed below will help you make the most of your
marketing investment, keep your marketing focused, and measure and improve your sales
results.

16
Identify your business goals.
Align your marketing strategy to the business goals outlined in your business
plan; you can then define a set of marketing goals to support them. Your business goals
might include:
• increasing awareness of your products and services
• selling more products from a certain supplier
• reaching a new customer segment.
When setting goals it's critical to be as targeted as possible so you can effectively
measure the outcomes against what you set out to achieve. A simple criteria for goal-
setting is the SMART method:
Specific – state clearly what you want to achieve
Measurable – set tangible measures so you can measure your results
Achievable – set objectives that are within your capacity and budget
Relevant – set objectives that will help you improve particular aspects of your
business
Time-bound – set objectives you can achieve within the time you need them.

State your marketing goals.

Define a set of specific marketing goals based on the business goals. These
goals will motivate you and your team and enable you to track your success.
Examples of marketing goals include increased market penetration (selling more
existing products to existing customers) or market development (selling existing products
to new target markets). These marketing goals could be long-term and might take a few
years to successfully achieve. However, they should be clear and measurable and have
time frames for achievement.
Make sure your overall strategies are also practical and measurable. A good
marketing strategy will not be changed every year, but revised when your strategies
have been achieved or your marketing goals have been met. You may need to amend
your strategy if your external market changes due to a new competitor or new
technology, or if your products substantially change.

17
Research your market.
Research is an essential part of your marketing strategy. You need to gather
information about your market, such as its size, growth, social trends and demographics
(population statistics such as age, gender and family type). It is important to keep an eye
on your market so you are aware of any changes over time, so your strategy remains
relevant and targeted.

Profile your potential customers.

Use your market research to develop a profile of the customers you are targeting
and identify their needs.
The profile will reveal their buying patterns, including how they buy, where they
buy and what they buy. Again, regularly review trends so you don't miss out on new
opportunities or become irrelevant with your marketing message.
While you try to find new customers, make sure your marketing strategy also
allows you to maintain relationships with your existing customers.

18
Profile your competitors.
Similarly, as part of your marketing strategy you should develop a profile of your
competitors by identifying their products, supply chains, pricing and marketing tactics.
Use this to identify your competitive advantage – what sets your business apart
from your competitors. You may also want to identify the strengths and weaknesses of
your own internal processes to help improve your performance compared with your
competition.

Develop strategies to support your marketing goals.

List your target markets and devise a set of strategies to attract and retain them.
An example goal could be to increase young people's awareness of your products. Your
corresponding strategies could be to increase your online social media presence by
posting regular updates about your product on Instagram or Facebook; advertising in
local magazines targeted to young people; or offering discounts for students.

Use the '7 Ps of marketing.’

Reach your selected market by utilizing the 7 Ps of marketing mix. If you can
choose the right combination of marketing across product, price, promotion, place,
people, process and physical evidence, your marketing strategy is more likely to be a
success. You can choose any combination of these to achieve your marketing strategy.

Test your ideas.

In deciding your tactics, do some online research, test some ideas and
approaches on your customers and your staff, and review what works. You will need to
choose a number of tactics in order to meet your customers' needs, reach the customers
within your target market and improve your sales results.

19
 EXPLANATION

LESSON 2: Develop a Marketing Strategy

Name: Score:
Section: Date:

Answer the following questions based on your own understanding.

1. Why is developing a marketing strategy important for a business?

2. Pick one from the 7Ps and discuss how it would help your marketing?

20
 EVALUATION

LESSON 2: Develop a Marketing Strategy

Name: Score:
Section: Date:

True or False. Write TRUE if the statement is correct and FALSE if otherwise.

_____________ 1. A good marketing strategy will not be changed every year, but revised when
your strategies have been achieved or your marketing goals have been met.

_____________ 2. Writing a marketing strategy does not necessarily require conducting a

research.

_____________ 3. Identify the strengths and weaknesses of your own internal processes to
help improve your performance compared with your competition.

_____________ 4. A good marketing strategy helps you define clear, realistic and measurable
marketing objectives for your business.

_____________ 5. Marketing strategy disallows you to maintain relationships with your existing
customers.

Enumeration.

1. The 7Ps of Marketing.

2. The SMART Method.

21
 REFERENCES

Business Queensland. (2021, June 3). Develop a marketing strategy. Retrieved from Business
Queensland: https://www.business.qld.gov.au/running-business/marketing-sales/
marketing-promotion/strategy
Clark, J. (2017, June 26). The Importance of an Organizational Chart. Retrieved from Datis:
https://www.datis.com/resource/the-importance-of-an-organizational-chart/
GutCheck. (2019, May 16). New Product Innovation: What it is, Why it matters, and How to get
it right. Retrieved from GutCheckIt: https://www.gutcheckit.com/blog/new-product-
innovation-what-it-is-why-it-matters-and-how-to-get-it-right/
Hurree. (n.d.). The Essential Guide to Marketing Strategy. Retrieved from Hurree: https://
info.hurree.co/en/marketing-strategy-essential-
guide#marketingstrategydefinitionimportance
ProductPlan. (n.d.). What is Product Development? Retrieved from ProductPlan: https://
www.productplan.com/learn/what-is-product-development/
Stowers, J. (2020, February 6). How to Write the Financial Section of a Business Plan.
Retrieved from Business News Daily: https://www.businessnewsdaily.com/10644-write-
financial-section-business-plan.html
Takeuchi, H., & Nonaka, I. (1986, January). The New New Product Development Game.
Retrieved from Harvard Business Review: https://hbr.org/1986/01/the-new-new-product
-development-game
Ward, S. (2020, December 12). How to Write the Financial Section of a Business Plan.
Retrieved from The Balance Small Business: https://www.thebalancesmb.com/writing-
the-business-plan-section-8-2947026
Williams, S. (n.d.). 7 types of organizational structures (+ org charts for implementation).
Retrieved from Lucidchart: https://www.lucidchart.com/blog/types-of-organizational-
structures
Wilson, M. (2013, March 8). 8 Tips On How to Create Successful and Innovative Products.
Retrieved from Under30CEO: https://www.under30ceo.com/8-tips-on-how-to-create-
successful-and-innovative-products/
 PHOTO REFERENCES

https://bsc.poole.ncsu.edu/wp-content/uploads/2021/03/chris-marquis-forces-article.jpg
https://alexandriasbdc.org/wp-content/uploads/2014/04/Business-Planning.jpg
https://cdn.shopify.com/s/files/1/0256/3473/4166/products/WalisTambo-
FilipinoStyleBroom_480x480.jpg?v=1625042270
https://www.gutcheckit.com/wp-content/uploads/2019/05/Q219-Blog-Image-
NewProductInnovation-051619-1.jpg
https://media.npr.org/assets/img/2013/06/10/light-bulb_wide-
7034a32ccf7643e39ea22009299a739f148e82c8.jpg?s=1400
https://media.istockphoto.com/vectors/think-outside-the-box-vector-id622286692?
k=20&m=622286692&s=612x612&w=0&h=nAfb5FVyEh6nC6PqGbyFlFQRQ6tgQDx_SR-
i9Ow4jjg=
https://cdn.corporatefinanceinstitute.com/assets/marketing-strategy.jpeg
https://web-static.wrike.com/cdn-cgi/image/width=900,format=auto/blog/content/
uploads/2020/08/Why-You-Need-a-Marketing-Plan-Template-1.jpg?
av=2b7ee5355a123bc1b8116940cbce1fa6
https://www.hillwebcreations.com/wp-content/uploads/2020/09/the-value-of-market-research-for-
seo.jpg
https://media.istockphoto.com/vectors/organizational-chart-corporate-business-hierarchy-vector-
id592684434?k=20&m=592684434&s=612x612&w=0&h=6aIMP-L9DSLCv3vPEDFhpiYVcG-
oxqCFekYKckUiE8A=
https://d2slcw3kip6qmk.cloudfront.net/marketing/blog/Updates/Nonprofit-Org-Chart-Example.png
https://d2slcw3kip6qmk.cloudfront.net/marketing/blog/Updates/IT-Org-Chart-Example.png
https://d2slcw3kip6qmk.cloudfront.net/marketing/blog/Updates/Flat-Org-Chart-Example.png
https://d2slcw3kip6qmk.cloudfront.net/marketing/blog/Updates/Matrix-Org-Chart.png
https://d2slcw3kip6qmk.cloudfront.net/marketing/blog/Updates/Org-Chart-by-Scrum-Team.png
https://d2slcw3kip6qmk.cloudfront.net/marketing/blog/Updates/Network-Org-Structure-
Example.png
https://alysonschafer.com/wp-content/uploads/2014/08/
learn_the_basics_about_giving_children_allowance-770x478.jpg
https://i0.wp.com/thedailycpa.com/wp-content/uploads/2020/08/shutterstock_661493680.jpg?
resize=1440%2C580&ssl=1
https://thecontentpanel.com/wp-content/uploads/2020/05/finance-plan-img-feat-1024x576.jpg