Development of a marketing strategy for a start- up company

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In the marketing environment many determinants influence the strategic marketing process. Factors- like the following- affect the success or failure of the start- up company, product or service

1. Existence of a window of opportunity

. Entry barriers for the marketer

Cheap Custom Essays on Development of a marketing strategy for a start- up company

. Positioning of the company, product or service

4. Delivering 'Greater Value'

In order to launch successful the idea, market screening is a necessity. This preaction clarifies- and to a certain extend- avoids unnecessary barriers in the implementation of the product.

1. Existence of a window of opportunity

No matter how good and brilliant the idea is- the opportunity in the market has to exist.

A so called 'window of opportunity' gives a chance to launch a product or service within a certain time and market size range.

The opportunity has to be attractive, long-lasting and timely. This is connected to a product or service, which creates or adds value for its consumers.

In order to illustrate such a window of opportunity the entrepreneur has to analyse the market environment. Following factors play a important role in order to get precise results

. Entry barriers for the marketer

Competitor analysis

The competitor analysis screens the existing opponents. According to Al Ries& Jack Trout in their book Positioning the authors say being second is nowhere .

They illustrate this with many examples of current situations in the business world. The best possible outcome is to enter a specific market as the first. This name will conquer the mind of the consumer and is extremely hard to erase or push back to second place from new entrants.

Macro- environment analysis

It is fundamental to closely analyse the macro- environment in which it is going to set its product, as economic, political, socio- cultural and technological factors affect the way in which marketing is done.

• Economical factors should be highly considered such as possible market size, growth, future developments and profit margins.

• Political factors are able to influence the development of a start- up positively or negatively. For example each company, product or service has to adapt all standards and features required by every local legislation.

• Socio- cultural factors can affect the implementation in many ways. Change in demand due to ethical determinants like beliefs, values or norms set by the society.

• Technological factors like rapid change or growth can have an effect on the success of the start- up.

To underline this determinants in order to get a clear view of the idea a TOWS- analysis is a perfect tool which identifies the external Threats and Opportunities and also to highlights the Weaknesses and Strengths of the product, service or company.

. Positioning of the company, product or service

Under consideration of all factors of the environment the next step would be the development of the marketing strategy. This would include the segmentation of the start- up which includes Geographic, Demographic, Psycho- graphic and Behavioural characteristics.

• The Geographic characteristics include the future local, national or international implementation or development of the start- up product, company or service.

• The Demographic characteristics should include the target audience like Male or female, adult or immature or in what age range should be the start- up.

• When analysing the psycho- graphic characteristics of buyers, we look at things such as purchasing habits (where, what, why), leisure activities (restaurants, bars, clubs, holidays, sports), and at people's life style.

• The behavioural characteristics focus on for example on possible brand loyal customers or customers who are conscious about the status of the product.

The next necessary marketing strategy step would be the objectives of the start- up.

The objectives are a very important factor in the strategic marketing planning process. There are two types of objectives

The marketing objectives

They include sales, distribution and competitive position.

The communication objectives

They underline the marketing objectives as there are the increase of the brand awareness and the loyalty of the consumer. The extension of the product image should also be taken in consideration.

In order to achieve these objectives, the entrepreneur should implement the marketing mix.

The entrepreneurs most challenging exercise in the strategic marketing planning is the Positioning of the company, product or service.

The objective is to create and maintain a distinctive place in the market for a company and its products. The positioning strategy would be based on the image and perception that the people have about the product.

An important step in the further marketing strategy would be the marketing mix.

• Product

It is important to create a product which is defined in terms of its name, packaging, colours, symbols, logos, etc, that helps to differentiate it from its competitors, and helps the customer to develop a relationship with the product.

• Price

There are many pricing ways entering a new market. In general the price of the product has to meet the target customers perceptions of the product. This is a very sensitive area of the marketing subject. Many important factors are playing a role here and influencing the strategy.

• Place/ Distribution

The place and distribution is strongly dependent on the companies target market. Where am I going to sell? Local , national or even international

• Promotion

The promotion includes advertising, personal selling, sale promotion and public relation.

4. Delivering 'Greater Value'

In order to launch successful a product one of the most important parts is to deliver greater value for you target market. What makes them switch to your product and not stay with their origin? Greater Value!!

GV even moves your soft support customers to your hard supporters (SHU's) which are brand loyal and so reflect the most valuable asset a brand has.

Through GV the company set themselves above the competition and gains market share. This could last in long- terms but also just in short- terms. This totally depends on the specific market the product is positioned.

Positioning by Al Ries& Jack Trout

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