Components of a strategic marketing plan for Agribusiness
A strategic marketing plan’s components
The strategic marketing plan rationally integrates all business activities and resources in order to meet the needs of customers and produce a profit. It entails five sets of marketing operations and decisions that must be coordinated in a consistent manner:
- Perform a SWOT analysis.
- Select a target market
- Select a position to create an effective marketing mix.
- Evaluate and improve the marketing strategy
A thorough examination of the market is required when developing a strategic marketing plan. A SWOT analysis (strengths, weaknesses, opportunities, and threats) is an objective assessment of the firm’s strengths and weaknesses, as well as its opportunities and threats. The goal of this analytic phase is to find business possibilities and obstacles, as well as to understand what advantages the firm delivers to the market and where the firm falls short. Conducting a thorough SWOT analysis is essential for both businesses and sales and marketing professionals. It is natural to want to discuss strengths and potential. Understanding where firms and products are strongest allows knowing, comprehending, and conveying those benefits to customers and prospects.
At the same time, a good SWOT analysis can assist you in better-grasping weaknesses and threats. Admitting and recognizing such flaws is the greatest way to coordinate marketing messaging, positioning, and price to minimize their impact. Finally, a strong grasp of weaknesses and threats can help effectively position your products and services and mitigate risks when presenting to prospects and consumers. An agribusiness will choose a target market (or target markets) based on an assessment of market opportunities and an evaluation of the organization. The firm will define its market position in accordance with the needs of the target market.
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The emphasis here is on determining what the company wants to be known for among its target customers. This position is generated through a series of crucial decisions that a marketer must make regarding the marketing mix. The marketing mix is often known as the four Ps of marketing: product decisions, pricing decisions, promotion decisions, and Place (or distribution) considerations.
Finally, because markets are dynamic, with changing customer wants and competition, good marketing usually includes an evaluation and refining step. Actual outcomes are compared to anticipated results, and any necessary adjustments are made.
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Assessing the competitive environment necessitates a thorough examination of
(1) Market trends,
(2) Main competitors’ strengths and weaknesses,
(3) Current and anticipated client needs, and market dynamics.
(4) The firm’s strengths and disadvantages.
The findings of such a study are summarized in the form of a SWOT analysis. The strengths and weaknesses represent what is going on inside the firm, whereas the opportunities and threats represent what is going on in the market outside the firm. This analytical phase of the market planning process is carried out with a single goal in mind: to discover the business prospects presented by the competitive environment.
Market trends in general
A manager should be knowledgeable about his or her industry and market niche. Key technology trends, the general economic position, significant political developments, and weather patterns are all examples of market general trends that may be of interest. Marketers may use government or independent statistics, influential bloggers, the trade press, industry experts, company research personnel, and outside consultants to help them interpret broad market trends. Knowing the industry status and trends enables marketers to enter the market prepared to address the strengths, weaknesses, opportunities, and threats of their products. Here’s an illustration. Market analysis may reveal to a livestock feeding equipment company that:
- Large cattle farmers have aggressively invested in production technology.
- The long-term outlook for interest rates is stable to decreasing.
- Grain prices will become more volatile if the government reduces farm program spending.
- Growing conditions in the Corn Belt are expected to be outstanding next season.
- Global grain stockpiles are dwindling.
- Fuel prices are falling.
A broad trend evaluation tells the equipment maker a lot about how the business climate will react to their next new product introduction. Understanding major market elements impacting their buyers’ decision-making process allows any sales organization to take a prepared strategy for promoting products or services.
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