Market Planning Business Development and Financial Management Flashcards
It is the process of defining activities that will support business goals and establishing a timeline for when that work will be completed.
Market Planning
It is a strategic roadmap that businesses use to organize, execute, and track their marketing strategy over a given period
Marketing Plan
What are the 7 Market Planning Processes?
STEP 1
Understand the business situation your firm is facing
STEP 2
Research and understand your target clients
STEP 3
Position your brand in the marketplace
STEP 4
Define and refine your service offerings
STEP 5
Identify the marketing techniques you will be using
STEP 6
Identify the new tools, skills, and infrastructure you will need
STEP 7
Document your operational schedule and budget
It captures how you will market a new product or customer experience. Also called a go-to-market plan, it guides every aspect of a launch, from messaging and channels to due dates for each cross-functional activity.
Marketing Launch Plan
It lays out paid marketing activities and online channels that will help you reach and communicate with your target audience. It includes advertising, search engine optimization, email, and social media.
Digital Marketing Plan
This identifies how you will interact with your target audience on social platforms like LinkedIn, Facebook, Twitter, and Instagram. This plan can include paid advertising (such as sponsored content) and follower engagement tactics.
Social Media Plan
This describes how you will regularly publish relevant material that provides real value to your audience. Blog posts, whitepapers, and other types of content can help you find potential buyers and convert them to paying customers.
Content Marketing Plan
It is the process that is used to identify, nurture and acquire new clients and business opportunities
to drive growth and profitability.
Business Development
It is a document that describes the strategy you will
use to accomplish that goal
Business Development Strategy
It is the most universally used business development strategy. It’s built on the theory that professional services buying decisions are rooted in relationships, and the best way to develop new relationships is through face-to-face networking.
Networking
The close relative of networking and (blank) are
often seen as the mechanism that turns networking
and client satisfaction into new business. You
establish a relationship, and that person refers new
business to you. Satisfied clients do the same.
Referrals
The most promising advertising strategy seems to
be well-targeted digital advertising. This allows firms
to get their messages and offers at a lower cost in
front of the right people.
Sponsorships and Advertising
Professional services firms have been using phone
calls and mail to target potential clients for decades
directly. Target the right firms and roles with a
relevant message, and you would expect to find new
opportunities that can be developed into clients.
Outbound Telephone and Mail
The strategy is to make your expertise visible to
potential buyers and referral sources. This is accomplished through writing, speaking, or publishing
content demonstrating your expertise and how it
can be applied to solve client problems.
Thought Leadership and Content Marketing
It is common to combine different business development strategies. For example, networking and
referrals are frequently used together. The strength of one strategy can shore up the weakness of
another.
Combined Strategies
