A marketing strategy is a plan to combine the right combination of Product, Price, Place, and Promotion (the four elements of the marketing mix) for a product or service to achieve a particular marketing objective(s).
The marketing strategy developed by a business will depend on the size of the market and the number and size of competitors.
It will need to identify the marketing objectives of the business, the target market, and the finance available – this is called the marketing budget.
Marketing Objective
The marketing objective could include:
» increasing sales of an existing product/service by selling to new markets or selling more to the existing market
» increasing sales of a product or service by improving it (extension strategy)
» Achieving a target market share with a newly launched product
» increasing market share
» maintaining market share if competition is increasing
» increasing sales in a niche market.
What is The marketing mix?
The marketing mix is a term that is used to describe all the activities which go into marketing products (remember that this includes both goods and services).
The four Ps of the marketing mix
The four Ps of the marketing mix are Product, Price, Place, & Promotion.
- Product: This applies to the good or service itself – its design, features, and quality.
- Price: The price at which the product is sold to the customer is a key part of the marketing mix.
- Place: This refers to the channels of distribution that are selected. That is, what method of getting the product to the market and to the customer is to be used?
- Promotion: This is how the product is advertised and promoted. What types of advertising media will be used? It includes discounts that may be offered or any other types of sales promotion, such as money-off vouchers or free gifts
Anupam M is blogging on this site on different aspects of technology, job, and business. He is an experienced IT professional with an Engineering degree from a premier NIT. Know more