The marketing strategy specifies a target market and a related marketing mix. A target market can be described as a fairly homogeneous (similar) group of customers to whom a company wishes to appeal. And the marketing mix can be described as the controllable variables that the company puts together to satisfy a target group. These variables are the Product, Place, Price and Promotion. These four things are also known as the four P’s in marketing.
Developing an effective marketing strategy involves a process of selecting a specific target market and marketing mix that represents a real opportunity. This narrowing down process requires a thorough understanding of the market and a careful analysis of customers’ needs, the effects of current or prospective competitors, and the company’s own objectives and resources.
There are usually more alternative strategy options that a company can pursue and each has its advantages and disadvantages. Developing a set of specific qualitative and quantitative screening criteria to define the business and markets in which the company wants to compete may assist in eliminating probable strategies that are not well suited to the company. In this case the company can make a SWOT analysis, which will recognize and list the company’s strengths and weaknesses as well as opportunities and threats. It can help the company to focus on a strategy that capitalizes on strengths and takes advantage of opportunities, while avoiding threats and possibly redressing some weaknesses.
2 comments:
What the the Place in the P's actually mean?
Siyah, please see my new article about the four P's.
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