A marketing strategy is the means by which a marketing goal is to be achieved. the two parts that usually characterize a marketing strategy are

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a marketing strategy is the means by which a marketing goal is to be achieved. the two parts that usually characterize a marketing strategy are

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1. Target Market Selection: One of the key parts of a marketing strategy is identifying and selecting the target market. This involves understanding the needs, preferences, and characteristics of the specific group of consumers or customers that the company wants to focus its marketing efforts on. By defining a clear target market, companies can tailor their marketing messages and tactics to effectively reach and engage with their desired audience.

The target market selection process involves conducting market research, analyzing consumer behavior, and identifying segments or niches that offer the best potential for the company to achieve its marketing goals. This involves considering factors such as demographics, psychographics, geography, and buyer behavior.

2. Marketing Mix Decisions: The second part of a marketing strategy involves making decisions regarding the marketing mix, also known as the “Four Ps” of marketing: product, price, place, and promotion.

  • Product: This includes determining the features, benefits, and specifications of the product or service being offered. It involves product development, branding, packaging, and positioning. The goal is to create a compelling and differentiated offering that meets the needs and desires of the target market.

  • Price: Pricing decisions involve setting the price of the product or service, taking into account factors such as production costs, competition, customer value perception, and desired profit margins. Pricing strategies may include penetration pricing, skimming pricing, or value-based pricing.

  • Place: Place refers to the distribution channels and methods used to make the product or service available to the target market. It involves decisions about retail or online distribution, channel partners, logistics, and inventory management.

  • Promotion: Promotion involves the communication and promotion of the product or service to the target market. This includes advertising, public relations, sales promotions, personal selling, and digital marketing strategies. The goal is to create awareness, generate interest, and ultimately drive customer engagement and sales.

By carefully considering the target market and making informed decisions regarding the marketing mix, companies can create an effective marketing strategy that aligns with their overall goals and objectives. It allows them to position their brand, attract customers, and drive business growth.