This week I learned about marketing strategy, marketing strategy is a process that allows an organization to concentrate its limited resources to increase sales and achieve a sustainable competitive advantage. A marketing strategy should be centered around the key concept that customer satisfaction is the main goal.
The company identifies the total market, divides it into smaller segments, selects the most promising segments and focuses on serving them.
To determine which segments offer the best opportunity for achieving company objectives. Consumers are grouped in various ways based on geographic factors for example countries, regions, cities etc. Or in demographic factors (age, income, education) and Psycho graphic factors social classes, lifestyle.
A market segment exist out of people who respond the same way to marketing stimuli. Companies only focus on meeting the distinct needs of one or more market segments, if they don't they might be wasting their money.
Once the company has chosen its overall competitive marketing strategy, is ready to plan the details of the marketing mix. A marketing mix focuses on the product, price, place and promotion.
4 P's
- Product means the totality of goods and services that the company offers, for example variety,quality, design, features, brand name etc.
- Price is what the customers pay to get the product the discounts and payment period are also a part of the price.
- Place includes company activities that make the product available to consumers (the channels, locations and transport)
- Promotion are all the activities that communicate the merits of the products and persuade the consumers about the company and the products.( advertising, promotion, publicity)
