WHAT IS A MARKETING STRATEGY AND MARKETING PLAN?
A MARKETING STRATEGY in general sets a target market and a marketing mix. It is a "big picture" of what a company will do in some market in order to gain a competitive advantage. A MARKETING PLAN is a detailed breakdown of your marketing strategy. It is a written statement of a marketing strategy with the time - related details as well as the
By now you should already:
• have decided on the nature of your business and you know that your business idea is
• feasible;
• have also identified your market and decided on your target market;
• know what the needs of your customers are and you have identified and assessed your
• Competition.
Now you need to decide on:
• the Product and Service to offer your customers;
• how you will make your Products available to customers;
• how you will communicate the benefits of your Products and persuade customers to buy them;
• the price you will charge.
These four decision variables are the ingredients of the so-called marketing mix. Your task is to create these elements effectively in order to market your product/service to the target market in an optimal way.
CREATE AN EFFECTIVE MARKETING MIX
The MARKETING MIX consists of all the controllable variables the company puts together to satisfy its target market. A typical MARKETING MIX includes decisions regarding the product, the price of the product, how to promote the product and how to get the product to the right customer at the right time and place.
All these variables are controllable elements in the marketing mix and can be reduced to four basic ones, each starting with a P (also known as the four Ps):
• Product.
• Place.
• Price.
• Promotion.
The four Ps are those factors that you can control directly, for example, you develop your product, you decide how to get it to the customer, you determine the price and you choose the promotion mix. The four Ps are, as you will realize now, with the selection of your target market are the basic ingredients of your marketing strategy.
All four Ps are needed in a marketing mix and should therefore be tied together. When a marketing mix is developed, all final decisions about the P's should be made. All four Ps should be in harmony and aimed at satisfying the customer's needs in an optimum way.
You do have control over the marketing mix and can vary it to suit the needs of your customers and the resources of your business. Customers are continuously matching their needs with the products offered by you and your competitors.
You should now know your target market and the needs of your potential customers. From analyzing your competitors, you can identify what they offer the target consumer through their marketing mixes. This determines what your marketing mix and your competitive advantage will be. All of the marketing mix elements must reinforce the image of the product or service that the business portrays to the potential customer.
Let’s discuss each P in the marketing mix in more detail.
Pls state in the comments box if you need the part 2