Define Marketing Strategy And Give Example – A value statement is a simple, powerful statement of value, but it is only the tip of the iceberg. How do marketers ensure that they reach and deliver value to their target customers?
Think of yourself as the “target customer”. Think about your cell phone. Want to buy something new? How might the following factors influence your purchasing decision?
Define Marketing Strategy And Give Example
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Companies need to find the right combination of factors that give them an edge over their competitors. This combination—the marketing mix—is a combination of factors a company controls to provide value to its target customers.
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There are several different ways to present the marketing mix. During the year In the 1950s, the elements of the marketing mix were considered the “Four Songs” and were described as follows.
Today, this category continues to be useful for understanding the basic operations involved in marketing. The marketing mix represents the way in which an organization’s broad marketing strategies are translated into actionable marketing programs.
Over time, new types of marketing mix have been introduced. Most of them are more consumer oriented and try to align their operations towards marketing and focus more on customer value. An example is the four Cs proposed by Robert F. Lauterborn in 1990.
The four Cs are more focused on the customer, but from the old four Ps. They also allow you to think about the marketing mix of services, not just products. Although it is difficult to think of hotel accommodation as a
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A company sells only what consumers want to buy. Therefore, marketers must research the needs and wants of consumers to engage them one by one with what they want to buy.
Price is only part of the total cost of satisfying a want or need. For example, total cost might be the time required to obtain a good or service and the cost of using it. Reflects the total cost of ownership. Many factors affect costs, including the customer’s cost to switch or implement a new product or service, and the customer’s cost of not choosing a competitor’s product or service.
Communication may include advertising, public relations, personal selling, viral advertising and any other form of communication between an organization and a consumer.
In the age of internet, catalogs, credit cards, and smartphones, people no longer need to go to a specific place to satisfy a need or want, nor are they limited to a few places to get things done. satisfy them. Marketers need to know how the target market chooses to shop, how to get there, and how to be ubiquitous to provide shopping convenience. With the rise of the internet and hybrid shopping models, “location” is becoming more important. Convenience takes into account the ease of purchasing a product, searching for a product, getting information about a product, and many other factors.
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Whether we refer to the four P’s or the four C’s, it’s important to realize that marketing requires attention to different approaches and variables that influence customer behavior. . Finding the right combination of activities is essential for successful marketing.
The challenge of finding the right marketing mix is highlighted by the presence of competitors pressuring the market using strategies defined by their marketing mix options. . Remember, the purpose of the marketing mix is to find the right product, price, promotion, and distribution (place) for a company to gain and maintain an advantage over its competitors.
In the marketing mix, the word “product” means the solution that the customer wants and needs. In this context, we focus on solutions, not just physical products. Product examples include:
Each of these products has unique features, designs, names and branding that are focused on the target audience. Product features are different from competing products.
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In the marketing mix, the term “promotion” refers to the relationship between the company and the customer. Advertising includes messages sent by the company and messages that customers send to the public about their experiences. Examples of promotions include:
Marketing professionals have an increasingly difficult job influencing promotions beyond the company’s control. The usual corporate messages and advertisements are only part of the promotion.
In the marketing mix, the word “place” refers to the distribution of the product. Where do customers buy products? A “place” can be a brick-and-mortar store or it can be online. Examples include:
In today’s world, the concept of “place” in the marketing mix rarely refers to a physical address. It considers a wide range of distribution channels that make it easy for target customers to purchase.
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How can a company like Starbucks, which sells soft drinks in front of the store, use mobile technology to improve distribution? Watch the video below to find out:
In the marketing mix, the word “price” refers to the cost to the customer. This requires the company to analyze the value of the product to the target customer. Pricing examples include:
When pricing a product, marketers must analyze how much buyers are willing to pay, how much competitors are paying, and what that price means to target customers. Valuation is almost always a complex analysis involving many variables.
How does a company determine the right marketing mix? The answer depends on the organization’s goals. Think of the marketing mix as a formula that can be tweaked—with small tweaks or big changes—to support the company’s broader goals.
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Decisions about marketing-mix variables are interrelated. Each variable of the marketing mix must be integrated with the other components of the marketing program.
Consider for a moment the simple choice of shampoo. Think of three different brands of shampoo and call them Discount, Premium, and Premium. The table below shows some of the marketing mix factors that influence customer decisions.
Unique properties and ingredients are highlighted (e.g. safe for color treated hair), as well as the science behind the formula. Recommended by stylists in the salon.
Some reliable studies show that there is no difference in the effectiveness of premium or premium shampoos compared to discount shampoos, but contact, distribution, and price do vary greatly. Each product appeals to a very different target market. Do you buy shampoo at the grocery store or salon? Your answer may depend on the marketing mix that affects you.
Go To Market Strategy
An effective marketing mix focuses on the target customer. Each element of the mix is evaluated and adjusted to provide unique value to the target customer. In our shampoo example, if the target market is affluent women paying for expensive salon services, then lowering the price of a high-end product could hurt sales. sales, especially if in-store stylists question the quality of the product. Similarly, making the packaging more attractive for a discounted product will have a negative effect if the price increases even slightly.
The goal with the marketing mix is to balance marketing activities with desired customer needs.
At a high level, the development of a marketing strategy follows the same sequence of activities used to define a company’s strategy. The main difference is that the marketing strategy is directly influenced by the overall strategy of the company. That is, the marketing strategy must work.
– It is not outside the company’s strategy. Therefore, marketing strategy should always include monitoring and responding to changes in the company’s strategy and goals.
Digital Marketing Template
Organization. One way to assess these different factors or resources is through a situational analysis (also known as a SWOT analysis). As you may recall, a SWOT analysis involves assessing a company’s internal strengths and weaknesses as well as any external opportunities and threats.
Marketing strategy describes how the marketing mix can best be used to achieve the organization’s strategy and goals. The main component of a marketing strategy is the target customer. While a company’s strategy may have elements that focus on internal operations or seek to influence external forces, each element of a marketing strategy is focused on target customers.
Focusing your marketing strategy on your target customers seems to be understandable, but often organizations get so caught up in their own strategies, initiatives, and products that they forget to focus on their target customers. . When this happens, customers lose faith in the product or company and turn to alternatives.
Objectives can create alignment between marketing and organizational strategies. If company goals are clearly defined and communicated, they can guide and reinforce each marketing planning process.
Types Of Marketing Strategies And Definition
As you can see, company goals provide an important guide to the marketing planning process. Likewise, marketing objectives ensure that the objectives of a marketing strategy are identified, communicated, and measured.
Answer the question(s) below to see how well you understand the topics above. This short test will not count towards your score and you can retake it an unlimited number of times.
Use this quiz to test your understanding and decide whether to (1) study the previous section more closely or (2) move on to the next section. A marketing plan is a practical document that outlines the promotional strategy an organization will implement to generate leads. Reach the target market. A marketing plan detailing the outreach and public relations campaigns to be implemented.
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