Marketing Strategy
Marketing strategy is the set of programs that are matched with the target market opportunities in order to achieve organizational objectives. Drawing up a marketing strategy essentially consists of three steps: targeting market selection, setting market objectives and developing the marketing program.
A firm may choose to market its products to all users or to some sub-groups. The strategic decisions that a firm has to make are whether to sell the entire product market en masse or concentrate on a portion of the market. Secondly, it is very important to determine when an existing target market strategy needs to be modified. And finally, deciding when to stop serving a particular target market is also important. Products which become obsolete or irrelevant, are not able to survive against competition or show slow growth rates because of declining industry growth force managements to withdraw from a market.
Marketing objectives should be set and stated for each target market in quantitative terms like sales, market share and contribution to profit, and in qualitative terms like getting new customer groups, strengthening brand image, building customer awareness and attitudes, and educating the customers about brand features and uses. Market potential is the maximum possible sales of a product in a specific market in a specific time period. It is the aggregate of the sales possible by all the sellers in that industry.
The marketing program consists of strategic use of the variables that influence demand--the product, price, place and promotion. These four elements together constitute the marketing mix. The variables must be consistent with one another. A quality product image is inconsistent with a heavy price discount or making the product available at a low-cost retail outlet. A value-for-money or economy image is inconsistent with a highly stylized product placed in an exclusive retail outlet.
Targeting market selection without considering the firms resources and capabilities to design an appropriate marketing mix, or developing a marketing mix which matches the firms resources but does not consider target market requirements, are both mistakes.
Strategy provides detailed information on Strategy, Business Strategy, Strategy Games, Marketing Strategy and more. Strategy is affiliated with Strategic Planning Info.
Business Strategy
A business strategy is formulated by selecting the target audience of the product and assembling the marketing mix. A firm ca...
Strategy Games
In the marketplace, different firms take different strategy stances. This is but natural. As long as their situational design...
Why Have an Internet Business Strategy?
Internet Strategy is more than developing web business strategies and a web design strategy. As a business, the ultimate obje...
Business - Strategy and Execution
Every company aims to formulate good strategy and execute that strategy well. But many times it is found that it was either g...
Article Marketing Mistakes - What You Should NOT Do To Be An Effective Article Marketer
Have you made a lot of errors in Article Marketing? Or perhaps your results arent as wonderful as you expected them to be? Th...
Direct Marketing and Piggy Backing
If you are already in a small business and looking for another inexpensive way to market or advertise, perhaps you want to tr...
The Board See The Crescent - The Workers See The Whole Of The Moon
The board see the crescent, the workers see the whole of the moon.Why your business strategies wont workPicture the scene. T...
Split Testing - The Most Powerful Marketing Strategy You will EVER Learn
Every business owner is looking for that golden marketing strategy that works like magic to grow their business. Well, I hope...
A Simple but Effective Strategy
There are many strategy models. Treacy and Wiersema provide a very valuable value strategy giving companies a set of three op...
A Vision, The Strategy and The Princess
A vision statement should communicate two things. One is open for the public, the other should only be shared within the orga...
Business Development Strategy
The goal of any business development strategy should be new business or better business. For those who offer products or ser...
Strategic Leadership: Individual and Organizational Strategy
To be an influential leader and manager, you have to be a champion of the grand corporate strategy as well as your own indivi...
Direct Mail for Architects
Architects, the good ones always seem to have lots of work, from referrals and such, but it was not always that way, you see ...
Business Strategy - Year End Considerations
As we enter the final weeks of 2005, you are undoubtedly hunting for gifts. While these are obvious year end considerations, ...
Business Growth Strageties Your 4 Part Marketing Plan
Your marketing plan should contain these four strategies for growing your business. They are presented here by degree of dif...
Program Management and Strategy Alignment (2)
When your company is dealing with more than one project and this occurs for the larger companies, you face the challenge to a...
Direct Mail Marketing and Direct Mail Strategies for Local Toy Stores
Local small business toy stores are under fire these days due to the ramp up of the number of toy isles in large box type sto...
Handling the Flaws of Prejudice Leaders - Nu Leadership Series
There are no warlike people - just warlike leaders.
Ralph BuncheAs...
The Power of a Postcard
Electronic newsletters. Automated e-mail. Interactive web sites. With so many high-tech marketing weapons available to busine...
Your Business Plan - Simplified!
Once you have completed your research and made your business decisions, its time to write out your business pan.First, go to ...