Marketing Strategy Questions & Answers
What Is Marketing Strategy?
Prior to a product being introduced to the marketplace, a viable market needs to be identified. The concept of a “market” is any individual, group of individuals, or organizations willing and able to purchase a firm’s products or services. The specific definition of this target group is the target “market” for a company’s products and/or services.
The process of dividing a market into distinctive groups based on similar needs is known as market segmentation. Market segmentation enables a firm to craft a message or promotion that speaks directly to one particular type of potential customer, and to reach out to them through specific channels that match their lifestyle or interests.
As market segmentation continues, the Marketing Plan becomes increasing fragmented, in which the target group becomes further and further refined. Although marketing messages can be more accurately conveyed to these further fragmented market segmentations, it should be noted that potential profits become smaller and smaller as well, as many of these sub-groups are very specific demographic groups.
What is the Marketing Mix?
The term “marketing mix” refers to the controllable aspects of the firm’s marketing strategy.
Product and Placement Decisions:
Within the context of a marketing discussion, the term “product” refers to the goods, services, message, idea, people or place that you are attempting to communicate about with your target market. Products are divided into two types, which correlate with the two types of customers that a company can have. These are either “consumer” or “business to business”. Once a company has decided which consumer type they will focus on for the marketing of their product, they can craft a custom marketing message to reach that target demographic.