A marketing strategy refers to a long-term plan formulated by a business to achieve specific organizational objectives: Strategic Marketing Analysis Assignment, MU, Ireland
|University||Maynooth University (MU)|
|Subject||Strategic Marketing Analysis|
A marketing strategy refers to a long-term plan formulated by a business to achieve specific organizational objectives. The plan details how the business will reach its target market, and the exact process it will follow to turn potential consumers into actual consumers of the company’s products and services.
At this point you know your Brand, Product, Consumer segment, all the relevant P’s, and the consumer journey – now it is time to analyze your brand’s strategy to create its unique positioning.
Start this by considering the first four P’s first;
The first four Ps of the marketing mix in marketing strategy: Product, price, place, and promotion
The marketing mix is the set of controllable, tactical marketing tools that a company uses to produce the desired response from its target market. It consists of everything that a company can do to influence demand for its product. It is also a tool to help marketing planning and execution.
- Product: The goods and/or services offered by a company to its consumers.
- Price: The amount of money paid by consumers to purchase the product.
- Place: The activities that make the product available to consumers.
- Promotion: The activities that communicate the product’s features and benefits and persuade consumers to purchase the product.
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