Understand the two major components of a marketing strategy—target market and marketing mix.
A marketing strategy is a plan for the best use of an organization's resources to meet its objectives. Developing a marketing strategy involves selecting and analyzing a target market and creating and maintaining a marketing mix that will satisfy the target market.
A target market is chosen through the undifferentiated or the market segmentation approach. A market segment is a group of individuals or organizations within a market that have similar characteristics and needs. Businesses that use an undifferentiated approach design a single marketing mix and direct it at the entire market for a particular product. The market segmentation approach directs a marketing mix at a segment of a market.
The four elements of a firm's marketing mix are
- Product,
- Price,
- Distribution, and
- Promotion.
The product ingredient includes decisions about
- The product's design,
- Brand name,
- Packaging, and
- Warranties.
The pricing ingredient is concerned with base prices and various types of discounts. Distribution involves not only transportation and storage but also the selection of intermediaries. Promotion focuses on providing information to target markets. The elements of the marketing mix can be varied to suit broad organizational goals, marketing objectives, and target markets.
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