Marketing Strategy - Explained
What is a Marketing Strategy?
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What is the Marketing Mix?
The marketing mix is made up of the 4 Ps of marketing. These include:
- Product - The value proposition being offered
- Price - The price charged for the product
- Place - Where the product will be offered and how it will be offered in the market(s)
- Promotion - How potential customers will be made aware of the business, brand, or product.
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What is Marketing Strategy?
In the previous material, we discussed the methods and procedures for developing a competitive strategy. These same strategies can be used to develop a competitive marketing strategy. Recall that the process is as follows:
- Identify potential strategies
- Undertake a SWOT analysis to determine your potential to execute any given strategy.
- Undertake a Porters Five Forces analysis to determine where you stand in the market.
- Use this information to develop or choose a strategy that fits your ability.
Part of the marketing strategy necessary deals with allocating your resources efficiently to achieve your marketing function. The most common and well-known model for strategically allocating marketing resources is known as the 4 Ps or 5 Ps (some break the plan into as many as 8 Ps). The 5 P framework assigns market attributes into one of these five categories in order to employ them in an organized manner. You will allocate your resources consistently with your business strategy.
- What is a Marketing Strategy (Marketing Mix)?
- 4Ps (sometimes 5, 6, or 7 Ps) of Marketing Definition
- Marketing 4 Ps - What is Product?
- Marketing 4 Ps - What is Placement?
- Marketing 4 Ps - What is Price?
- Marketing 4 Ps - What is Promotion?
- Marketing 4 Ps - What is Packaging?
- Marketing 4 Ps - What is Process?
- Elements of a Good Marketing Strategy?