A Marketing Strategy
A marketing strategy is a process allowing company to increase sales and achieving a feasible upper hand. Marketing strategy comprises of segmentation, targeting, differentiation and positioning.
Marketing strategy is important as it help assist business to identify opportunities worth seeking besides with the threats to avoided.
Furthermore, marketing strategy can helps determine ideal prices, setting the correct price for the product or service based on the market research.
Segmentation is dividing the market into distinct groups having similar needs, wants, or demand characteristics.
Segmentation is important as it allows business to reach consumer with specific needs and wants. In the long run, company can benefits from this because of the more effectively uses of corporate resources and make better strategic marketing choices.
Targeting is important as it helps businesses asset which segments of onlookers are prone to purchase their products, and prioritize resources accordingly. Also targeting helps identify a target audience, giving a clear vision of whom the business will serve and why buyers need the products or services. Deciding this data likewise keeps an intended interest group at a reasonable level.
Differentiation is important as it can help products to stand out. It can be an important strategy to implement, particularly if the products are very much alike to those of other companies competition. An effective differentiation strategy gives customers a reason to purchase company products by indicating out subtle unobtrusive contrasts or advantages that customers may not be mindful of.
Positioning is arranging for a product occupy a clear distinctive place, with respect to competing brands, in the mind of the customer.