Marketing Strategy
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.
What is a Good Marketing Strategy?
There are lots of considerations that go into developing a marketing strategy. As you can see from the diagram, we have to think about the product, all the features it will include, the price that will give value to the customer as well as the company, the proper placement of the product or where to sell it and how to get it there, and how to promote the product to the people that we want to inform or persuade to buy our product.
In the center of all of these considerations is our target market. What is the target market is the starting point, and may be the most important question. Who are we trying to sell to? This question will be the guide post for all of the other considerations.
In summary, a good marketing strategy is when our product, our price, our place, and our promotion all work together as one strategy in order to reach that target market in an efficient and effective manner.