Today we are going to tell you about marketing strategy. If you want to know about marketing strategy then you should read our post carefully and don’t miss any part of this post. If you want to be a good businessman then you should have all the information related to marketing and we hope that after reading this post you will not have to work harder because in this post we have covered all information about marketing. And Explained the Marketing strategy in detail.
If you want to start a good business, you need to have a lot of information about this business. Some people do not read about business and start a business. As a result, they fail in the field of business. Marketing is the thing that drives the whole business. If marketing is taken out of the business then nothing is left behind. Let us give you some information regarding marketing. We hope you will read this post carefully.
Marketing strategy is a changing variable, which changes according to the variability in the marketing environment. It can be defined as: “The process which helps fasten the activity of earning profit and assist in targeting the required customers is termed as Market Strategy.”
Marketing strategy is composed of two components:
- Marketing Mix / Market Grid/Market Frame
- Market Segmentation
MARKETING MIX/MARKET FRAME
An accurate mix of the right product, with the right price, at the right place most suitable source of promotion is Marketing Mix. Marketing Mix refers to the combination or blends of four P’s of marketing namely Product, Place, Promotion, and Price. These four elements ate adjusted the right combination is found that serves the needs of the customers.
1. The Product Mix:
The product is the basis of the marketing mix. It is the product that is ultimately to be delivered to the customers. The product must satisfy customers’ needs. Marier Segmentation proves to be a good instrument for the correct setting of “Product mix Products mix is concerned with the design, modal, size, color, taste, product development, modification, innovation, branding, standardizing trade mar information brochures, warranties, and packaging decisions.
2. The Price Mix:
In accordance with the results of “Market Segmentation”, the market manager attempts to set product price to attract target customers. The setting of the price is a sensible matter therefore it should be handled carefully since the price is important to consumers. It is a delicate component of the marketing mix. It is often used as a competitive too Intense price competition sometimes leads to “Price Wars if the price is too high, customers are lost. Its price is too low the company is lost Price mix attempts to decide about price fixations, discount policY, concession policy, and credit terms.
3. Place / Distribution Mix:
“Market Segmentation, manager of the market attempts to make products available in the huge quantity to target consumers and to bold e transportation and storage costs as low as possible.
4. The Promotion/Advertisement Mix:
Promotion refers to the act of communicating the benefits, needs, and importance of your product to consumers. It persuades, creates interest, and attracts the public in an attempt to make them customers of your product. Promotion is used to increase public awareness, educate customers, and defend its product against the tactics of competitors. Promotion mix includes personal selling, advertising, sales promotion, displays & demonstrations, public relations, and exhibitions.
The population of a country is not uniform in any way. They are different in age, occupation, income-wise, family status, psychologically, culturally, linguistically, gender wise and in many more ways. Marketing segmentation is the process of dividing the total market into various groups with similar characteristics. “Dividing a large heterogeneous market into smaller customers’ groups having similar needs wants, or demand is Marketing segmentation.”
BASES OF SEGMENTATION:
- Geographic Bases
- Demographic Bases
- Psychographics Bases
- Market Bases.
- Geographical Baies:
For many years marketing managers have reacted differently different geographical markets, like rural or urban areas Various provinces of country may response variably for the same product. Tastes, culture, language nomic conditions, and many more things vary from province to province or even city to gay
Social/ Demographic Bases:
Under demographic segmentation groups are mode on the basis of income, age. education, language, occupation, gender marital status, nationality, family size, and religion, etc.
Psychographic segmentation is a recent approach It describes the human characteristics of consumers. It divides the market into the basis of consumer’s personally, self image, traits, values, attitude, interests and lifestyles.
In this segmentation market is divide into segments base on consumer knowledge, attitude and use or response to the product, etc. Behavioral variables include:
- Usage Rate
- Product benefits sought
- Brand Loyalty
- Price Consciousness
- Occasions (holidays like mother’s day, valentine’s day, New Year, and Eid)
- User Status (First Time, Regular or Potential).
Behavioral segmentation is considered the most favorable segmentation tool as it uses those variables that are closely related to the product itself.
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As we told you marketing is the main thing whcih is very importent for business. If you can not interested to read this type of informatio and wanted to start a business then do not see dream, because this is impossible. We hope you understand everything about marketing strategy. For more information like this visit more pages of our website. If you like this information about MArketing strategy then do not miss to share the information with your friends.