Marketing Strategy - Explained
What is a good marketing strategy?
Written by J. Mance Gordon
Updated at April 17th, 2024
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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.
Related Topics
- 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?