A marketing strategy is a part of a business's entire strategic plan for identifying buyers' needs to introduce or improve a product or service accordingly.
The business's pricing strategy, brand positioning, information of target market segments, and several other aspects are included in a marketing strategy.
And in this article, we’re quickly going to analyze why a marketing strategy is important and how you can ace it!
“Marketing strategies are long-term, forward-looking approaches to planning. Their fundamental goal is to achieve a competitive advantage.” (Stewart Dunlop, founder at LinkBuilder.io)
E.J McCarthy invented the Four Ps of marketing to define a marketing mix and act as effective marketing strategies. The Four Ps are essential strategies for any enterprise to operate successfully. They aid in deciding what product to produce, place of the business, pricing, and the means of promotion.
Let's further elaborate on the Four Ps.
A product, whether tangible or intangible, is produced to fill a gap in the marketplace. What product to create is based on the needs of the people. After figuring out the demands, businesses have to come up with a product to fulfill those demands.
The businesses need to operate in the area of the target market to meet their demand. Starting a business without figuring out the target marketplace is a failure. Imagine the Mcdonald's franchise opening around amazon.
You need to keep your target market in mind to set the price of your products. The brands need to decide whether their products will be elastic or inelastic to set the price accordingly.
Brands with niche markets cannot set lower prices because the buyers will be upper-class people, and higher prices will attract those consumers. For example, people who can buy a Rolls Royce will not consider it a luxury if they set the pricing strategy as Toyota.
Product promotion aims to attract buyers by emphasizing their need for the product and persuading them to pay the given price.
Individuals linked with the product are considered as People. For example, employees, sales associates. To be more concise. All the individuals who work for the company are referred to as People.
Process refers to all of the actions that go into the development and distribution of products. The method of transforming raw materials into finished goods is a way of adding value to the product.
The structure of the products, the target market, the manual and modern marketing methods, etc., should be considered in the new spectrum of marketing strategies.
The performance of the business is a significant aspect, and it makes all the difference from production to end sales. In other words, it is the decisive element in the end. Performance contributes to how your end-user perceives the goodwill of your business.
Back in the day, businesses might not consider packaging as a valuable aspect. However, It became one of the essential components in establishing a market brand identity. People will not consider buying the product if the packaging is not up to mark.
The term may sound bewildered, but it is amongst the most important considerations when deciding on the target market for an intangible product. Intangible products are considered services that businesses provide, including restaurants, hotels, educational institutes, etc. For these sorts of firms, physical existence matters a lot, for example, environment, layout, decorations, aesthetics, ambiance, etc.
So, keeping up with an outstanding marketing strategy by embracing all the above aspects will surely lead a business towards success.
Now that we're discussed the Ps included in strategizing a marketing plan, you’ll find yourself in a much better position to make informed choices.
So wear your creative hats and start creating your business’ marketing strategy!