Elements of a Marketing Strategy
A firm's marketing strategy is its roadmap to success, determining which directions the company will take and what methods it will choose to reach its goals. Summarized in a document that can be revised as conditions change, the strategy identifies one or more target audiences. It also specifies a marketing mix: in other words, how the basic tactics of product, promotion, price and distribution will be used.
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Target
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Choosing the right target audience is a crucial underpinning for any marketing strategy. That is because different people are likely to have distinct needs and wants, even within the same product category. For example, some toothpaste buyers are concerned with taste, while others seek only cavity protection. In categories such as clothing, markets can be divided, or segmented, based on personal characteristics such as age or sex. In other markets, consumers may differ on dimensions such as attitudes or lifestyles.
Tactics
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The marketing strategy will not only guide how key tactical choices are made, but will also ensure consistency across all elements in the marketing mix. For example, if the strategy for a shampoo is to reach more men, product tactics could include developing a masculine-looking package. Promotion might be based on television commercials during football games. The price could be chosen to align with other male-oriented brands, while distribution is focused on sports stores and men's interest websites.
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Types
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There are various types of marketing strategies for products, services, consumer goods and business-to-business offerings. However, all use the same basic elements: identifying a target audience and choosing a marketing mix. The differences are largely tactical. For example, the strategy for marketing a fundraising consultant to museums would focus less on advertising than on generating positive word-of-mouth among museum directors. In contrast, the institutions themselves would probably depend on advertising to build their visibility and reach new donors.
Revisions
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A marketing strategy must be periodically revised to respond to changes in the marketing environment. Revisions are typically made at least once a year, though more frequent adjustments may also be needed. For example, airlines must often respond quickly to price discounts by their competitors. Marketers of cough medicine might step up promotion if there is an outbreak of the flu. More generally, the marketing strategy may need to be revisited to address a dropoff in sales or other unexpected business issue.
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References
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