Marketing Strategy

• A marketing strategy is a plan to combine the right combination of the four elements of the marketing mix for a product or service to achieve a particular marketing objective(s).

Importance of the different elements in the marketing mix

Product

• The product must align with a premium quality and unique selling points.
• The business should consider what type of product the target market likes, if the product is innovative or existing, and if the product needs to be changed to meet consumer wants.

Price

• The price must be reasonable and can establish a high price to reflect high quality, therefore consumers are willing to purchase it as a novelty factor.
• The business should also take competitors prices into consideration, and decide what pricing strategy to use (e.g. competitive, penetration).

Place

• The business must consider how the target market should buy its products, and where should it be sold, what channels of distribution should be used, and what channels of distributions competitors use.

Promotion

• The business must consider what method they should use to promote the product to attract the target market, what methods competitors use, and check the budget available to promote the product.

Recommending and justifying a marketing strategy

• Consider and develop these points for your answer.
  • Marketing objective, for example, is it to increase sales or to launch new products?
  • Marketing budget, for example, can TV advertising be afforded or would social media be more cost effective?
  • Target market, for example, high-income consumers or families with young children?
  • Balanced marketing mix, for example, do all four elements of the mix fit together and tell the same story about the product?