Explore BrainMass

Explore BrainMass

    Marketing Strategy and Target Market

    Not what you're looking for? Search our solutions OR ask your own Custom question.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    (a) How can an organization ensure that their market strategy is appropriate for their target market?

    (b) How does the type of buyer or consumer impact a marketing strategy?

    © BrainMass Inc. brainmass.com March 4, 2021, 8:09 pm ad1c9bdddf

    Solution Preview

    (a) How can an organization ensure that their market strategy is appropriate for their target market?

    The concept of marketing has been derived from the basic concept of sales which evolved from the concept of exchange.
    The marketing environment has been changed tremendously in the last five years than when compared to the last fifty years. Consumers have also changed beyond doubt. Their behavior is considered to be more complex, their media habits have now become varied, and they are found to be more outspoken than ever before. In most of the instances, their demand is considered to be defined in terms of "brands" which are being identified with certain levels of quality and types of images and the manufacturers in order to sell their brands use modern methods of marketing. (Is Anybody Out There? The New Blueprint for Marketing Communications in the 21st Century).
    The marketing mix approach to marketing is one model of creating and implementing marketing strategies. It stresses the "mixing" of various decision factors in such a way that both organizational and consumer objectives are attained.

    The most common variables used in constructing a marketing mix are price, promotion, product and distribution (also called placement).
    Product: Defines the characteristics of your product or service that meets the needs of your customers.
    Price: Decide on a pricing strategy - do not let it just happen! It means deciding the price which consumer has to pay including discount structure.
    Promotion: This includes all the weapons in the marketing armoury - advertising, selling, sales promotions, Public Relations, etc.
    Place (or route of distribution): Some of the revolutions in marketing have come about by changing this P. Think of telephone insurance and the Internet! A bit of lateral thinking here might reap rewards for your business. (Kotler, 1998)
    When constructing the mix, marketers must always be thinking of whom their target markets are. They must ...

    Solution Summary

    This solution of 1,234 words gives advice on how organizations can ensure their market strategy appropriately targets their audience and the factors that are considered. It also explains how different types of buyer or consumer impacts the marketing strategy. All references used are included.