Marketing strategy consists of selecting a segment of the market as the company's target market and designing the proper marketing "mix" that meets the needs of that segment. Discuss how this is achieved.
The key in this is to really know your audience. You need to understand how your segment thinks, what interests them, how and where they shop, and how to attract them to your product. I will provide an example to illustrate how this is achieved:
Assume your company makes lawnmowers. There are several versions of the mower - a utilitarian, cheap version, a high end version with all the bells and whistles, and a commercial grade model. As you can each, each of the models is geared towards a specific segment of the population. The company can't just create one universal marketing plan to sell the mowers to all consumer - if this would happen, the message would get lost. It is therefore very important to tailor your marketing mix towards each consumer group.
In essence, there are 5 pillars of marketing, which consists of your marketing mix. Having 5 pillars is more comprehensive than the traditional 4-P views, since the 5th P as "people" which is very important - it is used to segment and target your market.
Let's first go over the 5-Ps:
Product: You your product, and explain the key features and ...
Market strategy is analyzed. A segment is selected and a design mix is determine to meet the segments needs.