MARKETING STRATEGY AND MARKETING MIX

 

         MARKETING STRATEGY AND MARKETING MIX

Marketing strategy is the logic by which business unit hopes to achieve its marketing objectives.

Deciding which customer to serve is done by the segmentation and targeting and how to serve is done by differentiation and positioning. In continuation of marketing strategy company designs an integrated marketing mix .(product ,price ,place ,promotion) which are controllable.To find the best strategy companies  engage in  market analysis ,planning, implementation and control.

Market segmentation:

Dividing a market into distinct group of buyers who have distinct needs characteristics or behavior and who might require separate marketing programme.

Market targeting:

Process of selecting and evaluating each segments attractiveness and selecting one or more segments to enter.

Differentiating:

It’s the process where the company differentiates its offering to create superior customer value.

Positioning:

It’s about arranging a product to occupy a clear and distinctive place relative to competing products in the minds of consumer.

 MARKETING MIX

IT consist of everything that the firm can do for influencing its product. These can be collected into four group of variables.   PRODUCT, PRICE, PLACE,PROMOTION.

DEFNITION MARKETING MIX:

It is a set of controllable tactical marketing tool –product, price, place ,promotion that the firm blends to produce to the response that it wants in the target market.

Components of marketing mix:

1. product-it includes physical product, services and the combination of offers offered to the market.

2. price-amount of money customer has to pay for obtaining the product.

3. Place-includes company’s activities that make the company product available to the customer.

4. promotion-activities that persuades the customer by communicating the merits of the product.

There is another concept from the customer point of view

4Ps                                                       4 Cs

Product                                                           customer solution

Price                                                                 customer cost

Place                                                                 convenience

Promotion                                                      communication