marketing stratergy

• marketing strategy: plan a business creates to market a product to customers
• marketing strategy combines the elements of the marketing mix in a way that is likely to attract potential customers and build relationship with them
• product:

  • must meet the needs and wants of the customers
  • business needs to consider how the product features will achieve this
  • how these features will have to adapt to the market changes
• price:

  when considering a price for the product, several factors have to be taken into consideration:

  • is the product luxury or necesity?
  • average market price for competitor's products?
  • how much does it cost to produce the product?
  • what is the level of demand for the product, is it elastic
• place:

  • the business has to consider where the products should be sold
  • how it will be sold
  • how the product will be transported to the final customer
• promotion:

  • the business needs to consider the best way to inform consumers about their products:
  • by comparing the benefit of advertising and other forms of promotion
  • factors that affect this include:

  - is the product in niche or mass market

  - how much will promotion cost? promotional budget?

  - how likely is that the promotion will have an effect on the customer