factors for choosing the right market strategy

• objective:

  • the business needs to have an objective for the market strategy
  • this should match the objectives of the whole business -> such as increasing market shares
• budget:

  • the amount of money spent on marketing has to be cost effective
  • business must consider it's available budget when deciding market strategy
• target audience:

  • business needs to be aware of how its products will be seen by the target audience
  • product has to be specific to this audience
  • price needs to match their income level
• nature of the product:

  • marketing of services usually requires more promotion and direct selling than the marketing of goods