Do you know any English related to Marketing strategy? Let’s find out, shall we?
Marketing strategy
A marketing strategy is selecting and describing one or more target markets that a company’s product or service will service.
Target Market
A defined group most likely to buy a company’s products or services. Similar product needs. Check also our article Define your target market in six steps.
Steps you need to follow in your Marketing Strategy
- Identify your target market.
- Create a target market strategy to:
- Promote products and services
- Communicate your value proposition
- Reach your target market
- MOA (Marketing Opportunity Analysis)
- This analysis allows companies to investigate the potential size of the market, profitability potential, and the amount of competition.
- Use one of Three Strategies
- Pursuing entire markets with one marketing mix. Ej: Padres con hijos menores de edad. Estudiantes sin vehículo propio.
- Concentrating on one segment.
- Pursuing multiple market segments with multiple marketing mixes. An outstanding example is Disney. They target successfully the following market segments:
- Adolescents. Through TV series and different movies and products.
- Senior citizens. ‘Feel young again’.
- Kids. Cartoons, toys and much more.
- Mums. ‘Peace and quiet for a while’.
- Honeymooners. ‘Celebrate your wedding in the land of your dreams’.
- Plan the correct way to reach the consumers with the best product or service, price, place, and promotion.
- Marketing Mix is the perfect selection of product, place, price and promotion strategies used to have mutually beneficially exchanges with a target market. Different mixes for different target markets. The 4 P’s:
- Product
- Place
- Price
- Promotion
Did you feel comfortable with this vocabulary? Let’s practice! Can you explain these concepts? Don’t look at the definitions here! No cheating! 🙂
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