Behind your marketing strategy you will ultimately encounter a variety of marketing theories and models, even if you're not yet aware of what they are, or what they're called. The marketing firm Advertisemint , for example, highlights several different theories that come into play in most social media marketing campaigns, some of which include:. The seven P's of marketing: Product, place, price, promotion, people, processes and physical evidence all come together in the marketing mix to define the questions you need to ask in your marketing strategy.
SWOT analysis: Identifying strengths, weaknesses, opportunities and threats to your business reveals risks and expose new opportunities. Consumer decision-making process: Consumers tend to follow the same pattern with brands: awareness is followed by interest, consideration is followed by the purchase, which is then followed by loyalty.
The more you understand marketing theories and models, the more tools you will have to integrate into your own marketing strategy. A published author and professional speaker, David Weedmark has advised businesses on technology, media and marketing for more than 20 years. He has taught computer science at Algonquin College, has started three successful businesses, and has written hundreds of articles for newspapers and magazines and online publications including About.
What Is the Meaning of "Marketing Strategy"? By David Weedmark Updated June 11, Market selection: the customers you are targeting, which are usually defined by demographics and geography, such as single males between the ages of 22 and 30 who live in urban areas of the United States.
In other words, your marketing strategy must come before your marketing plan. Before I decide, for example, whether to travel on foot or horseback, I need to determine where I want to go. UK says that four key elements are crucial for creating a strategy. Below is a list of those elements with an explanation of what they involve:. You need to characterize them according to their needs. You can identify these groups plus their needs through market reports and market research.
As soon as you know what they are, you need to address those needs more effectively than your rivals. You must target the market segments that represent the greatest profits for your business.
What your product or service offers must meet the needs and expectations of the target market you have selected. Your marketing strategy must make the most of your strengths. When you have designed your marketing strategy, you need to decide how to make sure your target segment knows about your product or service.
You must also tell them why and how your product can meet their needs. You can do this via advertisements, public relations campaigns, exhibitions, and Internet marketing. Internet marketing means the same as digital marketing, i. You must monitor and evaluate or assess your strategy. It is important. Unfortunately, many people in business skip this part. It requires a marketer to hop through six different steps.
Every market strategy stems from the core goals defined in a marketing plan. The goals can be big or small, quantitative or qualitative, and short term or long term.
But they give structure to the set of steps that a market strategy defines. Before developing a marketing strategy, a marketer should analyse the current situation of the market. This includes —. Once the business gets the answer to these questions, developing a marketing strategy and capitalising on the value proposition becomes easy.
Competitive advantage is the benefit that sets the business apart from the other market players. For example, if a business is looking to increase its number of paying users and the market analysis proves that its existing customers are loyal and would appreciate rewards, it can make use of a referral marketing strategy to reward its existing users for bringing in new users on board. Did we miss something? Come on!
Tell us what you think of this article on marketing strategy in the comments section. A startup consultant, dreamer, traveller, and philomath. Aashish has worked with over 50 startups and successfully helped them ideate, raise money, and succeed.
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