April 4, 2011
A marketing strategy is the combination of the target market, or the customers the marketing is intended to reach, and the marketing mix. Product, price, place, and promotion are components of the marketing mix, or the four p’s, which create a value for the customer (Perreault, Cannon, & McCarthy, 2009). For this reason, the customer, who is not part of the marketing mix, is the center of the target, surrounded by the elements of the marketing mix. The ultimate goal of a marketing strategy is to create value for the customer, which allows the organization to increase customer satisfaction and results in repeat customers and additional equity for the organization (Armstrong & Kotler, 2009). A product can either be a service, a physical good, or both. The product is the first element of the marketing mix (Perreault, Cannon, & McCarthy, 2009). Once a determination is made regarding the product a company wants to market, other elements need to be considered. The packaging and branding of the product is essential as well as any instructions, warranty, and possible installation options. The marketing strategy has a concern about how to release the newly thought of product into the place of the target market. If a product goes straight from a supplier to the final consumer, a channel of distribution, or a series of individuals or firms that work together to distribute a product, can be avoided (Perreault, Cannon, & McCarthy, 2009). Releasing a product outside of the target market can reduce the likelihood of the product fulfilling the needs of the consumer. Making a decision about how the target market will be informed about this new product is part of the promotion of the product. The goal of promoting a product is to maintain current customers while also gaining new customers (Perreault, Cannon, & McCarthy, 2009). Promotion is often accomplished through advertising, but also can be done...
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