Developing Marketing Strategies

(This component of the marketing process is the entire marketing strategies section of the course - duplication in the course.) 

Definition: 

Using various marketing tools (4Ps) to design a product / service, set an appropriate price, design distribution channels, and create promotional materials. 

These approaches should coherently meet the needs of the determined target market to reach marketing objectives and maximise overall business profitability. 

Product, Price, Promotion, Place (People, Physical Evidence and Processes)

Each P is like a lever that can be moved to enable a business to meet its marketing objectives. 

Some firms have an emphasis upon certain Ps and not on others; this depends upon:

• Features of the target market

• Marketing budget available

• Specific marketing objectives

• Stage of life-cycle for product

• Level and intensity of competition

• Availability of alternatives

• Level of demand for product

• Costs of production and distribution

• Level of expertise / specialisation in product category