Strategic marketing is the process of positioning your company’s products or services in the marketplace so that they are positioned to capture the greatest market share and generate the highest possible level of profitability. In order to do this, you need to understand your customers, your competition and the overall market environment.
The first step in strategic marketing is to develop a clear understanding of your target market. This includes segmenting your market by geographic location, demographics, psychographics, and other factors. Once you have a clear understanding of who your target market is, you can begin to develop a marketing mix that will appeal to them.
The marketing mix is composed of the “4 P’s”: product, price, place, and promotion. Each of these elements needs to be carefully considered in order to develop a successful strategic marketing plan.
Product: What are you selling?
Before you can determine how to position your product or service in the marketplace, you need to first understand what it is that you are selling. Is it a good or a service? What needs does it address? What are its unique features and benefits? Once you have answered these questions, you can begin to develop a positioning strategy for your product or service.
Price: How much should you charge?
Pricing is one of the most important elements of the marketing mix. The price of your product or service will have a direct impact on its profitability. If you charge too much, you may not be able to generate enough sales to make a profit. On the other hand, if you charge too little, customers may not perceive your product or service as being worth its price and may choose to purchase from a competitor instead. Therefore, it is important to carefully consider pricing when developing a strategic marketing plan.
Place: Where should you sell your product or service?
In order for customers to be able to purchase your product or service, they need to be able to find it. This means that you need to carefully consider where you will sell your product or service. Will you sell through brick-and-mortar stores? Online? Through catalogs or direct mail? The place where you sell your product or service will have a direct impact on its sales and profitability. Therefore, it is important to carefully consider place when developing a strategic marketing plan.
