The importance of a marketing strategy

1) What is a marketing strategy?

A marketing strategy is a plan of action for how a business will promote and sell a product or service. It generally outlines the businesses goals, target market, value for customer etc. It provides a long-term plan for business growth.

2) Benefits of a marketing strategy

According to a recent survey done by CoSchedule, out of 3,995 marketers and bloggers, they have found that marketers who document their marketing strategy were 331% more likely to have success compared to those who didn’t. Furthermore, marketers who are organized were 674% more likely to have success compared to those who weren’t.

3)The 4 Ps in marketing

• Product: What is being sold

• Place: Where it is being sold

• Price: What the product costs

• Promotion: How the product is marketed to the target audience

3) The 4 Ps in marketing e 4 Ps in marketing

Product: What is being sold

A product is a service or good that a business offers. Businesses consider factors like necessity, competition and costs when deciding which products to offer to their customers. Brands with a highquality products or services can create promotions that are for a targeted audience that will gain more consumer interest

-Place: Where it is being sold

A product can be sold on many different platforms and can either be physical or digital. Where you sell your product is usually based on the type of product that it is, and your businesses budget. Digital products such as software can be sold online and available for download while physical products such as books can be sold at store-fronts and be available for delivery to the customers home.

-Price: What it costs

When deciding on a price range for products, a business takes many factor into consideration such as, production costs, time consumption, rent etc. A business can also determine a price range based on what customers are willing to pay, this can be accomplished by conducting surveys on the target audience.

-Promotion: How the product is marketed to the target audience

The goal of promotion is to combine the other three P's. Through doing so, the business attempts to advertise the right product at the ideal price and place to make it more appealing to customers. This can be done through social media, digital ads and public relation campaigns.