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Can You Explain The Nature Of Marketing Strategy And Its Significance For The?

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Marketing strategy is essentially a plan formulated by a business which sets out goals and methods to achieve them with regards to positioning goods or services in ways to target their intended audience. It can be used with both new products and existing lines, and is essentially a very well coordinated promotion of the public's awareness of something a business sells. Marketing strategy usually involves advertising, product placement, pricing, and promotion. A great example of part of a marketing strategy is price reduction. This can lead to a greater market share and bigger presence in the mind of the target consumer as the most important thing when making a purchase for many consumers is the price. If this price reduction is a promotional occurrence, even better, as when the product returns to its full price, many consumers will likely continue to buy it - you've probably seen countless 'introductory offers' that work in the very same way.

It can be said that competition is the biggest reason companies develop marketing strategy. In a market which is saturated with one type of product or service, companies need to find ways to differentiate their goods in the eyes of the consumer. As an example - imagine walking into your local supermarket and finding the chilled juice aisle, wanting to buy some orange juice. You will likely be confronted with a plethora of brands, and will either choose what you always choose, or whichever is cheapest. However, if you'd seen an advertisement for a certain brand of juice, which was on a promotional price reduction, and had a member of staff actively handing out free samples, the chances of you buying that brand are increased, and you may find you prefer it to your usually brand, meaning you switch juices every time you go shopping. It is this arrangement of varied efforts to influence your decision that is marketing strategy.

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