Marketing Strategy

A marketing strategy is a plan to get people to buy from you while achieving your financial objectives.

The Four Ps

Marketing strategy typically addresses "the 4 Ps" - product, price, promotion, place:

Product: designing a product that people will buy
Price: deciding what price to ask
Promotion: how to make people aware of your product and want to buy it; how much you are prepared to spend on advertising
Place: where you will sell your product (distribution) e.g. distribute via supermarkets or specialty retailers or direct sales

The Marketing Process: AIDCA

Some people describe the marketing process as a series of five steps:

Attention
Interest
Desire
Conviction
Action

Another View of the Marketing Process: Stimulus, Design, Control

Stimulus: the stimulus that makes the customer want to solve her problem
Design: how the customer designs a solution to her problem
Control: how the customer gets what she wants.

Example: Stimulus: a customer hears a dripping noise from a faucet. That provides a stimulus. Design: she designs a solution: either she calls a plumber or she gets out the toolbox. Control: she pays the plumber to fix the problem or she controls the dripping by fixing the problem herself.

A marketer can influence the customer in three ways. He can provide a stimulus, influence the customer's design or influence how she controls the situation. Needs example.

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Marketing Requires Search

Customers search for solutions to their needs. Businesses search for customers who will buy their product. Search is a big part of marketing. That's why search engines have become so important.

Marketing Requires Signalling

Companies need to signal the quality of their product to prospective buyers.

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