MARKETING STRATEGY?

The marketing strategy is the foundation of a marketing plan.

A good marketing strategy should be drawn from the market research and focus on the product mix
in order to achieve maximum profit sustain the business.

Marketing Mix strategy is choosing and implementing the best possible course of action to attain
the organization’s long-term objectives and gain competitive edge

WHAT ARE THE 7 Ps of Marketing?

1. Product

2. Price

3. Promotion

4. Place

5. Packaging

6. Positioning

7. People

PRODUCT: To satisfy the needs and wants of the target market.

PRICE: To make the product affordable to the target market and reflect the value of benefits provided.

PROFIT, REVENUE, AND MARKET SHARE MAXIMIZATION

PROMOTION: Promotion includes all the ways to tell customers about the products or services and how
to market and to sell.

STARTING UP:
- flyers, word-of-mouth promotion, house to house campaign, trade shows, writing letters to prospected
market or company and face to face presentation.

BIGGER MARKET:

- electronic mails, websites, radio broadcast, print ads, television commercials, magazines or tabloids.

PLACE: The 4th P in marketing mix is the place where the product or service is actually sold.

1. Image and location conditions – refers to physical look of a location, sanitary conditions, crime
and safety levels, etc.

2. Exact fit to target customers – is the location traffic generally composed of your target
customers?

3. Clustering of competitor establishments – results in drawing a bigger market to the locations.

4. Future area development – area that might be a central of development for the next five years.

5. Fiscal and regulatory requirements. – entrepreneurs should consider town tax rates,
governance and great public services.

PACKAGING: The 5th P of Marketing Mix. Packaging refers to the way the product or service appears
from the outside. Physical appearance is the first distinction of a product. A product could be easily
recognized by it’s appearance.

POSITIONING: The 6th P of Marketing Mix.

Positioning develops the habit of thinking continually about how the products are positioned in the
hearts and minds of your customers.

How do customers think and talk about the products even if it is not presented?

How do customers think and talk about the company?

Positioning shows how the products are seen and thought by the customers and is the critical
determinant of the success in a competitive market.

PEOPLE: The ultimate marketing strategy. According to the best-selling book, Good to Great by Jim
Collins “Got the right people on the bus, and the wrong people off the bus.”“Get the right people in the
right sears on the bus.”

People refer to the staff and salespeople who work for your business, including yourself.

When you provide excellent customer service, you create a positive experience for your
customers, and in doing so market your brand to them. In turn, existing customers may spread
the word about your excellent service and you can win referrals.

Give your business a competitive advantage by recruiting the right people, training your staff to
develop their skills, and retaining good staff.