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As far as a business is concerned, the marketing strategy is a plan to have the most efficient use of all the tools at their disposal, in order to get the most bang for their buck from their marketing. In the same way that a sports team is going to have a plan to make the most efficient use of all their players, the business is going to have a plan to make the most of their abilities.
A marketing strategy typically has two parts:
It is important to ensure that you are targeting one specific group, because if you simply target everybody, you're going to waste a lot of dollars. It's not going to be very efficient. In addition, chances are you're not going to put the most potential you can on the market that's most likely to buy your product.
Companies have a choice with how they choose to reach that particular market.
They can use an undifferentiated method where the product is not necessarily targeted at all, which is not very efficient. They're simply throwing a wide net out and hoping to catch somebody.
Another option is to use market segmentation. Market segmentation is a marketing process where the market as a whole is subdivided into categories of potential consumers, based on traits. Then, each subdivided group is focused on specific marketing efforts.
Source: adapted from sophia instructor james howard