Marketing strategy or marketing process is what is required to promote a brand, a business or any other product and that process includes 5 main pillars. They are also known as the Customer, Business, Market, Purpose and Measurement. A company should first define the purpose of marketing strategy before implementing it. For example, it can be to promote awareness and build reputation or to increase sales and profits. The purpose of the marketing strategy should be clearly defined to make things simpler.
There are several strategies and marketing practices which form the basis of a marketing strategy and hence it is very important to understand each of the strategies and their benefits. These strategies can be divided into five basic pillars. The first pillar is the purpose of marketing strategy; here, the company identifies the purpose of its strategies and implements it. The next pillar is the measures used to implement the strategies; here, the company uses concrete steps to achieve the purpose of marketing strategy.
The third pillar is marketing exposure; here the company seeks to gain in the form of increased sales, enhanced reputation and market penetration. The fourth pillar is the actions undertaken for gaining new customers. This is an important area where the effectiveness of a marketing strategy is measured with respect to the number of sales gained and the success rate of new customers. The fifth and last pillar is the impact of marketing exposure on the overall performance of a brand. Here the company considers the losses caused by bad publicity caused by poor publicity and the gains made through good publicity and gains its final purpose.
As we have already discussed that there are five pillars in a marketing strategy, it will help us to identify the purpose of marketing strategy in more details. The first purpose of marketing strategy is to identify a target market. It is done with the help of market research and analysis. Next is the analysis of market segmentation, this is done through market research and analysis, the factors like demographics, purchasing power and purchasing behavior of the target market are analyzed, so that the product suitable for that segmentation can be designed and prepared.
Another purpose of marketing strategy is to make the product ready and launched in the market. Now depending upon the segmentation provided earlier, the marketing activities can further be designed. For example, if it is a children’s product, it should be designed in such a way that the price can fit the pocket of the kids and the features of the product can entertain them. Also the marketing activities can further be designed keeping in mind the other activities carried out by the target market, for instance, women’s marketing activities and promotions, so that the product marketed reaches the right set of people.
Last but not the least, the last purpose of marketing strategy is to ensure effective and better distribution of the product in the market. There are many ways to gain new customers. Some of the effective marketing techniques include advertising media, market research, media promotions, social media promotions, word of mouth promotions, etc.