Must Know: The Concept of the Right Marketing Strategy

The marketing strategy of a business is a series of efforts made to achieve specific targets, as such, in business, it is important to understand the right marketing strategy concepts to be able to achieve optimal results for your business.

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What Is a Marketing Strategy?

A marketing strategy is an effort made by a business to promote a (specific) product or service, usually implemented by using structured planning patterns and methods, with the end goal of the marketing strategy being to enable the business to sell large quantities of their products or services. 

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Concept of Marketing Strategy

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Marketing strategies need to be coordinated and developed by a marketing team so that all business activities are run effectively and efficiently, and having a clear marketing strategy concept can help you to execute all of your business activities in a focused manner. 

To achieve optimal results for your marketing strategies there are several specific concepts for both products and services. 

The following highlights some marketing strategy concepts: 

1. Market Segmentation

Firstly, you must classify and define your market, as each person/ market has different needs. 

The goal of market segmentation is to improve the effectiveness of marketing products and services, and with valid data regarding targeted consumers, the marketing process must be focused and targeted, with aspects such as distribution, production, and promotion. 
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2. Market Positioning 

Secondly, you must clearly define a specific pattern to attract consumers that align with your business, a pattern that is created to ensure the company has a strong marketplace position so that the determined segment can be profitable.

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3. Market Entry Strategy

Thirdly, your business must establish a strong position in a specific market to be able to effectively implement a market entry strategy, an approach that can be implemented by acquiring another company, engaging in internal development, and/or collaborating with other companies.

4. Marketing-Mix Strategy

Fourthly, a marketing-mix strategy is a collection of various variables that companies use to influence consumer responses, with the marketing variables including product, price, place, promotion, participant, process, and the people's physical evidence.

5. Timing Strategy

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Finally, it is important to have a timing strategy, to prepare and determine the production field with the right time to distribute products to the marketplace.

By selecting the appropriate timing, your business can prepare your marketing strategy concepts while in production, as well as determining what the right time is to distribute your products to the market.

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These are just a few marketing strategy concepts that you need to know to attract consumer interest relative to your target market. 

After understanding all the above marketing strategy concepts, start your, or any business with Youtap’s POS, a system that offers you and your business a wide range of complete and reliable solutions.