If you have ever wanted to achieve a goal in life, then you would know that a plan and strategy are vital to goal attainment. This is true for both individuals and businesses. In business, marketing is responsible for maximizing opportunities by implementing appropriate actions. This article will help you to understand the importance of a business strategy. We will look at target marketing, market positioning and market segmentation as part of a company's overall strategy. At the end, you will benefit from gaining useful insight into a critical business process.
A strategy involves the actions that a business will take to achieve its marketing goals. It identifies a target market, the blend of price, product, place and promotion which will be pursued and the corresponding marketing expenditure. Understanding the current business environment is crucial to employing an effective strategy. In today's marketplace, the Internet has revolutionized business operations; therefore, companies will need to include internet marketing into their marketing strategy.
Good marketing requires careful customer analysis. Since it is not possible to connect with all the consumers, businesses must devise a competitive strategy for serving specific segments of the total market. This can be achieved through market segmentation, targeting and positioning.
Market Segmentation
This involves dividing a market into distinct groups of buyers with different needs, characteristics or behavior who may require separate products or services. A market segment consists of consumers who respond in a similar way to a given set of marketing efforts. Once the market has been segmented, article marketing can be used to reach the different segments. Articles can be tailored for each audience and posted on the sites associated with each segment.
Market Targeting
This involves evaluating the profitability of each market segment and selecting one or more segments to enter. Ideally, a company should target segments in which it can profitably generate the greatest customer value and sustain it over time. Internet article marketing can be used to enhance this marketing strategy with its ability to focus articles on targeted sites. This can be done by posting articles via article directories such as Ezine.com or on specific business sites.
Market positioning
This is skillfully designing and promoting a product to gain a distinct place in the minds of target customers. A product's strategy is to find a way to distinguish it from the rest. For example, Jaguar is positioned as 'the art of performance'. Therefore, it is important that the marketing program supports the chosen positioning strategy. Article marketing is helpful in positioning a product as articles provide useful information and resource links. Someone who wishes to buy a Jaguar can access valuable information and related sites prior to purchase.
Undoubtedly, developing a marketing strategy is an important step in the marketing process. It provides the action steps to achieve certain business objectives. Of course, the appropriate strategy is dependent upon the market environment and its needs. Therefore, segmenting the market, identifying your target customers and positioning your product are vital elements of a strategy. You now have information that will help you on your way.
