Marketing Strategy : Target Markets And The Marking Mix

The product strategy ranges from brand name to product image to package design to service to guarantee to product development and more; pricing strategy must allow your prices to be fair relative to the benefits of your product and must factor in competition; distribution is the goal to deliver your product to the right people in the right quantities, at the right time and the right place; and promotion strategy includes all the ways that marketers communicate about their products.

This business report aims to show how important a marketing plan is, demonstrate the key elements of a successful marketing plan and how a marketing plan helps a company to sell its products and service. This Marketing plan will use the company Aldi as a case study, (the supermarket chain) to demonstrate how a marketing plan works. Aldi is a major supermarket chain that provides highly competitive retail food products to households. As a retail company they face all the marketing problems that other retail company faces (product range, price and marketing segmentation).

What is marketing strategy? The process of matching the organisation’s strengths to the customer needs, with the aim of achieving a competitive advantage in the market. The combination of product, price, distribution and promotion most suited to a particular group of consumers. • Goal: the create a sustainable competitive advantage in the market • All the elements of the marketing strategy that lead to the development of the competitive advantage require good understanding of consumer behaviour Marketing strategy process: • 1. Segment: understand consumers a. Determine the dimensions (age, geography, subculture) b. Determine the heterogeneity c. Define the needs & goals 2. Target: choose consumers a. Evaluate each segment in

A marketing strategy provides a big picture of what a firm can do in a specific market. When creating a marketing strategy, a firm must identify a target market and a related marketing mix. A target market is "a group of similar customers to whom a firm wishes to appeal," and a marketing mix is "the controllable variables the company puts together to satisfy this target group." (Perrault and McCarthy 36) Focusing on specific target customers can help a firm develop a marketing mix that satisfies those customers ' specific needs better than another firm, making a firm less likely to face direct competitors.

Each organization has or should have a distinct business strategy to ensure they reach their desired goals and objectives. Uniquely, the business strategy, or competitive strategy, should include their target consumers, the product or service desired by their consumers, and their roadmap to remain competitive in the market (Parnell, 2014). However, strategies may be difficult to determine when the organization is engrossed in one industry, but decides to dip their toe in another industry (Bethel, 2016).

The goal of marketing is to be smart at it. Target had an excellent marketing strategy, which included building a strong customer base and creating a strong brand. With a strong brand customer are most likely to spend money and return. Customers

A marketing strategy is the combination of the target market, or the customers the marketing is intended to reach, and the marketing mix. Product, price, place, and promotion are components of the marketing mix, or the four p’s, which create a value for the customer (Perreault, Cannon, & McCarthy, 2009). For this reason, the customer, who is not part of the marketing mix, is the center of the target, surrounded by the elements of the marketing mix. The ultimate goal of a marketing strategy is to create value for the customer, which allows the organization to increase customer satisfaction and results in repeat customers and additional equity for the organization (Armstrong &

Herbert Hoover once said “Competition is not only the basis of protection to the consumer, but is the incentive to progress.” (Hoover, n.d.). Every company must progress over time and find ways that will draw in consumers. Using Target Corporation as an example, the company’s pricing strategy, covering company objective, competition and customers that belong to the five Cs of pricing, will be discussed. Then, Target’s retail strategy will be discussed using the four P’s; product, price, promotion and place.

Developing strategies in relation to any application of marketing suggest a marketer’s ability to comprehend and align business practices with the need of the consumer and business simultaneously. Strategies present challenges whether domestic or international markets are the emphasis. The ability to set customary prices, have market presence, encouraging advertisements and publicity, understand the competition, develop accurate communication, a complete SWOT analysis including domestic and international markets, and customizing the target market, present boundless opportunity that consumers appreciate and market recognition. At each stage of

This business plan is for Reek’s Bistro, a new medium-sized restaurant located in the Triangle area of North Carolina. The Triangle is made up of three primary cities of the Research Triangle metropolitan region, Raleigh, Durham, and Chapel Hill. Reek’s Bistro will focus on Mediterranean cuisine in an American style restaurant environment. An emphasis will be on natural foods that taste good and are good for you. The restaurant will procure locally grown produce, while offering additional services and products, such as catering and Reek’s Bistro brand items sold in grocery stores.

Nordstrom’s and Topshop’s marketing strategy both target a specific segment of the market. While Nordstrom’s focuses on higher end/quality goods and competitive pricing, Topshop’s offers consumers the runway and street fashion at affordable prices. The companies are examples of niche marketing, which “allows the organization to create more narrowly focused marketing plans for its brands than segment marketing approaches.”(Finch, 2012)

“Marketing strategies can have a broad impact on the business in terms of instilling a marketing orientation among all those in the firm: the way of thinking or philosophy of the whole organization. However, marketing strategies can alternatively be seen as dealing only with the development of competitive advantages directly associated with the marketing function such as customer loyalty and distribution channel control. In the latter case, the domain is sometimes even further restricted by sole attention to the various element of the marketing mix rather than the more general issues of customer and channel relationships. There are two key

Marketing strategy is a method of focusing an organization's energies and resources on a course of action which can lead to increased sales and dominance of a targeted market niche. A marketing strategy combines product development, promotion, distribution, pricing, relationship management and other elements; identifies the firm's marketing goals, and explains how they will be achieved, ideally within a stated timeframe. Marketing strategy determines the choice of target market segments, positioning, marketing mix, and allocation of resources. It is most effective when it is an integral component of overall firm strategy, defining how the organization will successfully engage customers, prospects, and competitors in

In the marketing world, before releasing a product onto the market a company would carry out research in all spectrums to investigate the targeted audience. Once market research is completed, marketing or advertising is carried out so that the targeted consumers can purchase and the company receives an earned profit from sales. Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably (Chartered Institute of Marketing, 2009). Marketing strategies need to tick off consumer needs and demand. Companies follow a set of marketing strategies to be able to achieve their set mission goals. Strategies like segmentation, targeting and positioning of the market is used to analyse the

The marketing strategy should be tailored around the firm's target market; if this were not the case marketing would be then less successful. Each aspect of the marketing mix would need to be formulated with the target market (consumer) in mind. For example the design of the product would need to be such that it would satisfy the consumer's needs. If it did not consumers would see no need to have it and buy a competitor's product. The price of