Week 16 - Marketing Strategy

Marketing strategies are what companies use in order to gain a competitive advantage in their business using the limited number of resources that they own. Companies who excel in creating and implementing superior marketing strategies tend are better off than those who are not. Some topics that will help businesses create a better marketing strategy are to develop a marketing plan, know one's target audience, and target marketing.

Developing a marketing plan can be extremely useful to a company because it allows them to explore different areas and different marketing techniques and then proceed to go on using the one that yields the best results. A good marketing plan is one who takes into consideration what their customer wants from them and ease of access. By having and using a good marketing plan, it will inevitably provide easy to consume products that satisfies a customer's wants.

Knowing one's target audience and target marketing go hand in hand. For example, target marketing is the process of determining the demographics of a group of people whom you wish to market towards, then proceeding to market specifically to that group of people. By directing resources specifically towards a single group of people who have high potential of becoming long term customers, it is possible to optimize the loss of resources from creating different marketing strategies through the gain of revenue from customer sales.