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Marketing strategy refers to efforts undertaken by an organization to increase its sales and achieve competitive advantage. [1] In other words, it is the method of advertising a company's products to the public through an established plan through the meticulous planning and organization of ideas, data, and information.
In marketing, segmenting, targeting and positioning (STP) is a framework that implements market segmentation. [1] Market segmentation is a process, in which groups of buyers within a market are divided and profiled according to a range of variables, which determine the market characteristics and tendencies. [ 2 ]
A marketing plan is a plan created to accomplish specific marketing objectives, outlining a company's advertising and marketing efforts for a given period, describing the current marketing position of a business, and discussing the target market and marketing mix to be used to achieve marketing goals.
Moreover, choosing the right distribution and marketing channels, followed by promotion, are vital steps in a go-to-market strategy. A company has to decide which distribution model to choose, what kind of support and services are required, and address the possibility of creating a competitive advantage. [ 5 ]
SOSTAC contains a general marketing strategy which can be applied in various commercial situations. [ 7 ] [ 8 ] It includes an in-depth SWOT analysis , which helps businesses get ready for marketing campaigns; the main difference is that SOSTAC also focuses on the implementation stages of the process, [ 9 ] on marketing communications [ 10 ...
The Marketing strategy is a plan that shows how the firm's marketing activities will help to achieve the overall strategic goals. Marketing management is focused on developing the marketing program or Marketing mix (also known as the 4Ps) and is concerned with the implementation of specific action plans designed to achieve objective, measurable ...
For strategic planning to work, it needs to include some formality (i.e., including an analysis of the internal and external environment and the stipulation of strategies, goals and plans based on these analyses), comprehensiveness (i.e., producing many strategic options before selecting the course to follow) and careful stakeholder management ...
The AIDA marketing model is a model within the class known as hierarchy of effects models or hierarchical models, all of which imply that consumers move through a series of steps or stages when they make purchase decisions. These models are linear, sequential models built on an assumption that consumers move through a series of cognitive ...
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