Marketing Strategy
What is a marketing strategy?
A marketing strategy is a plan to combine the right combination of the four elements of the marketing mix for a product or service to achieve a particular marketing objective.
Potential marketing objectives:
- Increase sales of existing product/service
- Increasing sales of a product or service by improving it
- Achieving a target market share with a newly launched product
- Increasing market share
- Maintaining market share
- Increasing sales in a niche market
Recommending and justifying a marketing strategy in given circumstances:
- Marketing objective
- Marketing budget
- Target market
- Balanced marketing mix
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