Creating a Marketing Strategy
Effective marketing of products and services is essential for a business to be successful and profitable. In order to create an effective marketing strategy, the Target Market must be accurately identified, and the 4 P’s of the Marketing Mix must be used to help position the product and reach the target market.
Initial Post Requirements
For this discussion you will provide a detailed response to the following bullet points:
Choose a product that you use or are familiar with, and describe that product. What does it do? How is it made? What does it look like?
Describe the target market for this product using at least two of the following:
Demographic Segmentation (Use at least 3 descriptors)
Psychographic Segmentation (Use at least 2 descriptors)
Geographic Segmentation (Use at least 2 descriptors)
Product-related Segmentation (Use at least 2 descriptors).
Using the pricing strategies in the text, explain which pricing strategy is being used for this product. Why would this strategy be effective for the target market?
Discuss the methods used for promoting this product. Are they effective at reaching and attracting the target market? Why, or why not?
Where is the customer able to purchase this product? Is it a convenient location for the target market? Why, or why not?
Creating a Marketing Strategy
A marketing strategy refers to a business`s overall game plan for reaching prospective consumers and turning them into customers of their products or services. An example of a product with a good marketing strategy is HP Notebook. HP Notebook is a Windows 10 laptop with a 15.60-inch display that has a resolution of 1366×768 pixels. It is powered by a Core i5 processor and it comes with 8GB of RAM. The HP Notebook packs 256GB of SSD storage. The laptop market targets a variety of groups: students, gadget-geeks and techies, and design aficionados. Television ads, print ads, media promotion, online advertising as well as other methods of promotion are used by HP. Its brand stores also promote its brand and product effectively. Apart from it the brand has used special ad campaigns for products like Pavilion or SPECTRE.
