Marketing Strategies

Marketing strategies consist of selecting a target market and developing a marketing mix to satisfy that market’s needs. A target market is a defined group of consumers or organizations with whom a firm wants to create marketing exchanges. A marketing mix is the overall marketing offer to appeal to the target market. It consists of decisions in four basic areas: product (development of a product, service, or idea to exchange), pricing (what to charge for the exchange), integrated marketing communications (how to communicate with the target about the possible exchange), and distribution (how to get the product, service, or idea to the target market to consummate the exchange). Many marketing decisions must be made within the product, pricing, communications, and distribution areas.

The cosmetics industry is a good place to look for examples of different marketing strategies. For example, note that Maybelline, Mary Kay, and Clinique all market a variety of cosmetic products to define target markets. Brands differ, as do the prices charged, the methods of distribution, and the types of marketing communications. Each company effectively blends product, price, distribution, and integrated marketing communications decisions into a different marketing mix designed to serve its target market.

Comprehension questions:

1. What does marketing strategy consist of?

2. What is target market?

3. What is marketing mix?