MARKETING STRATEGY
Definition: i. is a process of using the marketing mix to satisfy and attract consumers to make profit for the organisation. i. Phillip Kotler defines marketing strategy as: “a set of objectives, policies, rules that guide over a time for marketing effort of the firm”.
The marketing strategy must have the following elements: 1. Systematic - futuristic thinking by management 2. Better - co-ordination of company efforts 3. Development - of better performance standards for control 4. Sharpening - of objectives and policies 5. Pro-active - prepare for sudden new developments 6. Managers - have a vivid sense of participation
Marketing strategy should be customer centered. It can be broadened in the following: 1. MARKET SEGMENTATION 2. TARGETING 3. DIFFERENTIATION 4. POSITIONING