Elements of a Marketing Strategy Your Business Must Master

Elements of a Marketing Strategy Your Business Must Master -  Some marketing experts namely Boyd, Walker, and Larreche stated, "Marketing is a social process that involves important activities that enable individuals and companies to get what they need and want through exchanges with other parties and to develop exchange relationships".

Obviously not what is the purpose of marketing when viewed from the above understanding? Yes, but as you might know, marketing is not a simple thing. To achieve this certainly requires a marketing strategy. Then what basis should we use to create this marketing strategy? Of course you don't use it, right? Yes, integration must be needed between HR, the company's main strategy and the surrounding environment.

1. Market research

Market research is useful to find out whether the market that we aim for is really good. Market research begins by segmenting the market and then selecting the target market that is most likely to be served by the company.

2. Product planning

Product planning includes what products are sold, product design, product offerings, product benefits, product prices, product brands, product stock, guarantees and guarantees, technical assistance, and personal relationships that may form between buyers and sellers

3. Pricing

Before you determine your selling price, it is important for you to compare prices with competitors. We know, surely you want to provide competitive prices but keep in mind also the margins and cost of your product so that the target ROI remains according to plan.

4. Distribution system

The distribution system must also be planned carefully. Maybe you can market it with your own hands, but isn't it more effective if there is an agent or reseller involved with you? That way marketing is more widespread, and your profits are more abundant.

5. Marketing communication (promotion)

Marketing communication (promotion) includes advertising, personal selling, promotion, direct marketing, and public relations. What is currently trending is digital marketing where we utilize digital media such as websites or social media to market our products. Now the lifestyle of customers has shifted to the modern era so that your business must follow it to be able to seize the customer market.

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