A marketing strategy serves as a guide to the small business organization (SBO) for it to be able to achieve its goal. It is necessary so that the organization will be able to deliver the products to the customers in a cost effective, timely and appropriate manner.
A method used by the organization to be able to determine the strengths and weaknesses of the company and find attractive opportunities and develop profitable marketing strategies followed by an analysis of the external environment.
Refers to the process of selecting the target market and choosing a marketing mix to satisfy their needs and preferences.
The following steps are undertaken in target marketing:
Identifying the target market.
Identifying their wants and needs.
Measuring the size of the target market area.
Market Strategy Planning Process Identify the strengths and weaknesses of the firm. Analyze the external environment. Identify the attractive market opportunities. Identify the target market. Determine the applicable marketing mix. Determine the size of the market area.
The following information must be provided in order for the SBO to make a match between itself and the target market:
The number of potential consumers
The population growth trend of the target market area
The Target Market Preschool Elementary High School College Vocational Identified with highly desirable characteristic Identified with moderately desirable characteristic Identified with less desirable characteristic Identified with less desirable characteristic Identified with least desirable characteristic