In an article published by Harvard University, teacher and marketer Raymond Corey addresses the five elements of a marketing strategy. To know:
- Product and market selection. It refers to what we commonly call segmentation, targeting and positioning.
- Price fixing. The price is what the customer is willing to pay for a good, product or service. They are defined by supply and demand, production costs, competition, buyer bargaining power, and the value of the product as perceived by customers.
- Distribution systems. Channels such as direct sales force or sales through intermediaries. Important factors are the geographical area, costs, and type of business (B2B or B2C).
- Communication with the market (advertising). Through different channels or means; through attention to the customer journey and through two types of strategies: push (placing the product where the customer sees it) and pull (attracting the customer to the brand or the point of sale of the product).
- Strategic planning model. It is based on the following pillars:
- Company goals and objectives
- Outdoor environment (PESTEL)
- Indoor environment (SWOT)
- Product/market opportunities
- Market analysis
- Economic and risk analysis
- Ethical analysis
In conclusion…
- Marketing is a strategic discipline that goes far beyond advertising..
- The strategic planning process serves to create and communicate the value created through marketing.
- The strategy is long-term and is based on tactics, which are medium and short-term.
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