Marketing strategy of a business

Many authors based on their understanding and applications have defined marketing.

Marketing is defined as any human activity directed at satisfying needs and wants through exchange process, Kotler. This definition is very comprehensive as it shows that marketing is a human activity showing that whatsoever man engages in marketing activity is involved because there is an element of satisfaction and exchange, which are the two pillars of marketing.

Some people saw marketing as selling but that is just figment of marketing activity that ensures that products are sold. We shall discuss some important marketing terms that will help the entrepreneur to sell his product, which is the focal point of discussing this concept.


Marketing strategy

When a market segmentation is done and a target market is identified, the entrepreneur can then develop a suitable marketing strategy to be able to achieve his profit and sales intention connected to the organizational objectives.

Kotler Philip defined Marketing strategy as the basic approach that a business unit will use to achieve its objectives, consisting of broad decisions on target markets, marketing positioning and mix, and marketing expenditure levels. A major tool used for executing the marketing strategy of most entrepreneurs is known as the marketing mix. They are known as marketing controllable in marketing terminology. In fact, Jerome McCarthy rechristened it as the Four P's of marketing and they include:


1. Product: 

Product is anything that has value and is capable of satisfying human wants. As a marketing strategy, an entrepreneur can modify it to suit his/her target market if need be. That is why it is called controllable because it is within the control of the entrepreneur.

2. Price:

Price is simply the amount of money paid in other to procure any given product. As a marketing strategy, the entrepreneur can manipulate the rate or level to attract the patronage of the target market. He can offer discounts of various types if that will help to realize marketing objective of the firm.

3. Promotion:

As a marketing strategy, the entrepreneur is at liberty to use either print or electronic media to communicate to the target market. There are tools used in promotion which marketing parlance called promo-tools and they include Advertising, Personal selling, Sales Promotion, and Publicity/public Relations.

4. Distribution:

This is the movement of products from one point to another in the course of marketing goods and services.  As a marketing strategy, the entrepreneur can use direct distribution strategy whereby the product are sold without the use of intermediaries or through indirect distribution approach where the middlemen are given the opportunity to distribute the product at a margin of profit.

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