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(Please elaborate with an example)
Main factor for devising a market strategy is customer identification to which group the product is targeted such as rich people,adult people,etc.
It might not be a good strategy to focus on one single factor! There are multiple factors that one should consider for example, competitors, industry, characteristics of the target audience; the resources your company has ; nature of your product or services etc. However, one essential factor that I feel a marketing strategy should be built upon is "differentiation." Ask yourself how can we standout from the rest of the herd? Marketing strategies I feel should focus on that and the rest will fall in place.
Know more here:
http://www.fastcompany.com/46049/praise-purple-cow
https://www.youtube.com/watch?v=xBIVlM435Zg
Hope this helps.
Good Day!
A good marketing strategy is usually based on the4 P's of Marketing i.e.,
PRODUCT: Product variety, quality, design, features & benefits, brand name, packaging, sizes, services, warranties & returns etc.
PLACE: Channels, covergae, assortments, locations, inventory, distribution & transport etc.
PRICE: List price, allwances, discounts, payment method & period & credit terms etc.
PROMOTION: Sales promotion, sales force, advertising, public relations, direct & indirect marketing etc.
Dear Sidrah Nadeem the best answere is7Ps for yours question.
to whom you are targeting
how to cater their requirements
how to convert customer's want into need
E.g: cocacola and pepsi. form cartale and rulling beverage industry just becuase they have converted humans want into a need.
The Most Important Thing is the Stragegy Ways should be Inwards Out.
Means what you are doing not for you; is for consumer.. thing about consumer
Attract the Consumer and make him in condition to buy you success.
if you want mass media success of your ideas you should adopt this theory
its long theory,,, but to cut it short in words,,, product , focused market, who will do it ? how , when , where , why to do it ??? W,s test,,,
Like someone already mentioned there are many factors but if I am to choose only one factor, I would opt for consumer research. Understanding your core consumer and their behaviour is the most important aspect to be considered for formulating any successful marketing strategy.
important as the first should know who will use this product ?
First of all you have the best knowledge and confidance upon the product you are presenting.
You must know the compitators and market leading branch.
Must have details of identifying featurs of your product as compare to market leaders.
