Q3-What do you mean by Marketing strategy.
Write a short note on Marketing strategy.
Strategy refers to the science of planning and directing business operations. It is the skill in planning to meet competition. Marketing strategy aims at selling a right product at a right price at a right place at a right time to the right customer.
For example on the eve of Eid-ul-Azha (right time) the seller sells sacrifice animal (right product) on Karachi markets (right place) to the celebrating consumer( right person) at a handsome price(right price for the seller). If this strategy is not adopted the seller could not sell his product profitably in his local area.
Marketing strategy is composed of two components:
a) Marketing Segmentation
b) Marketing Grid/ Frame
It refers to dividing market into its characteristics parts. Then the company harmonizes its products with these parts or segments. The segments may be along age, gender, income, religion or nationality.
Different sizes of shoes, variety of ice cream taste, shoes for ladies and gents, ready-to-wear clothing for men or women, different sizes of toothpastes, various models of cars are the example of market segmentation.
Marketing Grid/ Frame:
It is a chart that specifies needs of various aspects of the market. Market grid, market segmentation, and market targets are closely interrelated to one another.
Market frame helps the company adjust its products in various markets. For instance, the TV manufacturers will make PAL system for Pakistan and NTSC for the USA. Likewise Pakistan will need tropicalized refrigerators, and Europe will not.