Question

Vive un example Ulu silueyil uelISION FUI WOUIU Deliusseu usu TUNICIUNUL level decision. Identify the Components of marketing strategy What is the main difference between a "production" orientation and a

Answer 1

The components of a marketing strategy, also called the 4Ps of marketing are:

Product : What products do you want to market. What type of mix you want to sell. For example, unique products like heavy machinery or commodity products like food.

Price: what is the price point you want to keep, you can be a cost leader or premium player for targeted audience. Example Jara is for masses while premium costly brands like Gucci are for niche customers.

Promotion: how to do you want to promote your products, be it targeted advertising, be it discounting, be it social media, etc.

Place: where do you want to position your products, do you want to just go online or e-commerce channels like Amazon to target digital youth, do you want to place your products to big multi-brand retailers like Walmart or do you want to set your own retail stores like Apple stores.