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this only needs to be 300 words minimum
Creating a Marketing Strategy
Effective marketing of products and services is essential for a business to be successful and profitable. In order to create an effective marketing strategy, the Target Market must be accurately identified, and the 4 P’s of the Marketing Mix must be used to help position the product and reach the target market.
Initial Post Requirements
For this discussion you will provide a detailed response to the following bullet points:
- Choose a product that you use or are familiar with, and describe that product. What does it do? How is it made? What does it look like?
- Describe the target market for this product using at least two of the following:
- Demographic Segmentation (Use at least 3 descriptors)
- Psychographic Segmentation (Use at least 2 descriptors)
- Geographic Segmentation (Use at least 2 descriptors)
- Product-related Segmentation (Use at least 2 descriptors).
- Using the pricing strategies in the text, explain which pricing strategy is being used for this product. Why would this strategy be effective for the target market?
- Discuss the methods used for promoting this product. Are they effective at reaching and attracting the target market? Why, or why not?
- Where is the customer able to purchase this product? Is it a convenient location for the target market? Why, or why not?
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