Marketing Approaches

Quick Information
Apr 27, 2020
1 min read

Under marketing approaches, we will discuss about marketing strategy and marketing mix. Marketing strategy Segmentation, Targeting and Positioning (STP) analysis and Marketing Mix includes price, product, place, promotion, process, physical evidence, people etc.

Marketing Strategy involves understand customer needs and finding a way to offer value proposition to customer and for the company.

Example of Segmentation, Targeting and Positioning

Value Proposition means creating value for customers and capturing value for company in return.

Meeting Customer's expectation through Customer relationship management. Using technology, ERP and CRM software for total visibility about customers.

Market Adaptation occurs when companies' action are in consistent with marketing concepts.

Marketing Mix

Marketing mix is the different approaches that the company uses to make offerings to its large customer base in very convenient and profitable way. The product quality, price, right location of the company, promotion activities all fall under marketing mix.

It is vital for the company to adopt information technology in the company to achieving marketing goals and business sustainability. Nowadays, company do not have other option except to offer digital marketing services across multiple digital platforms. Digital marketing is not only important for technological company, it is equally important for all types of businesses.