Elements Of A Core Strategy In Marketing (Essay Sample)
What are the three elements of a Core Strategy, and what is the role of a Core Strategy within Marketing Planning?
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Core Strategy in Marketing
Elements of a Core Strategy
The core elements of a marketing strategy are segmentation, targeting, and positioning. Segmentation entails dividing a market of potential clients into groups or segments (Larsen, 2010). The categorization ensures that a company comes up with consumers who respond in the same way to marketing strategies and who also have similar characteristics and needs. Understanding these customer choices is not an easy task since it requires referring the multiple sources of data. Instead of targeting each client individually, segmentation enables marketers to be more efficient in their resources especially time and money.
The second core element is targeting which entails choosing one group among which to direct marketing resources (Reutterer, Mild, Natter & Taudes, 2006). It is tempting for marketers to move blindly after the biggest segment. While such a segment may present the biggest potential, the question is whether it can serve the specific needs of the segment. Targeting requires marketers to ensure that their strengths allow them to succeed in a particular segment they choose. It is critical to acknowledge that the particular the identified segment will also be targeted by other competitors. Hence, targeting should be done carefully. The last core element is positioning whereby marketers are concerned about positioning their brand in the mind of the prospective audience. It entails marketing a product in a particular way to form an image within the minds of the consumers in the identified target market (Keller, 2009). This requires o
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