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3.4 Marketing Strategy

3.4.1 Justify marketing strategies appropriate to a given situation:

You need to know how to apply the marketing mix to different target markets, analyse what are the most important parts of the marketing mix, and recommend the most suitable marketing strategy.

Marketing strategy is the overall plan for achieving a businesses marketing objectives, within the marketing budget. It contains all the elements of marketing we have looked at from market research, through brand image to the 4Ps.

A crucial part of marketing strategy is a balanced marketing mix, where each of the 4Ps works together in order to achieve the marketing objectives. Each product is unique and will have a unique marketing mix. For a music streaming service the place is not so important, as consumers can access the service from anywhere with an internet connection. For a coffee shop or restaurant location is key, as the location must be convenient for consumers. 

The most common question on marketing strategy is like this example, you must explain why three elements are important to the marketing mix, then come to a conclusion as to which is the most important. 

 

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Check out Unit 1 Business Activity, Topic Guides, Questions and Solutions