Marketing Strategy · What are the components of a marketing strategy in a strategic business plan? · Discuss the components of the marketing mix and explain its importance in the strategic business...

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Marketing Strategy · What are the components of a marketing strategy in a strategic business plan? · Discuss the components of the marketing mix and explain its importance in the strategic business planning process. · Discuss the types of products your business will sell. · Discuss product branding. · Explain the differences between each of the components of the promotion mix. · Explain how a pricing strategy is realized. Synthesize academic research to support your thoughts, ideas, statements, and opinions. Apply proper current APA style citation format.
Answered Same DayDec 12, 2021

Answer To: Marketing Strategy · What are the components of a marketing strategy in a strategic business plan? ·...

Saloni answered on Dec 13 2021
135 Votes
1. The components of a marketing strategy in a strategic business plan-
· Current Market Analysis- Research is the backbone of a good bus
iness plan. The analysis involves extensive overview of marketing strategies and their performance according to the key performance indicator.
· Target Audience - A two-three levels of segmentation will help understand the cornerstone of the plan for marketing. A buyer persona needs to be studied to understand which part of the audience will give better returns.
· Competitive Analysis- Understanding the competitors,how the product and services are different, prices and segment the competitors are targeting. This will help to be in a better position and stand out in the competitions.
· Advertising strategy- Strategy on how to attract the buyers and convert them and identify the right traditional and digital medium of advertising.
· Monitoring & Measurements- It is important to understand the right metrics (key performance indicator) and a timeline to make sure it is implemented on time. (Denise Desimone ,2019)
2. The marketing mix consists of four important components -Price, Place, Promotion and Product. Other component of the advanced marketing are People, Packaging, Positioning and Politics. It is important to understand and arrange the marketing mix in a proper way to ensure that profitable business decisions are made...
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