8.2 Marketing strategy – Approaches to marketing strategy
📌 Marketing strategy is like planning a road trip: you need a map, a destination, and a plan to get there. A coordinated strategy ensures every part of your marketing plan works together, just like a well‑planned journey.
Why a coordinated marketing strategy matters
When all marketing activities are aligned, a company can:
- Deliver a consistent brand message 🧩
- Use resources more efficiently 💰
- Respond quickly to market changes 🚀
- Build stronger relationships with customers 🎯
Common approaches to marketing strategy
| Approach | Key Idea | Example |
|---|
| Market Segmentation | Divide the market into distinct groups with similar needs. | A smartphone brand targets students, professionals, and seniors separately. |
| Product Positioning | Create a unique place in customers’ minds. | A coffee shop positions itself as the fastest, most convenient option for commuters. |
| Integrated Marketing Communications (IMC) | Use all communication channels consistently. | A brand uses TV, social media, and in‑store displays with the same theme. |
| Pricing Strategy | Set prices to reflect value, competition, and costs. | A subscription service offers a discounted annual plan to encourage long‑term commitment. |
Steps to develop a coordinated marketing strategy
- Set clear objectives – What do you want to achieve? (e.g., increase market share by 5% in 12 months.)
- Analyse the environment – Use tools like SWOT and PESTEL to understand internal and external factors.
- Select target markets – Choose the segments that offer the best fit with your strengths.
- Position your product – Decide how you will stand out in the minds of your target customers.
- Design the 4Ps (Product, Price, Place, Promotion) – Ensure each element supports the overall strategy.
- Implement and control – Launch the plan, monitor performance, and adjust as needed.
Exam Tips
- Use the PESTEL framework to show you can analyse the external environment.
- Explain how segmentation, targeting, and positioning (STP) lead to a coordinated strategy.
- Give a real‑world example that illustrates each approach.
- Remember the 4Ps – they are the building blocks of the marketing mix.
- Show the link between objectives and the marketing mix: objectives → strategy → tactics.
Quick Quiz
Which approach would a company use if it wants to make sure all its advertising, social media, and in‑store displays say the same thing? 🤔
Answer: Integrated Marketing Communications (IMC).