Your marketing strategy is that strategy which helps you to achieve your marketing objective. In this setting up a marketing strategy first you should line up your marketing goals that you have to achieve. Marketing goals could be market penetration, market development, diversification etc. (Gerson: 1991).These marketing goals can be long term and they can take a long time period. In order to achieve such marketing goals, you have to make those marketing strategies that are timely, accurate, measurable and practical. When you are done with devising an effective marketing strategy, you will not change it again and again, but yes, they will be refreshed when the goals are met up.
Research is a very essential part in marketing. You need to research about your market, the size, growth, fashion and trends of the market. Also you need to be vigilant about the changes in the market as the preferences in the market change very quickly (Gerson: 1991).
After the market research is done, you need to research on your target market, likes, dislikes, needs, attitudes, preferences, psychology, lifestyle, culture and living standard. Everything concerned with your target market that influences and affects their buying decisions.
Now you have to make a strategy keeping in mind your target market. Your strategy should be to attract the customers towards your product. To increase the awareness about your product, your strategies must also include your social media awareness.
Now your marketing strategy makes use of your famous 4 ps.
The price part contains the thorough examination of all the cost which is incurred in making the product and having it reached to the market (Gerson: 1991). Altogether these costs are added up to set the price of the product. It is necessary to calculate all the cost as the price setting is dependent upon it. There are also different pricing strategies which are being used by the organization.
The organization selects among these pricing strategies in order to attain minimum cost efficiency.