1.2 Marketing Strategy
Every successful business implements a strategic marketing plan that distinguishes the business from its competitors.
A strategic marketing plan specifies how a business will serve its target market through its product, pricing, distribution, and promotional strategies. The three steps in developing a strategic marketing plan are segmenting customers, targeting a market segment, and positioning the business:
- Segmenting divides (i.e., segments) a market into subgroups (i.e., market segments) and describes the distinguishing characteristics and desires of each market segment.
- Targeting evaluates various market segments, ...
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