Market strategy is a methodological approach by a company, to focus on increasing or maximization of sales revenue while satisfying customers’ needs. It is closely looks at market penetration and market control. It defines the steps to be set out on maximum utilization of its resources on a course to get a target market (Grewal & Levy, 2007). Market strategy is responsible for setting up the objectives and defining the target, and how the market mix will be chosen. Generally a marketing mix incorporates organization policies and goals in a tactful manner to have an integrated marketing action sequences.
On the other hand, a market mix is a combination of the 4 P’s marketing tools, place, product, price and promotion, to market a product that goes at a fair price when promoted through advertising at the market place. As opposed to a market strategy which focuses on the whole organization objectives and goals, a market mix focuses on the interplay of how the four elements of marketing will be combined to bring about satisfaction to its customers (Grewal & Levy, 2007).
However, market strategy and market mix have a significant interrelationship for guaranteed success in marketing a company’s products. Monitoring and implementation of marketing activities link the two marketing methods. In order to come up with marketing strategies of how to go about integrating marketing and company’s goals and objectives, a market mix must be undertaken to determine the price and promotions of the product cost. Actually, the two have to be used together to have a strong business. The objective of well controlled business, is to take the study gotten from your promotional strategy functions and employ wise judgment in order to make most of the components of your marketing mix (Grewal & Levy, 2007).
Related Marketing essays
- Advertising Tactics Used in Marketing
- Cause Related Marketing
- Marketing Conference
- Adverts on Cosmetics
- Kudler Fine Foods Marketing Focus
- Kleenex Global Strategy
- Relationship Marketing Article Synopsis
- Principals of Marketing
- Easyjet and Ryanair
- Marketing Plan for Subway