Strategic Marketing

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Essay Database > Business & Economy > Marketing and Advertising
When it comes to marketing strategies, most people spontaneously think about the 4P (Product, Price, Place, Promotion) ¡V maybe extended by three more Ps for marketing services (People, Processes, Physical Evidence). Market segmentation and the identification of target markets, however, are an important element of each marketing strategy. They are the basis for determining any particular marketing mix. Market segmentation as defined by Kotler, is the segmentation of markets into homogenous groups of customers, each …

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…extension. Line extension tends to be a company's first thought when they want to grow. Unfortunately, it can be the company's road to failure if not properly assessed. While product marketing may cover the full range of the Service/Product Positioning Model, convenience and cost are not significant factors in the decision-making process of service clients. Those wishing to gain a competitive advantage in service markets would, therefore concentrate on issues of functionality and reliability.