Marketing Strategy for Entrepreneurs

A company’s/ Organization selling strategy should closely align with its resources and capabilities. Entrepreneurial firms with restricted resources have a very little area for strategic mistakes.

Segmentation, targeting, and positioning square measure key selling dimensions that set the strategic framework. we start this section by discussing these 3 activities and their role in selling strategy.

Then we have a tendency to examine the wide studied selling components called the selling mix: product, price, distribution (place), and communications (promotion).

Segmentation, Targeting, and Positioning. Segmentation and targeting square measure the processes marketers use to spot the ‘‘right’’ customers for his or her company’s product and services.

A phase could be a cluster of consumers outlined by sure common bases or characteristics which will be demographics, psychographic (commonly referred to as style characteristics), or behavioral.

Demographic characteristics embrace age, education, gender, and income; style characteristics embrace descriptors like active, individualistic, risk-taking, and time-pressured.

Behavioral characteristics embrace client traits like complete loyalty and temperament to adopt new products. The attractiveness of a phase is said to its size, rate, and profit potential. Your targeting choices ought to conjointly replicate your company’s specific capabilities and longer-term goals.

Correct targeting is very important for entrepreneurs; but, it’s not perpetually clear that client segment(s) represents the most effective target market, and sorting out might need some analysis and a few trial and error whereas segmentation and targeting profile a company’s customers, positioning relates to competitors and to customers’ perceptions of your product.

Positioning sometimes describes a company’s providing relative to sure product attributes—the ones customers care concerning most. Such attributes usually embrace worth, quality, and convenience, all of which might be scaled from high to low.

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