The scope of marketing is a broad and multifaceted concept that encompasses the entire process of planning, executing, and evaluating marketing activities to achieve business objectives. It involves a deep understanding of the target audience, market opportunities, and competitors, as well as the ability to adapt to changing market conditions.
Developing a Marketing Strategy
The marketing strategy serves as a roadmap, guiding the marketing team in making tactical decisions and allocating resources effectively. It involves:
Market research: gathering and analyzing data about the target market, competitors, and industry trends
Target audience: defining the ideal customer based on demographics, psychographics, and behavior
Value proposition: creating a unique and compelling offer that differentiates the business from competitors
Marketing objectives: setting specific, measurable, achievable, relevant, and time-bound (SMART) goals
Product, pricing, promotion, and distribution strategies: outlining how to develop and position products or services, determine pricing, create promotional campaigns, and establish distribution channels