In selecting your target market, it is important to analyse the opportunity in terms of demand. Forecasting demand will confirm whether the target market you have selected is worth pursuing or if others should be identified. Most companies enter a new market by serving a single segment, and if this proves successful, then additional segments are added. The marketing mix is the blending of marketing variables to pursue a desired level of sales. Designing an effective marketing mix strategy is crucial to your company's success.
Pricing includes variables such as discounts, credit terms and payment period.
This strategy strives to maximize sales and minimize cost. You must carefully craft a promotional strategy that communicates the merits of your product and persuades your target market to buy it. Promotional methods include advertising, personal selling, sales promotion and publicity. Strategic decisions must be made regarding co-ordinating each one of these methods into an effective promotional campaign. You must decide on the best way to blend these elements to produce the response you are looking for from your target market.