Some are unaware of the product, some aware, some informed, some interested, some desirous and some intend to purchase. The customer's stage of readiness makes a significant difference in designing a marketing program. Market Strategy Market strategy is defined as an action plan for influencing customer choices and obtaining a market share. Market strategy should entice customers to buy the product or service. Market strategy encompasses customer perception of the relationship between price and quality.
Market research identifies the price and quality relationship customers perceive to be important.
Remember, customer perception is the bottom line. Market strategy also includes the distribution channels for the product, pricing and terms of sale, promotion and advertising plan, marketing budgets, inventory selection and management, visual merchandising, customer relations and an evaluation of the marketing strategy. Ideally, market segments with a potential for high sales, profits, growth and a minimum of competition are the most attractive. A Word of Caution Price is a function of both cost and marketing. Price should be determined in relation to fixed and variable cost and should reflect a profit.