“All marketing strategy is built on STP : Segmentation, Targeting, and Positioning. A company discovers different needs and groups in the marketplace, targets those needs and groups that it can satisfy in a superior way, and then positions its offering so that the target market recognizes the company’s distinctive offering and image.”
Marketing management is primarily a demand-side management. The goal is to identify and understand customers’ or market needs and influence their intensity, timing and compostion in accordance with the global strategy of the organization.
Marketing strategy includes following phases:
- Analysis phase - it includes the market research, market segmentation, targeting, positioning, analyzes implementation (Five Forces, BCG, PESTLE, SWOT, etc.)
- Synthesis phase - the creation of the marketing mix and its components, setting sales objectives (sales volume), price setting, identifying ways of promotion and distribution, etc.
- Realization phase - production and sale of the goods or service
- Control and correction phase - evaluating the sales results, marketing strategy correction
The innovation should be continous, as a part of the strategic marketing management (product, production, marketing, etc.). The innovation is necessary to assess and evaluate in the context of all phases of the marketing strategy.