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Research does not mean picking up information from random online resources. It is the purposeful search for reliable resources both online and offline. There is no doubt that the internet has vast volumes of information on any given topic, however, it is also a fact that a very small percentage of the information available on the internet is trustworthy. Only a handful of sources are authentic and worth citing in a university-level dissertation. The student must be 100 per cent confident about the references that he chooses to present in his project. You must keep in mind that the authenticity of the information is going to have a profound bearing on your grade.
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What is Strategic Marketing?
Strategic marketing is that branch of marketing that focuses on devising and formulating strategies to help the brand or business emerge as a notable player in a competitive market. The purpose of this discipline is to critically examine and scrutinize the outreach of competitive businesses. Strategic marketing targets a certain section of people as its potential customer base. The main function of strategic marketing is centred around converting potential customers into transactions.
The 4 Ps of Marketing:
They are the most important factors in devising an effective marketing strategy.
In simple terms, the 4 Ps means 1) the product which implies the good or service that a company is willing to sell, 2) the price (the amount that the consumer is willing to pay for the good or service), 3) the place (the geographical area for which the marketing strategy is being devised) and 4) promotion (branding and advertising).
The notion of four Ps of marketing emerged in the 1950s.
These are the most important factors in devising an efficient and prudent marketing strategy for marketing any product.
Product: The product implies the good or the service that the company is offering to the customers. The product is developed to fulfil a certain demand for a certain section of consumers. Here the type of product is also taken into account.
Price: Price here refers to the monetary cost that the consumers are willing to shell out for a product. There must be a logical and justifiable connection between the product's real and perceived value. The price of any product is ascertained by supply costs, discounts, and industry standards.
Place: This refers to the geographical area in which the company plans to launch the product. This is determined by keeping in mind the places where the local consumers are most likely to buy the product.
Promotion: This part of marketing consists of promotional activities such as advertising, branding, and public relations.
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