A marketing strategy explains how a business plans to market their product. It involves evaluating the market environment, determining the demand, making decisions about supply of the product and setting achievable goals. The elements of marketing are often described as;
- People - potential customers
- Product - aesthetics, function and special features
- Price - setting the price at an appropriate level
- Promotion - advertising the product
- Packaging - protection and presentation of the product
Each of the elements interacts with the others in the marketing strategy. To be successful a new product must stand out from its competitors, ie. have unique selling points.
