When be wise and effective to go for

When formulating a
marketing plan, it is important for the marketer to first identify and evaluate
the target market. In that position, the marketer will be able to come up with
the best marketing strategies to apply to effectively capture a large
percentage of the target market. The marketer should carry out a market
segmentation whereby the target market is divided into segments each with similar
characteristics. The marketing company will be able to integrate various
marketing tools to ensure that the marketing plan reaches most of the potential
buyers in the target market (Babin, Barry, & William, 2015). If the
target market consists of both youths and the elderly people, the marketer may
integrate social media marketing as well as print media marketing to capture
both categories of the potentials.

While marketing a product
or a service, it is always wise to begin with a critical analysis of the target
market so as to determine the best strategy to apply in approaching the
customers. After evaluation of the target market, it is important to develop a
marketing strategy that outlines the set goals and objectives of the marketing
plan. The strategy to be applied entirely depends on the nature of the target
market and the objectives of the marketing plan. If the marketer is targeting a
global market, it will be wise and effective to go for social media marketing,
as it will capture a wider range of potential buyers globally. In such a
situation, local advertisements and product promotion may not be effective as
they reach a limited size of the target market. However, if the target market
consists of the elderly group of people, it would not be appropriate to
approach them through social media as most of them are barely active in such
platforms.

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The appropriateness of a
marketing strategy depends on the existence of the product or service in the
market. Product promotion may be effective when launching a new product in the
market or when approaching a new market. Giving away free gifts and discounts
on the purchase of a new product will help to attract the attention of many
potential customers. As such, the marketer will be in a position to reach a
wider target market which is the core objective of the marketing strategy in
this case. The strategy is relatively expensive and therefore it may not be the
most appropriate strategy to go for while marketing an already existing product
that is already doing well in the market.