What is Marketing Strategy

The video tutorial explains the concept of a marketing strategy, which consists of five key elements: target market, marketing mix (product, price, place, promotion), and value creation. It emphasizes understanding the target market's needs and using the marketing mix to meet those needs effectively. The goal is to create value for the customer, company, and community. The tutorial also covers distribution, ensuring products are available where customers can access them, and promotion, which involves communicating the product's value and availability to the target market.

What is the primary focus of a marketing strategy?

• To reduce costs

• To expand globally

• To meet the needs of the target market

• To increase production

Which of the following is NOT part of the marketing mix?

• Product

• Price

• Place

• Profit

How does the marketing mix help in creating value?

• By reducing the price of all products

• By focusing solely on promotion

• By using tools to meet the target market's needs

• By increasing the number of products

What is the role of 'place' in the marketing strategy?

• To decide the product's features

• To create advertisements

• To determine the product's price

• To make the product available to customers

Why is promotion important in a marketing strategy?

• It decides the product's distribution channels

• It helps in reducing production costs

• It determines the product's price

• It communicates the product's value to the target market