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Based on selected target market. Now, the company has to design the marketing strategy. Now, marketing strategies, for differentiating and positioning in the market. Suppose you have taken a particular defined, a certain Target customer. That target customer can be based on any parameter i.e. geographic, demographic, psychographic, and behavioural. So based on whichever target market, the company chooses they will now design marketing strategy to Differentiate. Differentiate means, What is they're going to do different from the other competitors. How they're going to position themselves in the market and in the mind of the customer? What are few things that they should do, So that the targeted customers should prefer them over the competitors. The some people can work on better product quality, some companies can work on pricing, some can work on services and Some can work on experiences. So in different companies, depending on what they want to achieve, they can design different kinds of marketing strategies. So that they are differentiated and they are able to position themselves very high in the mind of the customer. The other is that designing marketing strategy will include after understanding the target market. Maybe it is a requirement of new product. So, how would you product do on New Product Development? How would you test it? Would you eventually launch it? And once you have launched, its maybe. It also needs modification and different stages of the product life cycle. For example, introduction, may you have a very basic product, but when you go in the growth stage, you want to add on more services, you want to make the pricing little higher, you want to achieve economy of scale this is wear breakeven will happen and profitability will began. Maturity something where in you might want to now again bring a lot of excitement around the product so you will add a new variant new packaging, maybe it needs to be reposition, maybe this is where you need to diversify your product lines and eventually the product is reaching a decline Stage, then not much of the expenditure is required, you need to look at. How do you want to get the maximum return out of it and then decide to you want to sell it or for diluted or totally end with the product. E.g. of cars i.e. with gear and without gear, on patrol without patrol i.e. CNG and now it changes to E-Car means electrical cars.

Then in order to implement the marketing strategy you need to plan the marketing program. Now, what does it really include? It include basic decisions, decisions on the overall marketing expenditure, the marketing mix, which is four peace and the marketing allocation with respect to how much budget or what strategy do you want to allocate for what product? What is marketing, mix? The marketing mix referes to the set of actions or tactics, that a company uses to promote its brand or product, Price, Place and promotion. However, Nowdays, the marketing mix increasingly includes several other Ps likes Packaging, Positioning, People and even politics as crucial elements of marketing mix. Then what level of marketing expenditure is necessary to achieve the objective. There are some method like sales ratio method competitive parity method, objective based it means something you want to achieve and to achieve that You have to spend and the last one which some companies applies whatever budget allows. These are certain can be in which a location, you may know that my expenditure allocation can be discrete exponential, budget can be decided, then you will have to look at. Next is How do you want to divide this budget? Into the different tools are what made you want to do. You want to choose above the line, which is all mass media or do you want to do more tests, which is channels in the channel Centric? Expenditure with your channel Partners, whether you want to spend money with two vendors promoter was retailers and above the line is, when you choose a mass media method, like radio, television, newspaper, magazines, and whatever you want to do a special event like exhibition, etc. So you have to divide the totally budget into various part....