Final answer:
Developing a marketing strategy using the four Ps is part of a larger marketing plan process, following the situational analysis, the establishment of marketing objectives, and the definition of a marketing mission statement. It is crucial to set specific and achievable goals, and to understand the audience in order to create an effective strategy.
Step-by-step explanation:
The step that involves developing a marketing strategy for the target market using the four Ps is not explicitly listed in the options provided. However, the concept described is most closely associated with creating a marketing mix or marketing program, which is an essential component of the marketing plan. The four Ps (Product, Price, Place, Promotion) are vital in determining a comprehensive strategy to reach the target market effectively. When establishing a marketing strategy, a company would typically have already completed a situational analysis (option 1), defined its marketing objectives (option 2), and articulated its marketing mission statement (option 3). The fourth option, monitoring progress and making adjustments, is part of the ongoing management of the marketing plan once the strategy has been implemented.
Developing a detailed design, which includes market analysis and physical component specifications, is integral in forming a strong foundation before setting specific marketing goals. The marketing strategy must entail specific, achievable, and appropriate actions to ensure the company's objectives are met and to maintain alignment with the overall business mission.
Finally, companies should consider the five W's (Who, What, Where, When, Why) to make their marketing goals specific and actionable. Understanding the audience and continuously refining the marketing strategy through monitoring and adjustment are essential in achieving these goals.