Final answer:
A marketing strategy or marketing plan outlines the objectives for a brand and the use of the marketing mix to achieve those objectives, starting with defining the goals and audience, and determining the marketing mix.
Step-by-step explanation:
A plan which sets out objectives for a brand and details how the various elements of the marketing mix will be utilized is commonly known as a marketing strategy or marketing plan. This involves defining clear goals and objectives for the brand's growth and success. When creating a marketing strategy, it is essential to first define your audience. Understanding who the intended audience is and how best to reach them is crucial for effective marketing.
A marketing strategy will often include the following steps:
- Define your goals and objectives. It is about setting what the brand aims to achieve, such as increasing market share, enhancing brand awareness, or launching new products.
- Define your audience. Identifying the target customer segment, what their needs are, and how the brand's offerings can meet those needs.
- Determine the marketing mix. This consists of decisions on product features, price points, places where the product will be sold, and the promotional activities that will be undertaken to reach the audience.
Creating a comprehensive plan which includes these elements ensures that all marketing activities are aligned with the brand's overarching objectives.