Questions: A marketing strategy has two major components: selecting a target market, and developing an appropriate marketing mix

A marketing strategy has two major components: selecting a target market, and developing an appropriate marketing mix
Transcript text: A marketing strategy has two major components: selecting a target market, and developing an appropriate marketing mix
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Solution

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Answer

The answer is developing an appropriate marketing mix.

Explanation
Option 1: Developing an appropriate marketing mix

This option is correct. A marketing strategy typically involves selecting a target market and then developing a marketing mix (often referred to as the 4 Ps: Product, Price, Place, Promotion) that is tailored to meet the needs and preferences of that target market. The marketing mix is crucial for effectively reaching and engaging the target audience.

Option 2: Pricing products according to consumer needs

While pricing is an important aspect of the marketing mix, it is not the only component. This option focuses solely on pricing, which is just one part of the broader marketing mix strategy.

Option 3: Distributing products according to consumer needs

Distribution, or "Place," is another component of the marketing mix, but like pricing, it is only one part of the overall strategy. A comprehensive marketing strategy involves more than just distribution.

Option 4: Developing segmented markets

Market segmentation is a process used to identify and define target markets, but it is not a component of the marketing strategy itself. Instead, it is a step that helps in selecting a target market. The marketing strategy then involves developing a marketing mix for the selected segments.

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