Linking marketing and pricing strategy

- Your marketing strategy must be tightly linked…with marketing tactics.…The classic four Ps of marketing, product, price,…promotion, and place.…Your strategy won't succeed unless you execute it properly.…Let's look at how you make this linkage in pricing.…Before I do that, let's make sure you understand…what a marketing strategy is.…In its most simple form, strategy involves two choices.…Which part of the overall market do you want to compete in?…And, how you'll compete, meaning how will you…position your offering in a way that beats the competition?…Every market has four parts that you can focus on.…

First, is your current, 100% loyal customers.…They buy exclusively from you.…Second, are those customers who buy…only from your competitors.…Third, are customers who buy from you and your competitors,…I call them multi-brand customers.…And finally, are potential customers who don't buy anything…from you or your competition.…I call them non-category customers.…They have a potential to become a customer…if you give them a good reason.…