MARKETING STRATEGY
Marketing strategy
Marketing strategy is a
process that can allow an organization to concentrate its limited resources on the greatest
opportunities to increase sales and achieve a sustainable competitive
advantage. A marketing strategy should be centered around the key concept that
customer satisfaction is the main goal.
Key part
of the general corporate strategy
Marketing
strategy is a method of focusing an organization's energies and resources on a
course of action which can lead to increased sales and dominance of a targeted
market niche. A marketing strategy combines product development, promotion,
distribution, pricing, relationship management and other elements; identifies the
firm's marketing goals, and explains how they will be achieved, ideally within
a stated timeframe. Marketing strategy determines the choice of target market
segments, positioning, marketing mix, and allocation of resources. It is most
effective when it is an integral component of overall firm strategy, defining
how the organization will successfully engage customers, prospects, and
competitors in the market arena. Corporate strategies, corporate missions, and
corporate goals. As the customer constitutes the source of a company's revenue,
marketing strategy is closely linked with sales. A key component of marketing
strategy is often to keep marketing in line with a company's overarching
mission statement.
Basic
theory:
1.
Target Audience
2.
Proposition/Key Element
3.
Implementation
Tactics and actions
A
marketing strategy can serve as the foundation of a marketing plan. A marketing
plan contains a set of specific actions required to successfully implement a
marketing strategy.
For
example: "Use a low cost product
to attract consumers. Once our organization, via our low cost
product, has established a relationship
with consumers, our
organization will sell additional, higher-margin
products and services that enhance the consumer's interaction with the low-cost
product or service."
A
strategy consists of a well thought out series of tactics to make a marketing
plan more effective. Marketing strategies serve as the fundamental underpinning
by marketing plans designed to fill market needs and reach marketing
objectives. Plans and objectives are generally tested for measurable results.
A
marketing strategy often integrates an organization's marketing goals,
policies, and action sequences (tactics) into a cohesive whole. Similarly, the
various strands of the strategy , which might include advertising,
channelmarketing, internet marketing,
promotion and public relations can be orchestrated. Many companies cascade a
strategy throughout an
organization, by creating
strategy tactics that
then become strategy goals for the next level or group. Each one group
is expected to take that strategy goal and develop a set of tactics to achieve
that goal. This is why it is important to make each strategy goal measurable.
Marketing
strategies are dynamic and interactive. They are partially planned and
partially unplanned. See strategy dynamics.
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