DEFINITION of 'Marketing Strategy'
A marketing strategy is a business' overall game plan for reaching people and turning them into customers of the product or service that the business provides.The marketing strategy of a company contains the company’s value proposition, key marketing messages, information on the target customer, and other high level elements.marketing strategy is a process or model to allow a company or organization to focus limited resources on the best opportunities to increase sales and thereby achieve a sustainable competitive advantage.
Bottom line: think of the definition of marketing strategy as the high-level rules that direct your marketing activities.For example, if there’s a single influencer who touches all your customers and has a significant impact on the way those customers try to solve their problem... one of your strategies may be to focus on building a strong relationship with that influential individual or company.
The Creation of a Marketing Strategy:
A marketing strategy grows out of a company’s value proposition.The value proposition summarizes the competitive advantage a company has in its market.The value proposition usually provides the key message for all marketing, for example, is a discount retailer with “everyday low prices” and its business operations and marketing revolves around that.So a company is never creating a marketing strategy from scratch.
The picture on the down is the simplest way to think about it, starting at the bottom:
**Start with your business goals: these are the highest-level objectives of the business, or mission statement.
**Next comes the marketing strategy: the high-level rules that will govern what marketing efforts you focus on.
**After you’ve defined your marketing strategy, you will define the marketing mix: plans for Product, Pricing, Place (Distribution), and Promotion.
**Then the final step is writing a marketing plan, which will describe the specific, detailed marketing activities that you plan on engaging in to achieve the marketing strategies and business goals.
The purpose of your marketing strategy should be to identify and then communicate the benefits of your business offering to your target market.
Once you have created and implemented your strategy, monitor its effectiveness and make any adjustments required to maintain its success.
This guide helps you identify which customers to focus on and your key objectives in reaching them.It explains what to include in your marketing strategy and how it can be used as the basis for effective action.
-- Key elements of a successful marketing strategy.
-- Understanding your strengths and weaknesses.
-- Developing your marketing strategy.
-- Tips and pitfalls.
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