A 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 totally centered on the key concept that customer satisfaction is the main goal.
A marketing strategy is a statement of how a brand or product line will achieve its objectives.
The marketing strategy provides decisions and direction regarding variables such as the segmentation of the market, identification of the target market, positioning, marketing mix elements, and the expected expenditures.
A marketing strategy is most effective when it is an integral component of the company’s corporate strategy, defining how the organization will successfully engage customers, prospects, and their competitors in the market arena.
As the customer constitutes the source of a company's revenue, the marketing strategy is closely linked with sales. A key component of marketing strategy is often to keep marketing in line with a company's mission statement.
A marketing strategy will integrate an organization's marketing goals, policies, and action sequences into a cohesive whole. The various strands of the strategy, which normally include advertising, channel marketing, internet marketing, promotion and public relations, can then be orchestrated.
Many companies cascade a strategy throughout an organization, by creating strategy tactics that then become strategic goals for the next level or group. Each one group is expected to take that strategic goal and develop a set of tactics to achieve that goal.
This is why it is important to make each strategic goal measurable.
Real life marketing primarily revolves around the application of a great deal of common sense; dealing with a limited number of factors, in an environment of imperfect information, limited resources, complicated by uncertainty and tight timescales.
Friday, September 12, 2008
James Chapman is a participant in the Amazon EU Associates Programme, an affiliate advertising programme designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.co.uk