Marketing Strategy
A marketing strategy is most effective when
it is an integral component of corporate strategy, defining how the
organization will engage customers, prospects and competitors in the
market arena for success. A marketing strategy is a process that can
allow an organization to concentrate its resources on the greatest opportunities
to increase sales and achieve a sustainable competitive advantage.
As a key part of the general
corporate strategy
It is partially derived from broader corporate strategies, corporate
missions, and corporate goals. They should flow from the firm's mission
statement.
A marketing strategy also serves as the foundation of a marketing plan.
A marketing plan contains a set of specific actions required to successfully
implement a marketing strategy.
A strategy consists of
well thought out series of tactics. While it is possible to write a
tactical marketing plan without a sound, well-considered strategy, it
is not recommended.
Without a sound marketing
strategy, a marketing plan has no foundation. Marketing strategies serve
as the fundamental underpinning of a plan designed to fill market needs
and reach marketing objectives. It is important that these objectives
have measurable results.
A good marketing strategy
should integrate 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, channel marketing,
internet marketing, promotion and public relations should be orchestrated.
Marketing strategies are
dynamic and interactive. They are partially planned and partially unplanned.
See strategy dynamics.
|
