What is a marketing strategy?
It is rightly said: At the heart of any business strategy is a marketing strategy. Businesses exist to deliver products that satisfy customers.
A strategy is a long-term plan to achieve certain objectives. A marketing strategy is therefore a marketing plan designed to achieve marketing objectives. For example, a marketing objective may relate to becoming the market leader by delighting customers. The strategic plan therefore is the detailed planning involving marketing research and then developing a marketing mix to delight customers.
Is a Marketing strategy important for successful business?
Every organization needs to have clear marketing objectives and the major plan to achieve organizational goals will depend on the strategy. It is important, therefore, to be clear about the difference between strategy and tactics.
A good marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and sustain the business. For a global organization like Adidas its marketing mix is tailored to specific markets. This is known as international marketing as it takes cultural and social differences into account when planning marketing activity. Sports’ marketing is a key focus for Adidas’ marketing mix and Adidas was one of the first organizations to see the potential of this form of marketing when they sponsored the FIFA World Cup way back in 1978.
Marketing strategy – the foundation of a marketing plan
- Describe your company’s unique selling proposition (USP).
- Define your target market.
- Write down the benefits of your products or services.
- Describe how you will position your products or services.
- Define your marketing methods. Will you advertise, use Internet marketing, direct marketing, or public relations?
Marketing strategies include all basic and long-term activities in the field of marketing and serve as the fundamental underpinning of marketing plans designed to fill market needs and reach marketing objectives.
And finally, a marketing strategy should look to the future: As with any plan, progress should be regularly measured and reviewed to see what’s working and what isn’t, so it is important to set new targets as the market changes. It will also make sure that one is able to get the maximum impact from the limited marketing budget and time.
A Post Graduate Diploma in Marketing Management from Welingkar’s has proved exceptionally useful for Executives because marketing is core to the sustenance and growth of any organization. Professionals from this sector have been able to effectively create marketing strategies and function as marketing professionals.
Enroll today for a Post Graduate Diploma in Marketing Management in the Hybrid mode (PGDM – MM – HB)