What is a marketing strategy? Definition and examples
A marketing strategy is all of a company’s marketing goals and objectives combined into a single comprehensive plan. Business executives draw a successful marketing strategy from market research. They also focus on the right product mix so that they can get the most profit.
Put simply; a marketing strategy is a strategy designed to promote a good or service and make a profit. In this context, the word ‘good‘ means the same as ‘product.’
A good marketing strategy helps companies identify their best customers. It also helps them understand consumers’ needs. With a good strategy, it is possible to implement the most effective marketing methods.
BusinessDictionary.com has the following definition of marketing strategy:
“An organization’s strategy that combines all of its marketing goals into one comprehensive plan.”
“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.”
Marketing strategy is long-term
Marketing strategies are long-term, forward-looking approaches to planning. Their fundamental goal is to achieve a competitive advantage.
When a company has an edge over a rival or rivals in the provision of a product or service, it has a competitive advantage. Mercedes, for example, has a competitive advantage over other luxury car-makers because its vehicles maintain their value.
Mercedes did not obtain this competitive advantage overnight or because it was lucky. It was part of the company’s long-term strategy. Specifically, part of its marketing strategy.
Marketing strategy vs. marketing plan
Many people use the two terms interchangeably, but their meanings are quite different.
This includes an explanation of the goals a company needs to achieve with its marketing efforts. A company’s business goals shape its strategy.
Every business’ business goals and marketing strategy should go hand-in-hand.
A business’ marketing plan describes how it is going to achieve its marketing goals.
TheBalancesmb.com says the following regarding a company’s marketing plan:
“It’s the application of your strategy – a roadmap that will guide you from one point to another.”
Therefore, in marketing, the strategy describes the ‘what‘ while the plan describes the ‘how.’
Unfortunately, many people try to achieve the ‘how’ without first determining what the ‘what’ is.
You should first determine ‘what’ you want to achieve, and then work out ‘how’ you will do it. In other words, your marketing strategy must come before your marketing plan.
Before I decide, for example, whether to travel on foot or horseback, I need to determine where I want to go.
Creating a marketing strategy
NIBUSINESSINFO.CO.UK says that four key elements are crucial for creating a strategy. Below is a list of those elements with an explanation of what they involve:
A company’s current and potential customers fall into specific segments or groups. You need to characterize them according to their needs.
You can identify these groups plus their needs through market reports and market research. As soon as you know what they are, you need to address those needs more effectively than your rivals. You also need to address consumers’ expectations.
Targeting and positioning
You must target the market segments that represent the greatest profits for your business. What your product or service offers must meet the needs and expectations of the target market you have selected.
Your marketing strategy must make the most of your strengths. It must also satisfy the needs and meet the expectations of your target segment.
When you have designed your marketing strategy, you need to decide how to make sure your target segment knows about your product or service. You must also tell them why and how your product can meet their needs.
You can do this via advertisements, public relations campaigns, exhibitions, and Internet marketing. Internet marketing means the same as digital marketing, i.e., online marketing.
Monitoring, assessment, and evaluation
You must monitor and evaluate or assess your strategy. It is important. Unfortunately, many people in business skip this part.
Monitoring and evaluation help companies see how well their strategy is performing. It also helps them devise a future marketing strategy. In other words, it has both short- and long-term benefits.
Your strategy comes before your plan
As soon as you have determined what your marketing strategy is, you can draw up a marketing plan. The plan describes how you are going to execute your strategy. It also shows how you will evaluate its effectiveness or success.
“In marketing, I’ve seen only one strategy that can’t miss – to market to your best customers first.”
Romero is an America designer, programmer, director, and developer in the video game industry. He co-founded id Software and designed many of their games. He designed the following games: Doom, Hexen, Dangerous Dave, Wolfenstein 3D, and Quake.