What Is Marketing Strategy? Marketing strategy is a comprehensive plan devised especially for accomplishing the company’s marketing goals. It provides a map for accomplishing these goals. It is thus the first building block of any effective marketing plan. Any successful business has a well laid out marketing strategy.
Definition of Marketing Strategy
- Marketing strategy is an overall strategic game plan and a long term, forward looking approach to any company or business’s overall marketing strategy and the basic purpose of knowing the desires and needs of consumers.
- Marketing strategy is an overall, long-range, strategy and an all-encompassing game plan for any business or any organization with the basic purpose of attaining a competitive, sustainable competitive edge by knowing the needs and desires of consumers. Marketing strategy aims to enhance customer satisfaction and brand loyalty, both through the supply chain and consumer experience.
- Marketing strategy lies in the identification of a problem and the crafting of a solution that addresses that problem through the creation of value. An effective marketing strategy should be flexible, adaptable, scalable and competitive.
Marketing strategy lays down the objectives for marketing a product or service to the target audience. The marketing strategy should be such that it provides detailed information about the product or service to the audience. It should explain clearly the target audience, the market to which the product or service belongs and how it will meet up the needs of the target audience. Properly planned marketing strategy ensures that the right people are made aware of the products or services.
Marketing strategy revolves around the following basic elements: Brand, Audience, Product, Communication, Digital Products and Services. These elements form an interactive marketing strategy and are inter-dependent. The brand is the identity through which the audience relates to the product. Audience is about the audience in particular, the group of consumers that can be reached by the marketing channels.
Branding is one of the most important aspects of any effective marketing strategy. A unique selling proposition helps customers relate to the product on a more personal level. It creates trust and persuades the audience to buy. A unique selling proposition can be anything related to the product. It may be the technology, the quality, the look or the benefits that customers get by using the product.
A comprehensive marketing plan includes comprehensive market analysis. Market analysis helps a company to understand its target market. By understanding the target market, the market size and the competition of a firm, the firm can design a marketing strategy that suits the firm and the customers. An effective marketing strategy helps a company to gain a competitive advantage over the other companies and reach out to the right people. A comprehensive marketing plan also helps the company to build a reputation in the market, establish a strong brand image, and create a recognizable brand image in the market.
A marketing mix involves the combination of different channels to drive the right kind of traffic to a website. It includes Search Engine Optimization (SEO), pay-per-click (PPC) advertising, content marketing, social media marketing, and e-mail marketing. A good mix allows for the company to achieve a desired search engine ranking, increase the number of visitors to the site, and drive the right traffic to the website. The best channel combination will help the company to make money online faster.