Marketing Strategy is an approach that allows an organisation to focus its limited financial resources on the most potential opportunities to expand sales and reach a sustainable competitive edge. It is the backbone of all sales activities, sales management, product development and the like. It is a strategic management tool that allows the organisation to develop, implement and measure the achievement of its marketing strategies. The strategy map is essentially a map of the organisation’s sales activity for a specified time, showing the type of sales, how many sales were closed and how much money (in terms of revenue) was generated from each activity during that time period. This helps the organisation to measure the success of its marketing strategies and to implement new ones if necessary.
Marketing strategies need to be clearly defined before any marketing plan is drawn up. A marketing strategy, therefore, should have specific goals and objectives that have been set out in black and white. These objectives should include what the company wants to achieve by having a marketing strategy and what are the means by which this objective can be achieved. In addition, the objectives of the marketing strategy should be measurable because they are a key component in helping the company to determine where to direct its marketing efforts and how to measure their success and progress.
A marketing strategy will fail if it is not backed by a well-defined marketing mix. The marketing mix is a four Ps that a business must have in order to reach its objectives. These four Ps are: the target market, the market reachability, the pricing and the promotional activities. By clearly identifying these four Ps, one can determine the strategic direction and setting the basis for the development of the marketing strategies.
The target market is the population that the marketing strategy intends to address. There are different ways of calculating the target market. Some of them are through surveys, market research and the like. The marketing objectives can also be determined through an analysis of the demand for a product or service. This involves analyzing the buying behavior of consumers.
The market reachability is where the company can get access to potential consumers. This can be done through advertising. The pricing is another aspect of the marketing strategies. It is measured through the cost per unit or the price per head, and it can be controlled by the advertisers. Finally, the promotional activities refer to the ways in which the marketers inform about the products and services to consumers and the like.
Marketing strategies are very important to the success of any business. Marketers should therefore have concrete goals and ways of accomplishing them. They must identify the actual consumers that they are aiming to target and develop a marketing strategy accordingly. It is essential that potential customers are targeted because no matter how good a product or service may be, it may not be accessible to potential customers. The Internet is one of the best resources that offer information on what is marketing strategy.