Marketing strategy is essentially a forward-looking, long-term game plan and a complete strategy of any business or any company with the main aim of achieving a strategic competitive edge by understanding the desires and needs of prospective consumers. The Marketing Strategy has to be such that it can adapt itself to changing market conditions, rapidly and intelligently respond to the new trends and circumstances in the market. It has to be flexible enough to cope with emerging challenges, and yet consistent with the core values of the organization.
Marketing Strategy is not just a catch-all term, but rather an integrated set of activities, processes, and systems which include:
* Identifying the competing needs and desires of the marketplace. * Evaluating the strengths and weaknesses of the market. * Creating an effective marketing strategy and planning the actions required to meet the marketing goals. * Implementing the marketing strategy and measuring its effectiveness. * Controlling and monitoring the results of the measures undertaken. * Measuring the effectiveness of the marketing strategy and its implementation.
A successful marketing strategy is dependent on a number of factors. These are: the target and audience of the product or services to be marketed, the resources available to the organization, the channels chosen to communicate with the target audience, the measurement of performance and control of the measures, and finally the feedback on performance provided by the business units to the central management. Marketing Plans for the various business units and channels has to be developed and implemented in a manner that is consistent with the overall objectives of the organization. This ensures that the marketing strategies address all the important aspects of the business.
the marketing strategy depends on the type of market being targeted
The execution of the marketing strategy depends on the type of market being targeted and the nature of the products and services. For instance, the product information plan for a grocery store has different tactics and measures than that of an electronic store. The grocery store has a very specific tactic to attract new customers by offering discount coupons and other special offers. On the other hand, an electronic store has multiple tactics and measures, including digital marketing strategy, SMS marketing strategy, e-mail marketing strategy, web site optimization strategy, and pay per click strategy, etc., in order to attract more customers to its site.
The type of tactics and measures employed in executing the marketing strategy vary from firm to firm. The size of the organization also affects the effectiveness of the strategy. Large organizations can execute a very elaborate strategy through various channels and measures, while small firms usually have limited options to execute the strategy. Therefore, the size of the organization should be evaluated according to the available options and the effectiveness of the marketing mix employed for execution.
implementing the marketing strategy
Marketing through social media is considered one of the best ways of implementing the marketing strategy. The strategy has the potential to spread the brand name for a brand fast and generate leads for sales. Moreover, this medium provides users with the capability to share their views about the products and services on the Internet. Thus, by utilizing social media, the marketing strategy can be executed efficiently for generating more leads and creating sustainable competitive advantage. The social media strategy requires careful evaluation of the target market, the scope of penetration of the brand in the existing markets, the scope of additional markets, and the additional activities that can be carried out to promote the product or service.