Marketing strategy is a strategy that identifies objectives and illustrates the method you’re going to gratify customers or customer group you chosen. It integrates an organization’s marketing goals into a unified whole. Its focal point is to accomplish utmost profit potential with best product mix. The marketing strategy gets started with a marketing plan. Small businesses commonly use growth strategies. You can raise your business is through the way you will utilize products and markets or customers. At first look, writing business plans and marketing strategy is generally simpler. Business planning and marketing strategy may appear multifarious and overwhelming but mostly it is common sense. Marketing strategy takes the shape of a business plan.
The marketing strategy is just one element of business strategy and its focal point is markets and customers. Business strategy takes a broader outlook than a marketing strategy that contains supplementary business functions such as manufacturing and operations, finance, quality, purchasing and supply chain, and information and communication technology. For instance, raising sales may be the objective of business. On the other hand, marketing objectives to achieve augmented sales by reaching new customers, encourage recur sales to existing customers and launching new products.
A careful and objective understanding of the existing state is the elementary parts of a marketing strategy. They typically contain the scope of the business, marketing objectives, target segments and positioning and marketing mix. You should deliver the benefits to selected customer groups which they are seeking for. The main scope of the business is technology, product and customer group. These may help you with ‘vision’ or ‘mission statement’, a set of words explaining what your business is concerned, where it is going and where you want to go in future.
Marketing objectives include market share, sales or market share expansion, market entrance, increase awareness, etc. You should target specific market segments which your business best fit and your business position in those segments. You should deliver benefits to your customers and beat competitors with the help of the marketing mix (products, price, place (distribution) and promotion). When you think about implementation of marketing strategy you should consider action plans, budgets, timescales and resources.
If you cannot apply marketing strategy, it would not help your business. When you have finished your marketing strategy, you should check out your operational ability and processes capable of satisfying the extra orders, delivering on time and providing any extra services dependably and professionally. To coordinate your activities you should focus on the marketing mix. You start having execution of marketing strategy when sales are declining, slow growth rate of sales, thump by a competitor, expanding consumer group, growing new market and when enter into new markets.
There are a number of marketing strategies that are used by marketers are early entry strategy, laggard entry strategy , product strategy, new product strategy , promotion mix strategy , media selection strategy, advertising copy strategy , distribution strategy, multiple channel strategy, pricing strategy.