Marketing strategy is nothing but an organized procedure by which a company directs its limited resources to take maximum advantage of existing market share or new opportunities to improve sales and reach a sustainable competitive edge.
Marketing strategy planning involves compiling a list of possible purchases, services and/or programs for sale that will result in a firm increasing revenues. A marketing strategy focuses on creating a “market plan” for a particular period of time. Usually marketing strategy is used by companies as a way of getting a firm a recognizable name for itself. Marketing strategy planning also helps in realizing realistic financial targets and helping to achieve a company’s long term viability.
The Purpose Of The Marketing Mix
The four Ps of marketing strategy identifies the need to be visible. For any product or service to be widely understood, it must be advertised. This could be as simple as using services like YoutubeStorm to gain exposure on social media. Marketing must be consistent and widespread. A firm’s visibility may be achieved by a variety of means like publishing promotional literature, giving free demonstrations, participating in trade shows and selling innovative products and services on a website. A company’s logo and distinctive address are generally known by the public.
Additional Marketing Mix Elements
The fifth element of marketing strategy covers the development of a value proposition. The value proposition is what customers look for when they look for a product or service that matches their needs. Most marketing efforts revolve around providing customers with value. Value proposition develops the psychology of a customer by addressing his or her needs and providing a solution to those needs. It may also address the prospect’s need to acquire a particular good over and above the existing goods and services offered.
The sixth and last element of the marketing mix covers the development of the brand or corporate identity. Brand identity can be established through creative branding. Digital marketing strategies are used to build a company’s digital brand. Companies sometimes engage in digital marketing through the creation of a website, which includes the design and development of the website content. This content is made available to the customer long-term in a manner that increases the company’s search engine rankings. Other companies use social media strategies to build long-term customer relationships.
The Keys To Success
The success of a marketing strategy largely depends on its ability to meet the company’s marketing goals. The marketing goals of a company can be grouped into three categories. These include increasing brand recognition, increasing sales, and increasing profitability. Each of these three goals requires a different method of approach. Therefore, a company’s marketing strategy will be formulated keeping in mind the type of outcome desired.
Success also depends on the quality of the implementation of the strategy. Companies should conduct market research in order to determine which of the strategies being considered will yield the desired results.
Developing a strong value proposition is a critical factor that must be taken into consideration when developing a marketing strategy. The value proposition of a product or service is the biggest incentive, a consumer will have to purchase a product or choose a company to provide it. A strong value proposition supports and enables a company to reach prospective customers.
It is important for companies to compare their individual marketing plans against the competition. Most companies find that if they make some minor changes, such as re-branding a product, or offering a cheaper price, they can improve their revenue significantly. However, when comparing their individual marketing strategies vs. marketing plans, it is also important for companies to take into consideration the overall effectiveness of their strategies. This is where companies should take the time to conduct market research, evaluate their internal staff, and compare their overall business plan against the competition.