Marketing strategy is a process that can allow an organization to concentrate its resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage.
Marketing strategies are the vital basis of marketing plans designed to fill market needs and reach market objectives. Plans and objectives are tested for measurable results.
Usually Marketing strategies are developed as multiyear plans with a tactical plan detailing specific actions to be accomplished in the current year. Time frames vary from organization to organization but increasingly they are becoming shorter as the speed of change in the market place increases. Market strategies are dynamic and interactive.
Marketing strategy involves carefully checking on internal and external factors. Internal factors include the marketing mix and the performance analysis. External factors include customer analysis, target market analysis and keeping abreast of any changes in the economy, politics and technology. One of the key factors of marketing strategy is to keep marketing in line with the mission statement.
Once these scans have been completed a strategy plan can be constructed to determine goals and the marketing mix to achieve this.
Vital things to consider when formatting the market strategy are listing overall goals and objectives. When they are listed they need to be accompanied by a time frame with specific quantities and percentages of what is to be achieved.
The primary target markets have to be determined as specifically as possible. Current resources that are available to the company should be noted. Current resources are contacts already utilized and known to the company such as organizations and committees. The methods to be used to break into each target market have to be considered and may range from fliers, emails and press releases to name but a few.
Once all the ground work has been done the marketing can commence and the results of the sales analyzed to determine the success of the strategy to note whether or not the strategy is to be altered in any way.