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Marketing strategy is a comprehensive plan of any organization which includes the marketing goals and marketing plans. An effective marketing strategy depends on well defined marketing research and by focusing on the right product mix to target the desired profit for business sustenance. The foundation of a strong marketing plan depends on the marketing strategy. Companies use various marketing strategies for competitive advantages. A well defined marketing strategy is comprised of all the fundamental and advanced marketing activities of the organization. A marketing strategy is an overall marketing planning actions which the companies tend to take in order to accomplish a specific goals and objectives. An organized marketing strategy will define how the business can meet the market requirements so that the businesses can deliver the objectives.
There are several interrelated components in the marketing strategies. These components are known as marketing mix. Marketing strategy explains goals which are needed to achieve with marketing efforts. So marketing strategy is shaped by the business goals. It includes the planning and implementation of polices towards the organizational goals in the accordance with the vision of the organization. The primary motivation to adopt marketing strategy by any company is the competition in the marketing. The basic roots of marketing strategy are found in the marketing and strategy. Marketing strategy is the foundation of marketing plans which are designed to fulfil the marketing objectives of the company. A company designs its marketing strategies as multi – year plans to be accomplished in the set time. The set time depends on the nature of the company. So, it differs from company to company, or place to place etc. As marketing strategies are dynamic and interactive in nature, so they are partially unplanned and partially planned.
While developing constructive marketing strategies, companies need to do research on the internal and external marketing environments. These factors can affect the marketing strategies. Internal factors are marketing mix and marketing mix modelling, strategic management, performance analysis strategic constrains. External environmental factors include the competitors analysis, target market analysis, customer analysis etc. Once the company conducts complete research on the internal and external factors, a strategic plan is made. This step is taken to know about the business alternatives, establishing challenging goals, determination the optimal marketing mix to achieve the business goals and the detailed implementation of the plans. The final step of building marketing strategy includes the planning to monitor the performance and a set of the contingencies if there is any trouble with the planning and implementations. Marketing strategy provides a better roadmap for marketing management.
Marketing plan decides the strategies can be put into actions, defining the marketing budgets and the deadlines. The well defined marketing strategy depends on understanding the customers, knowing the requirements of the customers. When a company decides its marketing strategy over a time period, it covers all the elements such as marketing research, promotion and advertising. There is a clear distinction between the undifferentiated marketing and differentiated marketing. A single marketing mix plan is executed for the overall market in undifferentiated marketing. Differentiated marketing is more complex than undifferentiated marketing. Differentiated marketing utilizes many sophisticated marketing strategies. In differentiated marketing, separate marketing strategies are applied to different marketing segments. For example a garment market can be divided into fashion segment and functional segment; high and low price segments etc.
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