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Marketing strategy

MarketingKey conceptsProduct • Pricing • Place • Promotion


Distribution • Service • Retail
Brand management
Account-based marketing
Marketing ethics
Marketing effectiveness
Market research
Market segmentation
Marketing strategy
Marketing management
Market dominancePromotional contentAdvertising • Branding • Underwriting
Direct marketing • Personal Sales
Product placement • Publicity
Sales promotion • Sex in advertisingPromotional mediaPrinting • Publication • Broadcasting
Out-of-home • Internet marketing
Point of sale • Promotional items
Digital marketing • In-game
In-store demonstration • Brand Ambassador
Word of mouthThis box: view • talk • editMarketing strategy[1][2] is a process that can allow an
organization to concentrate its limited resources on the greatest opportunities to increase
sales and achieve a sustainable competitive advantage[3]. A marketing strategy should be
centered around the key concept that customer satisfaction is the main goal.

Contents
[hide]

• 1 Key part of the general corporate strategy


• 2 Tactics and actions
• 3 Types of strategies
• 4 Strategic models
• 5 Real-life marketing
• 6 See also
• 7 References

8 Further reading [edit] Key part of the general


corporate strategy
This This article needs additional citations for verification.
article Please help improve this article by adding reliable references. Unsourced material may be
needs challenged and removed. (June 2008)
additio
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(June
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Marketing strategy is a method of focusing an organization's energies and resources on a


course of action which can lead to increased sales and dominance of a targeted market
niche. A marketing strategy combines product development, promotion, distribution,
pricing, relationship management and other elements; identifies the firm's marketing
goals, and explains how they will be achieved, ideally within a stated timeframe.
Marketing strategy determines the choice of target market segments, positioning,
marketing mix, and allocation of resources. It is most effective when it is an integral
component of overall firm strategy, defining how the organization will successfully
engage customers, prospects, and competitors in the market arena. Corporate strategies,
corporate missions, and corporate goals. As the customer constitutes the source of a
company's revenue, marketing strategy is closely linked with sales. A key component of
marketing strategy is often to keep marketing in line with a company's overarching
mission statement[4].Marketing participants often employ strategic models and tools to
analyze marketing decisions. When beginning a strategic analysis, the 3Cs can be
employed to get a broad understanding of the strategic environment. An Ansoff Matrix is
also often used to convey an organization's strategic positioning of their marketing mix.
The 4Ps can then be utilized to form a marketing plan to pursue a defined strategy.

There are a many companies especially those in the Consumer Package Goods (CPG)
market that adopt the theory of running their business centered around Consumer,
Shopper & Retailer needs. Their Marketing departments spend quality time looking for
"Growth Opportunities" in their categories by identifying relevant insights (both mindsets
and behaviors) on their target Consumers, Shoppers and retail partners. These Growth
Opportunities emerge from changes in market trends, segment dynamics changing and
also internal brand or operational business challenges.The Marketing team can then
prioritize these Growth Opportunities and begin to develop strategies to exploit the
opportunities that could include new or adapted products, services as well as changes to
the 7Ps.

[edit] Real-life marketing


Real-life marketing primarily revolves around the application of a great deal of common-
sense; dealing with a limited number of factors, in an environment of imperfect
information and limited resources complicated by uncertainty and tight timescales. Use of
classical marketing techniques, in these circumstances, is inevitably partial and uneven.

Thus, for example, many new products will emerge from irrational processes and the
rational development process may be used (if at all) to screen out the worst non-runners.
The design of the advertising, and the packaging, will be the output of the creative minds
employed; which management will then screen, often by 'gut-reaction', to ensure that it is
reasonable.

For most of their time, marketing managers use intuition and experience to analyze and
handle the complex, and unique, situations being faced; without easy reference to theory.
This will often be 'flying by the seat of the pants', or 'gut-reaction'; where the overall
strategy, coupled with the knowledge of the customer which has been absorbed almost by
a process of osmosis, will determine the quality of the marketing employed. This, almost
instinctive management, is what is sometimes called 'coarse marketing'; to distinguish it
from the refined, aesthetically pleasing, form favored by the theorists.

[edit] See also


• Business model
• Customer engagement
• Market Segmentation

[edit] References
1. ^ UK govt businesslink marketing strategy guide.
2. ^ Marketbut strategy Australian administration small business guide.
3. ^ Baker, Michael The Strategic Marketing Plan Audit 2008. ISBN 1902433998.
p.3
4. ^ Baker, Michael The Strategic Marketing Plan Audit 2008. ISBN 1902433998.
p. 27
5. ^ Marketing basics Marketing strategy based on market needs, targets and goals.
6. ^ Miles, Raymond (2003). Organizational Strategy, Structure, and Process.
Stanford: Stanford University Press. ISBN 0804748403.

[edit] Further reading


• Laermer, Richard; Simmons, Mark, Punk Marketing, New York : Harper Collins,
2007 ISBN 978-0-06-115110-1 (Review of the book by Marilyn Scrizzi, in
Journal of Consumer Marketing 24(7), 2007)

Retrieved from "http://en.wikipedia.org/wiki/Marketing_strategy"


Categories: Marketing
Hidden categories: Wikipedia articles needing rewrite from May 2009 | Articles needing
additional references from June 2008 | All articles needing additional references

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Basic theory:

1. Target Audience
2. Proposition/Key Element
3. Implementation
1. [edit] Tactics and actions
A marketing strategy can serve as the foundation of a marketing plan. A marketing plan
contains a set of specific actions required to successfully implement a marketing strategy.
For example: "Use a low cost product to attract consumers. Once our organization, via
our low cost product, has established a relationship with consumers, our organization will
sell additional, higher-margin products and services that enhance the consumer's
interaction with the low-cost product or service."

A strategy consists of a well thought out series of tactics to make a marketing plan more
effective. Marketing strategies serve as the fundamental underpinning of marketing plans
designed to fill market needs and reach marketing objectives[5]. Plans and objectives are
generally tested for measurable results.

A marketing strategy often integrates an organization's marketing goals, policies, and


action sequences (tactics) into a cohesive whole. Similarly, the various strands of the
strategy , which might include advertising, channel marketing, internet marketing,
promotion and public relations can be orchestrated. Many companies cascade a strategy
throughout an organization, by creating strategy tactics that then become strategy goals
for the next level or group. Each one group is expected to take that strategy goal and
develop a set of tactics to achieve that goal. This is why it is important to make each
strategy goal measurable.

Marketing strategies are dynamic and interactive. They are partially planned and partially
unplanned. See strategy dynamics.

[edit] Types of strategies