Marketing strategy

Marketing Strategy

Marketing strategy (/ˈmɑːrkɪtɪŋ ˈstrætədʒi/) is a long-term, forward-looking approach and an overall game plan of any organization or any business with the fundamental goal of achieving a sustainable competitive advantage by understanding the needs and wants of customers.

Etymology

The term "marketing strategy" is derived from the words "market" and "strategy". The word "market" comes from the Latin "mercatus", meaning a place where business is conducted. The word "strategy" comes from the Greek "strategia", meaning generalship.

Definition

A marketing strategy refers to a business's overall game plan for reaching prospective consumers and turning them into customers of the products or services the business provides. It contains the company’s value proposition, key brand messaging, data on target customer demographics, and other high-level elements.

Components of Marketing Strategy

A marketing strategy typically consists of several key components:

• Market Research: This involves gathering and analyzing data about the market, including customer needs, preferences, and behavior.

• Target Market: This is the specific group of people that a business aims to reach with its products or services.

• Marketing Mix: This refers to the set of actions a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place.

• Competitive Analysis: This involves identifying key competitors and evaluating their strategies to determine their strengths and weaknesses relative to those of your own product or service.

• Positioning: This involves defining how a product or service is perceived in the minds of customers relative to competitors' products or services.

Related Terms

• Marketing Plan: A marketing plan is a comprehensive document or blueprint that outlines a company's advertising and marketing efforts for the coming year.

• Marketing Tactics: These are the strategic actions that direct the promotion of a product or service to influence specific marketing goals.

• Marketing Objectives: These are the goals set by a business when promoting its products or services to potential consumers that should be achieved within a given time frame.

• Marketing Channels: These are the ways that goods and services are made available for use by the consumers.

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