- Marketing strategy 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 want of customers.
MARKETING STRATEGIC PROCESS
• Planning Phase –
He planning phase is the most important as it analyzes internal strengths and weaknesses, external competition, changes in technology, industry culture shifts and provides an overall picture of the state of the organization.
• Implementation Phase –
The implementation phase is the action portion of the process. If the firm cannot carry out the plan that was determined in the early stages, then the hours spent planning were wasted.
• Evaluation or Control Phase –
The evaluation phase is the checking phase. This process involves ensuring that the results of the program are in line with the goals set.
Marketing Strategy Method
• Observe the Competition –
A business owner may find strategies that work so well for the competitor that he may want to employ them in his own marketing plan.
• Address Customer Needs –
Many companies survey customers to find out what their most pressing needs are. The survey results suggest a strategic path for the company to take.
• Vision and Goal Setting –
– The business owner’s long-range vision for the company — and the performance goals he has set for it — help shape the company’s strategic direction.
• Opportunity Assessment –
The management team makes an ongoing effort to gather data about the current and forecast business environment, including projected growth for the industry.
Strategic Review –
On at least an annual basis and preferably quarterly, the business owner and her team should review the marketing strategies currently in place and evaluate their effectiveness.
Types of Marketing Strategies
• Paid advertising –
This includes multiple approaches for marketing. It includes traditional approaches like TVCs and print media advertising.
• Relationship marketing –
This type of marketing is basically focused on customer building. Enhancing existing relationships with customers and improving customer loyalty.
• Undercover marketing –
This type of marketing strategy focuses on marketing the product while customers remain unaware of the marketing strategy. It is also known as stealth marketing.
• Transactional marketing –
Sales is particularly the most challenging work. Even for the largest retailers, selling is always tough especially when there are high volume targets.