Marketing Strategy & Plan Development
Chapter 1. Marketing strategy and marketing planning
Simply put, customers are no longer a given — the fact that company produces commodity doesn’t mean anyone will buy it. In order to continue to thrive, companies must acquire and keep customers. Because it is the only business function that deals directly with customers, marketing and sales has become an area of increasing focus for companies of all sizes.
Every company conducts strategic planning through the course of its activity. The marketing strategy focuses on markets and customers and is just one part of business strategy. Business strategy takes a broader view that includes other business functions such as manufacturing and operations, finance, quality, purchasing and supply chain, and information and communication technology. For example, a business objective may be to increase sales. Marketing objectives to achieve this would be to reach new customers, promote repeat buying among existing customers and launch new products. [1]
1.1 Marketing strategy definition and purposes
Marketing strategy is a process that can allow an organization to concentrate its resources on the optimal opportunities with the goals of increasing sales and achieving a sustainable competitive advantage. [2] Marketing strategy includes all basic and long-term activities in the field of marketing that deal with the analysis of the strategic initial situation of a company and the formulation, evaluation and selection of market-oriented strategies and therefore contribute to the goals of the company and its marketing objectives. [3]
Marketing strategy involves careful scanning of the internal and external environments. Internal environmental factors include the marketing mix, plus performance analysis and strategic constraints. External environmental factors include customer analysis, competitor analysis, target market analysis, as well as evaluation of any elements of the technological, economic, cultural or political/legal
Simply put, customers are no longer a given — the fact that company produces commodity doesn’t mean anyone will buy it. In order to continue to thrive, companies must acquire and keep customers. Because it is the only business function that deals directly with customers, marketing and sales has become an area of increasing focus for companies of all sizes.
Every company conducts strategic planning through the course of its activity. The marketing strategy focuses on markets and customers and is just one part of business strategy. Business strategy takes a broader view that includes other business functions such as manufacturing and operations, finance, quality, purchasing and supply chain, and information and communication technology. For example, a business objective may be to increase sales. Marketing objectives to achieve this would be to reach new customers, promote repeat buying among existing customers and launch new products. [1]
1.1 Marketing strategy definition and purposes
Marketing strategy is a process that can allow an organization to concentrate its resources on the optimal opportunities with the goals of increasing sales and achieving a sustainable competitive advantage. [2] Marketing strategy includes all basic and long-term activities in the field of marketing that deal with the analysis of the strategic initial situation of a company and the formulation, evaluation and selection of market-oriented strategies and therefore contribute to the goals of the company and its marketing objectives. [3]
Marketing strategy involves careful scanning of the internal and external environments. Internal environmental factors include the marketing mix, plus performance analysis and strategic constraints. External environmental factors include customer analysis, competitor analysis, target market analysis, as well as evaluation of any elements of the technological, economic, cultural or political/legal