Marketing strategy refers to a comprehensive action plan that includes brand promotion and offering products to consumers, sale of goods and services, pricing processes. In addition to this, the marketing strategy involves the interaction with clients and staff. The marketing strategy is an official document that consists of a value proposition of the firm, socio-demographics of the target audience, and other significant details.
Marketing Strategy explained
A good marketing strategy should be based on the value proposition of an organization. It is a promise a company gives to a potential customer in order to convince him to purchase a product or service. It explains how your product solves customers’ problems and why it is better than competitors’ goods or services. It gives members of the marketing team an idea of what kind of promotional activities to conduct.
A marketing plan is an official document and is the most important component of a business’s strategic plan, which sets the company's goals and describes marketing campaigns. On the one hand, it shows the objectives of an organization and explains how to achieve them. On the other hand, a marketing plan identifies marketing resources used to achieve marketing objectives.
The marketing strategy usually lasts longer than the plan as the core components stated above remain the same for a long time.
Importance of Marketing Strategy
Marketing strategy is essential for any business as it helps to increase revenue of the company, strengthen niche authority, increase market share, and compete in the market. Marketing strategy reveals customers’ needs and interests.
An effective marketing strategy allows a company to allocate its resources effectively, increase sales volumes, and discover an untapped market.