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What Is a Marketing Strategy?
Marketing strategy refers to the overall strategy of a company to reach potential consumers and convert them into customers for its products and services. A marketing strategy includes data about the company’s value proposition, key brand his messages, target customer demographics, and other high-level factors.
A comprehensive marketing strategy targets his 4 P’s of marketing: product, price, location and promotion.
A marketing strategy is a company’s strategy for reaching potential consumers and converting them into customers for its products and services.
Your marketing strategy should revolve around your company’s value proposition.
The ultimate goal of any marketing strategy is to achieve and communicate a sustainable competitive advantage over your competitors.
Understanding Marketing Strategies
A clear marketing strategy should revolve around the company’s value proposition. It tells consumers what your company stands for, how it works, and what your business deserves.
This gives your marketing team the template they need to communicate initiatives across all your company’s products and services. For example, Walmart (WMT) is widely known as a “every day low” discount retailer, and its business operations and marketing activities are based on that idea.
Marketing Strategies vs. Marketing Plans
Marketing strategies are described in marketing plans. This is a document that details the specific types of marketing activities that a company undertakes and contains a schedule for carrying out various marketing his initiatives.
Ideally, marketing strategies should have a longer lifespan than individual marketing plans. This is because it contains the value proposition and other important elements of the corporate brand. These factors are generally constant over time. In other words, a marketing strategy covers the general message, while a marketing plan outlines the logistical details of a specific campaign.
For example, in marketing strategy, we can say that a company aims to increase its prestige in the niche circles that its customers visit. The marketing plan puts it into action by commissioning thought leadership work.
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