Definition of marketing strategy
Marketing strategy is your comprehensive plan to achieve your marketing goals. The word “strategy” entered the marketing of the military. Some other words with the same origin are “defend”, “attack”, “intelligence” and “tactics”.
To be very clear about the meaning of this term, we are going to differentiate it from terms such as marketing plan and marketing mix. The first is your plan to use your resources, such as money and human capital, and the first is the elements that are available to influence the demand for your product or service. The marketing strategy would be a title for a marketing plan, just as the marketing mix would be a title for the marketing strategy.
Each element of the mix would also have its own strategy. The elements of the marketing mix are product, promotions, price and place for physical products, three additional (people, physical evidence and process) for services.
What would you expect to see in a marketing strategy? It should contain these elements:
- Differential advantage (why your product should be bought instead of competitor products; in what area or how your product is superior to others)
- Target market (those you think should be interested in your product)
- How you will compete in the market in terms of your mix relative to the competition.
- The main goal of your actions (new vs old users, proof against increased usage, etc.)
- How you will allocate your resources (geographically, seasonally, etc.)
- Justification for making all the above decisions (research data)
A well-articulated marketing strategy will allow you to focus your marketing activities to achieve your marketing goals.