There should be clear steps to follow when developing a marketing strategy.Guidance from the strategic planIf the strategy is being developed for large organization, then they should be a corporate strategy document – known as a strategic plan – that should be the starting point for the development of marketing strategy and subsequent documentation in […]
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There is a direct relationship between the firm/brand’s marketing strategy and its marketing mix design. A marketing mix should be the execution of the firm’s marketing strategy.In other words, marketing strategy is implemented through the combination and design of the marketing mix elements to meet the identified needs of a selected target market.Please note that
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It is sometimes confusing distinguishing between strategies and tactics as they refer to interdependent aspects of marketing activities. Basically, strategy refers to major decisions that impact the competitive position of a firm, whereas tactics are the activities that support and deliver the strategy.As an example, one aspect of a firm’s strategy could be to build
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Marketing strategy is designed to deliver short-term financial and marketing goals and to build and strengthen the firm’s competitive advantages over time. A firm that has significant competitive advantages will enjoy greater profitability and stability of performance.Difference between short and long-term marketing goalsMarketing strategy is expected to deliver short-term (usually within one year) results and
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Why having a marketing plan will be beneficial to the firmIn addition to documenting the plan itself and outlining the various action tasks, a marketing plan can actually provide other benefits to an organization.Key “extra” benefits of a marketing planIt is a very effective communication tool – particularly upwards to senior management about what will
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Can firms be successful without a marketing plan?One of the questions often asked by marketing students is whether or not a company really needs a marketing plan.Certainly by the way that marketing plans are taught at university, one would be forgiven thinking that every business had a documented marketing plan. But this is not always
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