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Marketing strategy refers to efforts undertaken by an organization to increase its sales and achieve competitive advantage. [1] In other words, it is the method of advertising a company's products to the public through an established plan through the meticulous planning and organization of ideas, data, and information.
A marketing plan is a plan created to accomplish specific marketing objectives, outlining a company's advertising and marketing efforts for a given period, describing the current marketing position of a business, and discussing the target market and marketing mix to be used to achieve marketing goals.
Strategic planning is an organization's process of defining its strategy or direction, and making decisions on allocating its resources to attain strategic goals.. Furthermore, it may also extend to control mechanisms for guiding the implementation of the strategy.
In the construction of a business strategy, three main elements must be taken into account: The Company; The Customers; The Competitors; Only by integrating these three can a sustained competitive advantage exist. Ohmae refers to these key factors as the three Cs or the strategic triangle. Customers have wants and needs.
7 Marketing P's. Used in targeting and defining a market in a go-to-market strategy. These are some of the common factors that are considered when performing a market segmentation in a go-to-market strategy: [13] Industry: The industry in which the customer is involved; Customer size and sales potential of the customer
Concept-Driven Strategy is a methodology for formulating business strategies that prioritizes the creation, refinement, and execution of innovative concepts. The goal is to establish distinctive value propositions and competitive advantages.
This analysis provides both an offensive and defensive strategic context to identify opportunities and threats. Profiling combines all of the relevant sources of competitor analysis into one framework in the support of efficient and effective strategy formulation, implementation, monitoring and adjustment. [2]
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