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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.
The marketing plan also helps layout the necessary budget and resources needed to achieve the goals stated in the marketing plan. It is able to show what the company is intended to accomplish within the budget and also makes it possible for company executives to assess potential return on the investment of marketing dollars.
In many cases, marketing management will develop a marketing plan to specify how the company will execute the chosen strategy and achieve the business's objectives. The content of marketing plans varies for each firm, but commonly includes: An executive summary
Throughout the process, strategy documents were essential in detaining the developing strategy as they were constantly revised up until an ultimate plan was accepted. The book edited by Mandeville-Gamble (2015) sees the roles of managers as important in terms of communicating the strategic vision of the organization. [18]
The Marketing strategy is a plan that shows how the firm's marketing activities will help to achieve the overall strategic goals. Marketing management is focused on developing the marketing program or Marketing mix (also known as the 4Ps ) and is concerned with the implementation of specific action plans designed to achieve objective ...
A marketing plan can also pertain to a specific product, the introduction of a new product, the revision of current marketing strategies for existing products, as well as an organisation's overall marketing strategy. The plan is created to accomplish specific marketing objectives, outlining a company's advertising and marketing efforts for a ...
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