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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.
For strategic planning to work, it needs to include some formality (i.e., including an analysis of the internal and external environment and the stipulation of strategies, goals and plans based on these analyses), comprehensiveness (i.e., producing many strategic options before selecting the course to follow) and careful stakeholder management ...
To create an effective, cost-efficient marketing management strategy, firms must possess a detailed, objective understanding of their own business and the market in which they operate. [7] In analyzing these issues, the discipline of marketing management often overlaps with the related discipline of strategic planning.
Strategic planning may also refer to control mechanisms used to implement the strategy once it is determined. In other words, strategic planning happens around the strategic thinking or strategy making activity. [15] Strategic management is often described as involving two major processes: formulation and implementation of strategy.
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 ...
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. [4] The marketing ...
In marketing, a marketing plan is created to guide businesses on how to communicate the benefits of their products to the needs of potential customer. The situation analysis is the second step in the marketing plan and is a critical step in establishing a long term relationship with customers. [3] The parts of a marketing plan are: Introduction
An organization's marketing planning process is derived from its overall business strategy. Marketing plans start by identifying customer needs through market research and how the business can satisfy these needs. The marketing plan also shows what actions will be taken and what resources will be used to achieve the planned objectives.
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related to: describe strategic planning in marketing management process examples