A marketing strategy is a high level plan of action and objectives for the marketing function of a business. A marketing strategy is comprised of:
- A review of the current situation (current strategy, products, customers, market conditions, marketing budget, etc.)
- A review of the competition (products, strategy, market share, etc.)
- Setting clear & concise goals or objectives
- A marketing plan consisting of specific marketing tactics or activities
- Implementation and execution of activities outlined in marketing plan
- Progress review or assessment
As you can see, a marketing strategy provides a business a well-defined route to follow with a clear destination and detailed objectives. A good strategy always has a “review” phase to check if the strategy is working to accomplish the goals and objectives that have been established.
Marketing strategy is long-term in nature, not a one-time activity. It provides a vision and path for the financial future of an organization.
