The importance of marketing strategies
In the general sense marketing strategies are specifically laid out blueprint policies that afford a business organization the opportunity to conduct a realistic allocation of its scarce resources in the areas that have the potential to bring about significant returns to the said business organization. Undoubtedly, increased returns also enhance a firm’s competitive edge in an industry. The ultimate goal of every realistic marketing strategy is to give premium to customer satisfaction.
The effectiveness of every marketing strategy is gauged by how it is able to completely how the firm or company will engage its customers which includes both current and prospective ones as well as its real and perceived competitors in a meaningful manner so as to achieve the corporate goals and missions of the business organization in question. Most often than not, marketing strategies usually stern out of the corporate strategies of corporations which is also directly linked with the sales policy and general mission statement.
Typically, the marketing strategy serves as the main building blocks of the marketing plans of business entities. Unlike the marketing strategy, the marketing plan is a complete itemization of detailed and precise steps that will eventually lead to the prudent implementation and monitoring of a marketing strategy.
Basically, a strategy provides the laid down steps or schemes that can make a marketing plan not just realistic but also workable with the capacity to meet the needs of the specific market.
In conventional terms an organization’s marketing strategy creates a platform through which the salient features of the marketing goals, policies and implementation schemes are harmonized into a comprehensive workable document. Most strategies will for instance feature aspects of channel marketing, advertising, public relations and promotions.
Contemporary marketing gyrates around the ability to prudently manage the scarcity of factors amidst an environment of high uncertainty with regards to information. To this end marketing professionals are resigned to the application of classical marketing theories and techniques to deal with the circumstances as they arise. In the business world for instance, a new product might result as an outcome of a sudden change in a particular trend which may be positive or negative. This will automatically trigger a response to counter this. Among other things, managers and marketers will contemplate the introduction of an advertisement as a direct response to this trend or preferably modify an existing advertisement to reflect this changing trend. Not all the advertisement may be followed by ingenious packaging before the product is introduced unto the market. In tandem to the foregoing, it should be noted that in the real world situation marketing professionals are products of their intuitive minds and occasionally counting on experience in their bid to meet the market challenges.
Processing your request, Please wait....
