Marketing strategy is a private element of the firm’s overall strategy, which describes how it should use the opportunities and resources at its disposal to achieve the greatest result and increase profitability in the long run.
Marketing strategy, in fact, is a general plan of activities in the field of marketing, with which the company expects to achieve its marketing goals. It involves setting specific goals for each individual product, type of market for a certain period of time. A strategy is being formed within the framework of general industrial and commercial activities according to the individual capabilities of a particular enterprise and the characteristics of the market situation.
After developing a common strategic plan, a firm can move on to work on more specific tactical plans (marketing plans).
The main sections of the marketing plan include: analysis of the current marketing situation, SWOT analysis, a list of tasks and existing problems, a list of obvious dangers and potential opportunities, an outline of marketing strategies, an action plan, budgets and a specific control procedure.
The marketing strategy of the company begins with the development of a specific program, setting goals and formulating goals for all future marketing activities.
A marketing strategy is selected individually for a particular company in accordance with the features of its current affairs and the objectives of the development of future periods. The main marketing strategies are: penetration into a new market, development of an existing market, development of a new product, diversification.
Based on the general marketing strategy, private programs of marketing activities are formed. Programs can focus on the achievement of such effects from events as maximum effect regardless of risk, minimum risk without relying on a large effect, various combinations of these two approaches.
A marketing strategy is developed based on market requirements, competitive advantages, company shortcomings, consumer demands and some other factors. The formation of a marketing strategy is influenced by trends in the state of the external marketing environment and demand, the distribution system, and consumer requests; features and condition of the competitive environment; individual capabilities of the company and its managerial resources; The main concept of the future development of the company, its objectives and goals.
The key subsystem of corporate marketing strategy is the product marketing strategy of a commercial organization. It is aimed at analysis, development of the most important strategic decisions on the assortment, nomenclature, volume and quality of products, issues of product sales on the market.
Product and marketing strategy is the main strategy of survival, economic growth, quiet existence and commercial success of the company. Its main component is the optimization of the product program for the current year.
Thus, a marketing strategy is created in relation to a specific target market, selected as a result of advanced marketing research of market conditions. Based on it, strategic planning is built and with its help competitive advantages of the company for the future are provided. It is the result of rational and logical construction of long-term success plans, on the basis of which a movement towards the progressive development of production and sales is carried out.
On the basis of the developed strategy, a detailed program of specific activities for the entire marketing mix is created, responsible performers are fixed, future costs are determined and deadlines are set.