Marketing strategy pertains to a company plan that apportions its valuable resources in ways to bring forth maximum profits by positioning products or services and targeting explicit consumer groups. Marketing strategy of a firm concentrates on long-term company objectives (Peter & Donnelly, 2002). It is related with the planning of different marketing programs so that company become able in realizing its goals. In other words, it is a process that can appropriate a firm to focus its limited resources on the maximum opportunities related with increasing sales and attaining a sustainable competitive advantage (Proctor, 2000).
Different Elements of a Marketing Strategy Plan
A marketing strategic plan of an organization involves strategies, tactics and tasks required to carry out an organization towards its goals. A marketing strategy plan has four substantial elements that are as follows:
• Product: It involves decision about a product offered by the company. This is related with product name, characteristics, benefits offered, product variations and packaging. Decisions about all these aspects are essential for a firm to make a successful marketing strategy (Kurtz, MacKenzie & Snow, 2009).
• Price: This element of a marketing strategy plan is related with product price and its comparison with the price of other products. The price is a most important factor in the success of a product. The marketing strategy significantly assists in planning about the price at which a product can be offered to its customers along with all possible discounts and offers.
• Place: Another substantial element of a marketing strategy is place that pertains to channel of distribution through which a product or service will be distributed to its customers. The determination regarding channel of distribution cab be undertaken effectively with the help of marketing strategy plan (Ferrell & Hartline, 2008).
• Promotion: The last element of a marketing strategy plan is related with promotion that includes decision about how a product or service will be promoted to its target market. It includes decisions about message and selection of different channels of media like print, television and internet advertising.
Importance of a Marketing Strategy Plan
In present competitive environment, it is essential for all organizations to have a marketing strategy plan as it may direct organizations resources towards utmost profits. Marketing strategy plans serve as a framework for a company’s employees in the management of their marketing mix. It assists management in attaining all its pre-determined marketing objectives (Kurtz, MacKenzie & Snow, 2009). It serves as a foundation for company’s marketing plan and assist in accomplishing all its marketing related activities. In this way, it can be said that it is vital nowadays that every organization operates with a marketing strategy plan.
References
Ferrell, O.C. & Hartline, M.D. (2008). Marketing Strategy (4th Ed.). Cengage Learning.
Kurtz, D.L., MacKenzie, H.F. & Snow, K. (2009). Contemporary Marketing (2nd Ed.). Cengage Learning.
Peter, J. P. & Donnelly, J. H. (2002). A Preface to Marketing Management (9th Ed.). McGraw-Hill Professional.
Proctor, T. (2000). Strategic marketing: an introduction. Routledge.
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