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    Developing A Marketing Strategy

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    princegupta2014
    Marketing strategy is defined as a process that allows a company to focus its resources on optimal opportunities to increase sales and achieve a competitive advantage. It includes analyzing a company's strategic situation and formulating, evaluating, and selecting market-oriented strategies to contribute to business goals and objectives. Developing a marketing strategy involves carefully scanning internal factors like the marketing mix and external factors like customers, competitors, and the business environment. Once the environmental scan is complete, a strategic plan can be created that identifies alternatives, sets challenging goals, determines the optimal marketing mix, and details implementation along with progress monitoring and contingencies.

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    Developing A Marketing Strategy

    Uploaded by

    princegupta2014
    19 views1 page
    Marketing strategy is defined as a process that allows a company to focus its resources on optimal opportunities to increase sales and achieve a competitive advantage. It includes analyzing a company's strategic situation and formulating, evaluating, and selecting market-oriented strategies to contribute to business goals and objectives. Developing a marketing strategy involves carefully scanning internal factors like the marketing mix and external factors like customers, competitors, and the business environment. Once the environmental scan is complete, a strategic plan can be created that identifies alternatives, sets challenging goals, determines the optimal marketing mix, and details implementation along with progress monitoring and contingencies.

    Original Description:

    introduction

    Original Title

    Marketing

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    Marketing strategy is defined as a process that allows a company to focus its resources on optimal opportunities to increase sales and achieve a competitive advantage. It includes analyzing a company's strategic situation and formulating, evaluating, and selecting market-oriented strategies to contribute to business goals and objectives. Developing a marketing strategy involves carefully scanning internal factors like the marketing mix and external factors like customers, competitors, and the business environment. Once the environmental scan is complete, a strategic plan can be created that identifies alternatives, sets challenging goals, determines the optimal marketing mix, and details implementation along with progress monitoring and contingencies.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    19 views1 page

    Developing A Marketing Strategy

    Uploaded by

    princegupta2014
    Marketing strategy is defined as a process that allows a company to focus its resources on optimal opportunities to increase sales and achieve a competitive advantage. It includes analyzing a company's strategic situation and formulating, evaluating, and selecting market-oriented strategies to contribute to business goals and objectives. Developing a marketing strategy involves carefully scanning internal factors like the marketing mix and external factors like customers, competitors, and the business environment. Once the environmental scan is complete, a strategic plan can be created that identifies alternatives, sets challenging goals, determines the optimal marketing mix, and details implementation along with progress monitoring and contingencies.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    Marketing strategy is defined by David Aaker as a process that can allow an organization to concentrate

    its resources on the optimal opportunities with the goals of increasing sales and achieving a sustainable
    competitive advantage.
    [1]
    Marketing strategy includes all basic and long-term activities in the field of
    marketing that deal with the analysis of the strategic initial situation of a company and the formulation,
    evaluation and selection of market-oriented strategies and therefore contribute to the goals of the
    company and its marketing objectives
    Developing a marketing strategy
    Marketing strategies serve as the fundamental underpinning of marketing plans designed to fill
    market needs and reach marketing objectives.
    [3]
    Plans and objectives are generally tested for
    measurable results. Commonly, marketing strategies are developed as multi-year plans, with a
    tactical plan detailing specific actions to be accomplished in the current year. Time horizons
    covered by the marketing plan vary by company, by industry, and by nation, however, time
    horizons are becoming shorter as the speed of change in the environment increases.
    [4]
    Marketing
    strategies are dynamic and interactive. They are partially planned and partially unplanned. See
    strategy dynamics. Marketing strategy needs to take a long term view, and tools such as
    customer lifetime value models can be very powerful in helping to simulate the effects of
    strategy on acquisition, revenue per customer and churn rate.
    Marketing strategy involves careful and precise scanning of the internal and external
    environments.
    [5]
    Internal environmental factors include the marketing mix and marketing mix
    modeling, plus performance analysis and strategic constraints.
    [6]
    External environmental factors
    include customer analysis, competitor analysis, target market analysis, as well as evaluation of
    any elements of the technological, economic, cultural or political/legal environment likely to
    impact success.
    [4]
    A key component of marketing strategy is often to keep marketing in line with
    a company's overarching mission statement.
    [7]

    Once a thorough environmental scan is complete, a strategic plan can be constructed to identify
    business alternatives, establish challenging goals, determine the optimal marketing mix to attain
    these goals, and detail implementation.
    [4]
    A final step in developing a marketing strategy is to
    create a plan to monitor progress and a set of contingencies if problems arise in the
    implementation of the plan.
    Marketing Mix Modeling is often used to help determine the optimal marketing budget and how
    to allocate across the marketing mix to achieve these strategic goals. Moreover, such models can
    help allocate spend across a portfolio of brands and manage brands to create value.

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