What is a Marketing Strategy

A Marketing Strategy is tkey driver towards achieving the Marketing Objective. There are many ways to derive a Marketing Strategy depending on the challenges set out in the objective. You can go through a vigorous strategic planning process which involved several business and environmental analysis or you follow what your competitor or other business leaders do.

Generally, a Marketing Strategy begin with the articulation of a Marketing Goal. If the goal is to maintain current profit level, it is obvious that current sales and profit margin need to maintain. In this case, what should be the strategy? Obviously, one of the option is to “Guard Your Own Turf”. It is a business jargon used which mean retain all business relationship with all key customers and market. Unfortunately, it is not so simple as you wish because every business is faces with hard time and competition. Your customer would ask for a discount and better products and services. All these changes in their requirement affects the way you do business in terms of cost. Hence, your bottom line will be affected. Therefore, there is much effort needed even your Marketing Strategy is to “Guard Your Own Turf”

On the other hand, if your goal in the Marketing Objective is to double up your sales in certain marketing sector, then the strategy is not so straight forward like in the case earlier. Of course you know exactly what to do to double up the sales, but a systematic strategy development process requires you to analyse environmental aspect such as PEST Analysis and capability aspect such as SWOT Analysis and used the analytical findings to formulate several strategic options before you adopt one or two strategies.

4 Responses to “What is a Marketing Strategy”

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