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Marketing Strategy and Planning: The Road Map
What exactly does this growth and sustainability require? In a turbulent economy teeming with congested airwaves and aggressive business practices, it's about standing out from the crowd. And surprisingly, your marketing strategy has a lot more to do with it than you might realize.
Conflicted business owners can overcome the masses and draw the customers that are right for their product by executing a stellar marketing strategy, not by yelling louder than their competitors or using neon banners on their storefront (or banner ads on your website). My point is, you don't have to be throwing yourself out there with a bunch of noise all the time. What you need to do is paint a vision for your business, your employees, and your customers. Make promises that nobody but you can keep, and then blow them away with your admirable businesses practices and superhuman skills.
Take a moment to consider this: marketing strategy is the single most important factor in determining the prosperity or deterioration of a business. That's a pretty substantial claim and I'm willing to prove its legitimacy. Marketing strategy distributes itself throughout all the facets of a business, whether intended by its creator or not. This is possible because the strategy is created and defined by the overall objectives of a specific business, and integrates these objectives with a company's unique vision and mission. Put simply, every level of a business should be oozing marketing strategy. Really!
Does it seem far-fetched? Let's examine the relationship between marketing strategy and four key aspects of any business: market research, the marketing plan, corporate identity, and the economy. First, let's get the formalities out of the way and set forth a definitive explanation of what marketing strategy actually is. After scouring several websites for the official definition, I settled on a less-official but more effective description of marketing strategy:
A strategy that integrates an organization's marketing goals into a cohesive whole. Ideally drawn from market research, it focuses on the ideal product mix to achieve maximum profit potential. The marketing strategy is set out in a marketing plan.
While your marketing strategy is, essentially, a document; its purpose is far more load bearing. Included in the strategy should be your mission statement and business goals, an exhaustive list of your products and services, a characterization or description of your target clients, and a clear definition of how you integrate into the competitive landscape of your industry.
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