What is Marketing Strategy?

Marketing Strategy is defined as an approach by which businesses develop such sorts of tactics to draw customers to their goods. Stated differently, a marketing strategy aids a company in generating demand, promoting its goods, and outcompeting its rivals in the market. One can formulate marketing strategies by taking into account the seven Ps: Product, Price, Place, and Promotion, People, Packaging, and Process.

An entity may build a marketing strategy by implementing the aforementioned procedures:

1. The organisation’s primary responsibility is to determine the aims and objectives the business hopes to accomplish, be it growing its revenue, drawing in new clients, or establishing credibility.

2. Identifying interested and potential customers is the next step. The company must conduct market research to determine which consumer segment will be most interested in the product and have the means and willingness to make a purchase.

3. The company must decide on a strategy for encouraging consumers about its products. Customers want thorough information about the product, how it will benefit them, whether it is worth the money they are paying, and the message the brand is trying to convey.

4. Of course if a company decides to advertise their products, they need to have a sufficient budget to do so. Therefore, in the fourth step, the organisation makes a budget plan on how much its capacity to spend on the product.

5. Selecting a combination of strategies and marketing channels is the final step. They determine the product’s utility, specifications, different pricing strategies, marketing channels, and distribution channels at this step.