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Marketing Strategy - Meaning and Its Importance

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Marketing strategy is the comprehensive plan formulated particularly for achieving the marketing objectives of the organization. It provides a blueprint for ...   Home Library Marketing MarketingManagement MarketingStrategy-MeaningandItsImportance MarketingStrategy-MeaningandItsImportance WhatisMarketingStrategy? Marketingstrategyisthecomprehensiveplanformulatedparticularlyforachievingthemarketingobjectivesoftheorganization.Itprovidesablueprintforattainingthesemarketingobjectives.Itisthebuildingblockofamarketingplan.Itisdesignedafterdetailedmarketingresearch.Amarketingstrategyhelpsanorganizationtoconcentrateit’sscarceresoucesonthebestpossibleopportunitiessoastoincreasethesales. Amarketingstrategyisdesignedby: Choosingthetargetmarket:Bytargetmarketwemeantowhomtheorganizationwantstosellitsproducts.Notallthemarketsegmentsarefruitfultoanorganization.Therearecertainmarketsegmentswhichguaranteequickprofits,therearecertainsegmentswhichmaybehavinggreatpotentialbuttheremaybehighbarrierstoentry.Acarefulchoicehastobemadebytheorganization.Anindepthmarketingresearchhastobedoneofthetraitsofthebuyersandtheparticularneedsofthebuyersinthetargetmarket. Gatheringthemarketingmix:Bymarketingmixwemeanhowtheorganizationproposestosellitsproducts.TheorganizationhastogatherthefourP’sofmarketinginappropriatecombination.Gatheringthemarketingmixisacrucialpartofmarketingtask.Variousdecisionshavetobemadesuchas- WhatisthemostappropriatemixofthefourP’sinagivensituation Whatdistributionchannelsareavailableandwhichoneshouldbeused Whatdevelopmentalstrategyshouldbeusedinthetargetmarket Howshouldthepricestructurebedesigned ImportanceofMarketingStrategy Marketingstrategyprovidesanorganizationanedgeoverit’scompetitors. Strategyhelpsindevelopinggoodsandserviceswithbestprofitmakingpotential. Marketingstrategyhelpsindiscoveringtheareasaffectedbyorganizationalgrowthandtherebyhelpsincreatinganorganizationalplantocatertothecustomerneeds. Ithelpsinfixingtherightpricefororganization’sgoodsandservicesbasedoninformationcollectedbymarketresearch. Strategyensureseffectivedepartmentalco-ordination. Ithelpsanorganizationtomakeoptimumutilizationofitsresourcessoastoprovideasalesmessagetoit’stargetmarket. Amarketingstrategyhelpstofixtheadvertisingbudgetinadvance,anditalsodevelopsamethodwhichdeterminesthescopeoftheplan,i.e.,itdeterminestherevenuegeneratedbytheadvertisingplan. Inshort,amarketingstrategyclearlyexplainshowanorganizationreachesit’spredeterminedobjectives. ❮   Previous  Article Next  Article   ❯ SimilarArticlesUnder-MarketingManagement MeasuringMarketDemand ScanningtheMarketEnvironment ConsumersBuyingBehaviour CompetitionStrategy PositioningofMarketOfferings ViewAllArticles Authorship/Referencing-AbouttheAuthor(s) ThearticleisWrittenBy“PrachiJuneja”andReviewedByManagementStudyGuideContentTeam.MSGContentTeamcomprisesexperiencedFacultyMember,ProfessionalsandSubjectMatterExperts.WeareaISO2001:2015CertifiedEducationProvider.ToKnowmore,clickonAboutUs.Theuseofthismaterialisfreeforlearningandeducationpurpose.Pleasereferenceauthorshipofcontentused,includinglink(s)toManagementStudyGuide.comandthecontentpageurl. MarketingManagement Marketingforthe21stCentury AdaptingMarketingtoNewEconomy BuildingCustomerSatisfaction MeasuringMarketDemand ScanningtheMarketEnvironment ConsumersBuyingBehaviour BusinessBuyingBehaviour MarketingStartegy-MeaningandItsImportance CompetitionStrategy PositioningofMarketOfferings ProductDevelopmentProcess DesigningGlobalMarketOfferings ProductandBrandingStrategy CountryofOriginEffectsonMarketing DesigningandManagingServices DevelopingPriceStrategies DistributionChannels-MeaningandTheirSignificance ValueNetworksandMarketingChannels ManagingRetailingandWholesaling ManagingMarketingCommunications ToolsofPromotion ManagingtheSalesForce TheArtofStrategicMarketing IntroductiontoOnlineAdvertisingModels FacebookasaDigitalMarketingTool PushandPullMarketingStrategies ChangingWorldofMarketingandIncreasedDemandsonMarketers MarketingModelbasedonCustomerValueCreationthroughMarketSensingandLearning WhyDataistheNewHolyGrailforContemporaryMarketers HowCuttingEdgeTechnologyhasTransformedtheSalesandMarketingFunction WhyMarketersNeedtoFocusonCreatingExperiencestoThriveintheNewEconomy 4PsofMarketingExplainedfortheAgeofMarketFragmentation HowtoBuildaGreatMarketingTeamforYourBusiness WhyaWellFunctioningJudicialandLegalSystemisNecessaryforMarketEconomies WhatisInfluencerMarketingandWhyitissoImportantforMarketersintheDigitalAge MarketingStrategiesfortheAgeofConsumerFragmentationandtheAgeofDigital B2BMarketingVs.B2CMarketingintheE-CommerceIndustry HowMarketersManipulatePrices? UtilizingAffiliateMarketersinYourBusiness RunninganOnlineAffiliateProgram 5FactorsinSelectinganAffiliateProgram HowtoSelectaVendorforAffiliateMarketing SelectingaMarketNicheforAffiliateMarketing                                           next

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