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Concept
Marketing strategy
Summary
Marketing strategy is an organization's promotional efforts to allocate its resources across a wide range of platforms, channels to increase its sales and achieve sustainable competitive advantage within its corresponding market.
Strategic marketing emerged in the 1970s and 80s as a distinct field of study, branching out of strategic management. Marketing strategy highlights the role of marketing as a link between the organization and its customers, leveraging the combination of resources and capabilities within an organization to achieve a competitive advantage (Cacciolatti & Lee, 2016).
The distinction between "strategic" and "managerial" marketing is used to distinguish "two phases having different goals and based on different conceptual tools. Strategic marketing mainly concerns the choice of policies aimed at improving the competitive position of the firm, taking account of the challenges and opportunities proposed by the competitive environment. On the other hand, managerial marketing is focused on the implementation of specific targets." Marketing strategy is about "lofty visions translated into less lofty and practical goals [while marketing management] is where we start to get our hands dirty and make plans for things to happen." Marketing strategy is sometimes called higher-order planning because it sets out the broad direction and provides guidance and structure for the marketing program.
Marketing Management is by and large a combined effort of strategies on how a business can launch its products and services. On the other hand, Marketing strategy is the combination of many processes where the business owner or marketer can attract potential customers via several channels. It can be through offline channels or online channels.
Marketing Strategy Examples -
- Pricing Strategy
- Customer Service process
- GTM (Go-To-Market) Strategy
- Packaging
- Market Mapping and Distribution Reach
- Channel Management
- Budgeting Marketing Management Examples -
- Launch & Promotion
- Launch Mode - Offline & Online
Official source
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