There are no identical companies in the world, which, of course, means that there are no identical marketing strategies. Each company is unique in its own way. That is why when developing a marketing strategy it is necessary to take into account a number of factors that influence such an important process.
This is, first of all, the market in which the company operates, and the behavior of competitors, the degree of development of the company, the political and economic course of the country, and much more. The list of factors that influence the company, and as a result, the development of a strategy, is endless.
There are many definitions and concepts of what a marketing strategy is, or as it is also called – the strategy of marketing or strategic marketing. Here are some of them:
1) Strategic marketing – a systematic and continuous analysis of the needs and requirements of key consumer groups, as well as the development of effective product or service concepts that allow a company to serve selected groups of customers better than its competitors, and thus providing a sustainable competitive advantage to the producer (G. L. Baguyev , V.M. Tarasevich)
2) Marketing strategy is a general plan of marketing activities with the help of which the company expects to achieve its marketing goals (G. Armstrong)
3) Strategic marketing is primarily an analysis of the needs of individuals and organizations. From a marketing point of view, the buyer does not need the product so much as he wants to solve the problem that the product can provide (Jean-Jacques Lambin)
The marketing strategy of any enterprise is aimed at understanding how to plan and implement various marketing, advertising and not only events in the company aimed at achieving and implementing the set plans and objectives. It must always be borne in mind that marketing strategy is only one part of the overall strategy of an enterprise.
Marketing strategy is more related to issues aimed at increasing sales and income of the organization. Having a marketing strategy at the company allows to make the highest-quality decisions at the top management level, as well as to take the necessary corrective measures in the event of a change in the market situation.
Objectives of the Marketing Strategy
The main objectives of the marketing strategy of any modern manufacturing enterprise are:
- increase in market share,
- the anticipation of customer requirements,
- higher quality products,
- ensuring agreed delivery times,
- setting competitive prices for products,
- maintaining the company’s reputation with consumers,
- maximizing the effectiveness of marketing activities,
- creating a company brand.
In world practice, there are many different approaches to the development of the company’s marketing strategy, which are offered and used by leading developers of the methodology. Thus, the process of developing a marketing strategy can be divided into a number of stages.
Some of these steps can be implemented in parallel. Thus, in most cases, when developing a marketing strategy, it is first necessary to form the mission and goals of the company.
Subsequently, there is a development of activities that allow them to implement.
The following is an analysis of the state of the company. Internal and external analysis, analysis of competitors and markets. Based on the data obtained during the analysis, various strategies are being developed.
Based on all available information on the company, its position, and growth potential in a particular area, external and internal factors, the only strategy is chosen.
After that, planning and development of marketing and not only activities for the implementation of the chosen strategy is carried out. Last, but not least, is the moment of control over the execution of planned activities. It should be done in accordance with the chosen marketing strategy.
In the following articles, I will separately describe each of the stages in more detail.
For now you can read a bit more in one of my previous posts – Strategic Management. Everything You Need to Know