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Marketing strategy refers to efforts undertaken by an organization to increase its sales and achieve competitive advantage. [1] In other words, it is the method of advertising a company's products to the public through an established plan through the meticulous planning and organization of ideas, data, and information.
Marketing strategy includes every marketing activity that helps an organization target the market after conducting market research. [14] The go-to-market strategy usually develops during the introduction of new products or services. [citation needed] Marketing strategy covers: [15] the products or services of a business
The area of marketing planning involves forging a plan for a firm's marketing activities. A marketing plan can also pertain to a specific product, as well as to an organization's overall marketing strategy. An organization's marketing planning process is derived from its overall business strategy.
Examples are such like loyalty programs, subsidized delivery, unique selling points, brand recognition, ethical and/or charitable concerns, after-sales service, positive feedback reviews, marketing campaigns and many more. The few of the more important and common examples of non-price competition are as follows.
A marketing plan is a plan created to accomplish specific marketing objectives, outlining a company's advertising and marketing efforts for a given period, describing the current marketing position of a business, and discussing the target market and marketing mix to be used to achieve marketing goals.
Mass marketing is the opposite of niche marketing, as it focuses on high sales and low prices and aims to provide products and services that will appeal to the whole market. Niche marketing targets a very specific segment of market; for example, specialized services or goods with few or no competitors. [2]
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