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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.
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, the introduction of a new product, the revision of current marketing strategies for existing products, as well as an organisation's overall marketing strategy.
A marketing plan comprises part of an overall business plan. [2] A comprehensive marketing plan may contains historical data, future predictions, methods or strategies to achieve marketing objectives, and analyses of the strengths and weaknesses of a company, its organization and its products. [3]
7 Marketing P's. Used in targeting and defining a market in a go-to-market strategy. These are some of the common factors that are considered when performing a market segmentation in a go-to-market strategy: [13] Industry: The industry in which the customer is involved; Customer size and sales potential of the customer
Digital marketing planning is a term used in marketing management. It describes the first stage of forming a digital marketing strategy for the wider digital marketing system. The difference between digital and traditional marketing planning is that it uses digitally based communication tools and technology such as Social, Web, Mobile ...
Marketing mix is the most important part of marketing strategy, which is "the framework to manage marketing and incorporate it within a business context [6] ". Marketing strategy: how a business achieves its marketing objectives. The initial step to achieve a marketing strategy is to identify the market target and build up a business plan. [6]
McCarthy's marketing mix has since become one of the most enduring and widely accepted frameworks in marketing. [22] McCarthy's 4 Ps has remained influential in marketing theory and practice, serving as a cornerstone for analyzing and optimizing marketing strategies in various industries. [23]
Marketing management employs tools from economics and competitive strategy to analyze the industry context in which the firm operates. These include Porter's five forces, analysis of strategic groups of competitors, value chain analysis and others.