Marketing strategy is an overall, long-range, strategy and an underlying game plan of any company with the ultimate objective of achieving a competitive edge by knowing the competing needs and desires of potential consumers. The strategy is communicated to the company by a qualified marketing manager who coordinates efforts on the consumer’s behalf through the various channels such as print, radio, TV, packaging, promotions and so on. Companies have different ways to implement their marketing strategies and it depends on the size and the budget of the company to choose the right marketing tool and channel to advertise their products and services.
A marketing strategy is generally formulated keeping in mind the competition and the market share of the competitors and its direct and indirect effects on the profitability of the brand in terms of revenue generated. Other things like competition from similar products, market share gains and share of market with other brands, brand image, customer loyalty, cost effectiveness, advertising and other things like technology adoptions are some of the important considerations. One should always keep in mind that marketing mix should neither be too strong for brand protection or too weak for brand building.. A Marketing Strategy Consultant such as Really Helpful Marketing can give you new insights into how to create your marketing plan.
A successful marketing strategy will make a lasting impression on the mind of the consumers. The marketer develops a value proposition that provides sufficient information to the consumers about the benefits of buying the particular brand and eliminates any negative thought processes. It should be able to create an awareness in the mind of the consumers that encourages them to buy the product.