Marketing Strategy is commonly defined as building and planning a long-term and innovative approach with a well-defined clear vision to attain the desired goals and objectives of accomplishing higher sales, increased revenue generation for the firm, retaining the loyal base of clients, attracting the new set of clients, and gaining a competitive advantage in the market amongst others.
It is very important for the management of the firm to possess a well-defined and aligned marketing strategy in the site having a team of expert professionals and talented in-house employees to achieve the aims and objectives and enhance the firm's goodwill
Marketing is a key part of business success. You need to decide which customers to target. You need to work out how you will reach and win new customers. You need to make sure that you keep existing customers happy. And you need to keep reviewing and improving everything you do to stay ahead of the competition.
Your marketing plan should be the reference document you use as a basis to execute your marketing strategy. It sets out clear objectives and explains how you will achieve them. Perhaps most importantly it looks at how you can ensure that your plan becomes reality.
Remember that marketing in itself will not guarantee sales, but by adopting a well-researched and coherent plan, you have a much better chance of building long-term, profitable relationships.
This guide outlines the key areas to look at and what to include in an effective marketing plan.
Once you have decided what your marketing objectives are, and your strategy for meeting them, you need to plan how you will make the strategy a reality.
Many businesses find it helpful to think in terms of the four Ps:
For a more comprehensive approach, you can extend this to seven Ps:
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