Marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. Marketing strategy includes all basic and long-term activities in the field of marketing that deal with the analysis of the strategic initial situation of a company and the formulation, evaluation and selection of market-oriented strategies and therefore contribute to the goals of the company and its marketing objectives.
No matter how big or small your business is, it has “limited resources.” We can all agree that you need to take advantage of the “greatest opportunities” to increase your sales. Some times it seems that during marketing talks there is less focus on the one bottom line item. You need to accomplish these goals while staying “profitable.”
Marketing strategy involves a careful evaluation of the internal and external environments.
Internal environmental factors include the marketing mix, plus performance analysis and strategic constraints.
External environmental factors include customer analysis, competitor analysis, target market analysis, as well as evaluation of any elements of the technological, economic, cultural or political/legal environment likely to impact success.
A key component of marketing strategy is often to keep marketing in line with a company's overarching mission statement.
Once a thorough environmental evaluation is complete, a strategic plan can be constructed to identify business alternatives, establish challenging goals, determine the optimal marketing mix to attain these goals, and detail implementation.
A final step in developing a marketing strategy is to create a plan to monitor progress and a set of contingencies if problems arise in the implementation of the plan. The military often says that a battle plan is valid until you meet the enemy. In marketing you might think along the line of “Roll With The Punches.”
So does good communication equal good marketing? We always think so and many experts start with “Tell a Good Story” as the basis of good marketing.
Are you ready to do some marketing? The printed piece is still king when it comes to most good marketing plans. Let MI Printing help get you started.
Give us a call at 623.582.1302 to match your needs for all types of business promotions.