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Marketing Strategy

What is a Marketing Strategy? The definition
A company’s marketing strategy refers to the long-term planning to convert potential consumers into customers of the products or services that the company provides. It is essentially aimed at encouraging a target audience to purchase specific products or services. Another definition is an organization’s overall plan of action to gain sustainable competitive advantage by understanding and responding to customer needs and desires.

What is a Marketing Strategy? The definition
A company’s marketing strategy refers to the long-term planning to convert potential consumers into customers of the products or services that the company provides. It is essentially aimed at encouraging a target audience to purchase specific products or services. Another definition is an organization’s overall plan of action to gain sustainable competitive advantage by understanding and responding to customer needs and desires.

Well-known marketing theorists such as Philip Kotler continued to debate the exact meaning of a marketing strategy. Many of the definitions refer to a broad explanation of what is to be achieved in the marketing field.

A good strategy includes the company’s value proposition, objectives, demographics of target customers, all elements of the 4P marketing mix and more. No strategy can start without first determining the business goals. Only then can business objectives be set for different marketing plans.

The 4P marketing mix is one of the best known marketing concepts. It contains the four basic pillars of any marketing strategy, namely product, price, place and promotion. The product is what the company sells or supplies. Price refers to how much the seller charges for the product. The place is the location from which the product is sold or advertised. Finally, the P for promotion refers to the taken actions aimed at promoting the product or service.

A distinction is made between a marketing strategy as described above and strategic marketing. Strategic marketing is about policies aimed at improving the company’s competitive position. Here the organization takes into account threats and opportunities in the market that are offered by the structure of the competitive environment. Tools used for this include the PEST analysis and the SWOT analysis. Marketing strategy is more about the grand vision translated into practical and specific goals.

An important part of a good strategy is understanding the potential customers throughout the entire customer journey. Understanding is the key to good customer service. A lot is learned about the customers from these interactions. A good marketing strategy means that customers are so well understood that their needs and expectations can be anticipated. In addition, there are supporting techniques and methods for analyzing customer behavior. Examples include the AARRR framework, Customer Mapping Experience, the Empathy Map, the 6W Model of Customer Analysis, the SIVA model and market research.

A distinction is made between marketing techniques related to Business to Consumer (B2C) and Business to Business (B2B). Different types of marketing strategies are possible in both forms.

Relationship marketing is aimed at building relationships with customers. This benefits customer loyalty. In transactional marketing, the retailer encourages customers to buy from them with discounts, coupons or events. This increases the sales opportunities and motivates the target group to buy the products. Internet marketing, also called cloud marketing, is aimed at selling over the internet.

All marketing techniques are related to the internet and are applied via various platforms. Direct marketing, content marketing, video marketing, affiliate marketing, hunger marketing, viral marketing, word of mouth and paid advertising are also part of the marketing strategies.

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Marketing strategy tips and tricks

What are the best known and effective strategy models and methods? How do I use the theories and models to develop a good marketing strategy myself? What should I consider when implementing a new marketing strategy? The articles linked to strategy are about methods, techniques and best practices related to marketing and about the different ways in which a strategy is applied.

ADL Matrix

July 4th, 2022

ADL Matrix: this article explains the ADL Matrix, developed by Arthur D. Little, in a practical way. After reading you will understand the basics of this powerful strategy tool. What is the ADL Matrix? To gain more…

Retail Management

July 4th, 2022

Retail Management: this article provides a practical explanation of Retail Management. After reading, you will understand the basics of this powerful marketing strategy tool. What is Retail Management? Retail management is about the process used to meet the needs

Consumer Trend Canvas

July 3rd, 2022

Consumer Trend Canvas: this article explains the Consumer Trend Canvas in a practical way. After reading it, you will understand the basics of this powerful Marketing method. In this article you can also download a free editable Consumer Trend Canvas…

Neuromarketing

June 13th, 2022

Neuromarketing: This article explains neuromarketing in a practical way. After reading it you will understand the basics of this powerful marketing tool. What is neuromarketing? The defintion Neuromarketing is the application of neuropsychology for marketing purposes. Specifically, consumers’ cognitive, affective,…

Marketing Plan

June 7th, 2022

Marketing plan: this article explains the Marketing Plan in a practical way. After reading it, you will understand the basics of this powerful marketing tool. You will also find a complete marketing plan template in this article. Note: you do…

Influencer Marketing

May 12th, 2022

Influencer marketing: This article explains the concept of influencer marketing in a practical way. After reading you will understand the basics of this powerful marketing tool. What is influencer marketing? Influencer marketing (IM) is a form of marketing that involves…

Kotler Pricing Strategies

May 12th, 2022

Kotler Pricing Strategies: this article provides a practical explanation of the Kotler Pricing Strategies. After reading, you will understand the concepts of this powerful tool for understanding the internal and external factors that set prices in the marketplace based on…

4C Model of Marketing Mix

May 2nd, 2022

4c model of marketing mix: this article provides a practical explanation of the 4c model of marketing mix. After reading, you’ll understand the basics of this powerful marketing tool. What is the 4c model of marketing mix? The 4c…

Hunger Marketing

May 2nd, 2022

Hunger Marketing: this article provides a practical explanation of Hunger Marketing. After reading, you will understand the basics of this powerful marketing strategy. What is Hunger Marketing? The concept of Hunger Marketing is quite simple to understand. In fact,…

Service Marketing Mix (7 P’s)

May 2nd, 2022

Service Marketing Mix: this article explains the theory and concept of Service Marketing Mix, also known as the 7P’s in a practical way. After reading you will understand the basics of this powerful marketing tool. Background of the…

Pirate Funnel : AARRR Framework

April 29th, 2022

AARRR Framework: this article provides a practical explanation of the pirate funnel / AARRR Framework. After reading this article, you’ll understand the basics of this powerful marketing tool. What is the AARRR Framework? The AARRR Framework is a…

Linkbuilding

April 26th, 2022

Linkbuilding: this article provides a practical explanation of Linkbuilding. After reading, you will understand the basics of this powerful marketing tool. What is linkbuilding? Linkbuilding is the activity of trying to expand the number of incoming links to…
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