Marketing Strategy - Meaning and Its Importance

Competition Strategy – Dealing with the Competition

Consumer and business markets have distinct characteristics by which they function. Earlier, importance was given mainly in understanding customer and their business. But in this age of technology and globalization companies cannot afford to ignore competition. Many companies are lowering their cost by outsourcing production to Asian countries. Companies must keep an eye on strategies…

Analyzing Consumers Buying Behaviour

The core function of the marketing department is to understand and satisfy consumer need, wants and desire. Consumer behaviour captures all the aspect of purchase, utility and disposal of products and services. In groups and organization are considered within the framework of consumer. Failing to understand consumer behaviour is the recipe for disaster as some…

Country of Origin Effects on Marketing

What is a County of Origin Effect? COO or Country of Origin Effect refers to the practice of marketers and consumers associating brands with countries and making buying decisions made on the country of origin of the product. For instance, as we shall discuss later, we tend to associate quality with the Japanese and precision…

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What is Marketing Strategy ?

Marketing strategy is the comprehensive plan formulated particularly for achieving the marketing objectives of the organization. It provides a blueprint for attaining these marketing objectives. It is the building block of a marketing plan.

It is designed after detailed marketing research. A marketing strategy helps an organization to concentrate it’s scarce resouces on the best possible opportunities so as to increase the sales.

A marketing strategy is designed by:

Choosing the target market: By target market we mean to whom the organization wants to sell its products. Not all the market segments are fruitful to an organization.
There are certain market segments which guarantee quick profits, there are certain segments which may be having great potential but there may be high barriers to entry. A careful choice has to be made by the organization.
An indepth marketing research has to be done of the traits of the buyers and the particular needs of the buyers in the target market.
Gathering the marketing mix: By marketing mix we mean how the organization proposes to sell its products. The organization has to gather the four P’s of marketing in appropriate combination. Gathering the marketing mix is a crucial part of marketing task. Various decisions have to be made such as -
- What is the most appropriate mix of the four P’s in a given situation
- What distribution channels are available and which one should be used
- What developmental strategy should be used in the target market
- How should the price structure be designed

Importance of Marketing Strategy

Marketing strategy provides an organization an edge over it’s competitors.
Strategy helps in developing goods and services with best profit making potential.
Marketing strategy helps in discovering the areas affected by organizational growth and thereby helps in creating an organizational plan to cater to the customer needs.
It helps in fixing the right price for organization’s goods and services based on information collected by market research.
Strategy ensures effective departmental co-ordination.
It helps an organization to make optimum utilization of its resources so as to provide a sales message to it’s target market.
A marketing strategy helps to fix the advertising budget in advance, and it also develops a method which determines the scope of the plan, i.e., it determines the revenue generated by the advertising plan.

In short, a marketing strategy clearly explains how an organization reaches it’s predetermined objectives.

Article Written by

Malvika Mishra

Malvika Mishra is an accomplished HR Business Consultant and Learning & Development specialist with over a decade of experience spanning organizational development, leadership training, and content creation. She holds an MBA and a Post Graduate Diploma in Guidance & Counselling, enabling her to combine business acumen with a deeply people-centric approach. Her work focuses on management practices, corporate governance, diversity & inclusion, and preventive mental wellness as a critical organizational capability. Malvika is known for bridging academic rigor with real-world workplace application.