Marketing Strategy Matters

The development of a marketing strategy is necessary for any enterprise as it is the main tool that helps to respond quickly to changing market conditions. That is why this is not only a clearly formulated relentless action plan but also a flexible and effective method to find a balanced solution for the successful development of the company.

The development of a marketing strategy includes such areas:

• Marketing analysis. This stage includes actions to analyze the influence of external and internal factors. It can be conditionally divided into Analysis of the internal environment of the enterprise, Analysis of the external environment of the enterprise, and Analysis of the product field of the company.

• Defining clear company goals. All types of marketing strategies are unthinkable without setting achievable specific goals. The goal of general management at this stage in the formation of tactical marketing is to make proven decisions to achieve your goals.

• Developing a marketing strategy. The final stage, which means a systematic transition from the action plans drawn up on paper in the form of abstracts to their gradual implementation. Development is considered complete when goals are set, risks are calculated, changing market needs and development prospects.

Marketing tools such as goal-setting and strategic planning are the best means of developing a company. The competent manager should know how important a decent marketing strategy is for his company and strives in every way to get quality knowledge for its formation.

The marketing strategy is the long-term coordination of the capabilities of the company with the market situation, i.e. in the coordination of internal and external environments of the company.

The goals of a company

The goals of the company determine the direction of the development of its business activity. The strategy is a plan to achieve these goals, which should reflect all the elements of marketing, financial resources, production capabilities.

What is the effectiveness of a marketing strategy? Satisfied customer. If the consumer is satisfied, and the owner of the company has profit, then, the marketing strategy has reached its goal.

The areas of marketing strategy

The marketing strategy includes four areas: product, price, distribution channels and methods of promotion. Marketing strategies are very diverse and are classified according to the following grounds: according to the production and technological criterion, according to product and market or geographical determinism, according to the sequence of product promotion on the market, by the ways of entering international markets or interacting with competing companies. Depending on the production and technological criterion, companies effectively apply a “technology push” strategy, a “market pull” strategy, or a cost reduction strategy.