Marketing strategy is an overall, long term, forward-looking plan and a blueprint of any business or any company with the goal of attaining a competitive, sustainable competitive edge by understanding clients’ needs and desires. The strategy must be flexible enough to adjust as circumstances dictate, while also providing sufficient time and attention to core activities such as product development, sales support, advertising and promotion. Marketing strategy planning should be flexible enough to allow for changes in consumer preferences over time. Marketing plans are often reviewed periodically to make certain they are still relevant to current market conditions, there is little reason to change marketing strategies too frequently. Changing marketing tactics, if done without proper research, will only lead to short-term increases in profitability, but will likely not lead to sustainable long-term gains. This is why it is important to work with a Marketing Strategy Consultant such as Really Helpful Marketing.
In addition to flexibility, it is also important for companies to have a marketing plan, as planning beforehand will allow for the incorporation of new marketing activities, such as media events, seminars, conferences and trade shows. These activities can be particularly helpful in raising awareness of products and services, while also helping to build customer loyalty.
Although marketing is a competitive arena, it does not have to be. By carefully structuring and planning a marketing strategy, it is quite possible to achieve a highly competitive advantage. A key part of this plan is the marketing mix, which consists of four key components: advertising and promotion, sales support, the sales process and customer loyalty and participation. A properly implemented marketing mix will achieve all of the goals described here.
