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Marketing strategy explained

Marketing strategy explained

Unlike business strategy which considers the totality of the business, marketing strategy focuses on the market and the customer. As with the optimum strategy for the business, the optimum marketing strategy also depends crucially on competitive position. The optimum strategy for a market leader is profoundly different to the optimum for the runners-ups, which in turn is profoundly different to the optimum for the smaller players.

The marketing strategy defines how a company’s products or services can best be positioned to compete in the market. It considers:

  • The unique selling point (benefit)
  • The core target market customer
  • The 7P elements of the marketing mix (i.e. product, price, place, promotion, people, processes and physical evidence)

It recognises customers buy benefits rather than products or services (i.e. a hole in the wall rather than a drill) and that they buy on value not price per se. Discover more about the fundamentals of pricing.

Once defined, the marketing strategy is translated into a series of specific demand generating actions known as the marketing plan. With a distinctive well thought out marketing strategy and a properly designed and executed marketing plan, any business irrespective of its size or competitive position, can prosper.

Some do’s

  • Select the optimum marketing strategy
  • Focus on benefits not products or services or price
  • Define your core target market tightly – the tighter the better
  • Execute, execute, execute
  • Seek expert professional advice

Some do not’s

  • Think marketing is only about product, promotion and price
  • Compete head on with the largest player in the market
  • Overemphasise price
  • Underestimate the power of great marketing

To discuss your business critical issue

Please call Paul New on 020 8390 9972 or send a message.

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To discuss your business critical issue, please call Paul New on 020 8390 9972 or send a message.

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