LITERATURE REVIEW

LITERATURE REVIEW

A marketing strategy is all of a company’s marketing goals and objectives combined

into a single comprehensive plan. Business executives draw a successful marketing strategy
from market research. They also focus on the right product mix so that they can get the most
profit.

Put simply; a marketing strategy is a strategy designed to promote a good or service and make a
profit. In this context, the word ‘good‘ means the same as ‘product.’

A good marketing strategy helps companies identify their best customers. It also helps them
understand consumers’ needs. With a good strategy, it is possible to implement the most
effective marketing methods.

BusinessDictionary.com has the following definition of marketing strategy:

“An organization’s strategy that combines all of its marketing goals into one comprehensive
plan.”

“A good marketing strategy should be drawn from market research and focus on the right
product mix in order to achieve the maximum profit potential and sustain the business.”

Marketing strategy is long-term

Marketing strategies are long-term, forward-looking approaches to planning. Their fundamental

goal is to achieve a competitive advantage.

When a company has an edge over a rival or rivals in the provision of a product or service, it has
a competitive advantage. Mercedes, for example, has a competitive advantage over other luxury
car-makers because its vehicles maintain their value.
Mercedes did not obtain this competitive advantage overnight or because it was lucky. It was
part of the company’s long-term strategy. Specifically, part of its marketing strategy.

A marketing
strategy has details on where you want to get to. A marketing plan explains how you are going to
get there.

Marketing strategy vs. marketing plan

Many people use the two terms interchangeably, but their meanings are quite different.

Marketing strategy

This includes an explanation of the goals a company needs to achieve with its marketing efforts.
A company’s business goals shape its strategy.

Every business’ business goals and marketing strategy should go hand-in-hand.

Marketing plan

A business’ marketing plan describes how it is going to achieve its marketing goals.

TheBalancesmb.com says the following regarding a company’s marketing plan:

“It’s the application of your strategy – a roadmap that will guide you from one point to another.”