MARKETING

STRATEGIES
AND
EXECUTION

Rushank Patel
MBA: Media & Entertainment
MARKETING STRATEGY
Marketing strategic management is the process of planning, organizing, and
executing a company's marketing activities in a way that maximizes its
profitability and competitive advantage in the marketplace. It involves creating
a comprehensive marketing strategy that aligns with the company's overall
business objectives and enables it to achieve sustainable growth.

A clear marketing strategy should revolve around the company’s value

proposition, which communicates to consumers what the company stands for,
how it operates, and why it deserves its business.

BENEFITS OF MARKETING STRATEGY

 The goal of a marketing strategy is to achieve and communicate a

sustainable competitive advantage over rival companies by understanding
the needs and wants of its consumers.
 Whether it’s a print ad design, mass customization, or a social media
campaign, a marketing asset can be judged based on how effectively it
communicates a company’s core value proposition.
 A solid marketing strategy helps create a strong brand identity and makes
it more recognizable to consumers. This increased brand recognition can
lead to higher sales and better customer loyalty.
 By developing a marketing strategy, businesses can identify the most
effective marketing channels and tactics for their specific goals and
budget, leading to better ROI and cost-effectiveness.
PROCESS OF MARKETING STRATEGY

 Identify your goals: While sales are the ultimate goal for every company,
you should have more short-term goals such as establishing authority,
increasing customer engagement, or generating leads. These smaller
goals offer measurable benchmarks for the progress of your marketing
plan. Think of strategy as the high-level ideology and planning as how
you accomplish your goals.
 Know your clients: Every product or service has an ideal customer, and
you should know who they are and where they hang out. If you sell
power tools, you’ll choose marketing channels where general contractors
may see your messaging. Establish who your client is and how your
product will improve their lives.
 Create your message: Now that you know your goals and who you’re
pitching to, it’s time to create your messaging. This is your opportunity to
show your potential clients how your product or service will benefit
them and why you’re the only company that can provide it.
 Define your budget: How you disperse your messaging may depend on
how much you can afford. Will you be purchasing advertising? Hoping for
a viral moment on social media organically? Sending out press releases
to the media to try to gain coverage? Your budget will dictate what you
can afford to do.3
 Determine your channels: Even the best message needs the appropriate
venue. Some companies may find more value in creating blog posts for
their website. Others may find success with paid ads on social media
channels. Find the most appropriate venue for your content.
 Measure your success: To target your marketing, you need to know
whether it is reaching its audience. Determine your metrics and how
you’ll judge the success of your marketing efforts.
FEATURES OF MARKETING STRATEGY

 Customer focus: The marketing function of a business is customer-

centered. It makes an attempt to study the customer needs, and goods are
produced accordingly. The business's existence depends on human needs.
In a competitive market, the goods that are best suited to the customer are
the ones that are well-accepted. Hence, every activity of a business is
customer oriented.
 Customer Satisfaction: A customer expects some services or benefits
from the product for which payment is made. If this benefit is more than
the amount paid, then the customer is satisfied. In the long run, customer
satisfaction helps to retain market demand. It helps achieve organizational
objectives. Customer satisfaction can be enhanced by providing value-
added services, which include providing additional facilities at little or no
extra cost.
 Objective-oriented: All marketing activities are objective-oriented.
Different objectives are fixed at different levels, but the main objective is
to earn profit from business along with the satisfaction of human wants.
Marketing activities undertaken by sellers make an attempt to find out the
weaknesses in the existing system, and measures are taken to improve the
shortfalls so that the objectives are achieved.
 Marketing is both an art and science: Art refers to a specific skill that
is required in marketing activities of any type of business. Science refers
to a systematic body of knowledge, based on facts and principles. The
concept of marketing includes a bunch of social sciences such as
economics, sociology, psychology and law. It indicates market operations
based on some principles. Hence, marketing is an art as well as a science.
 Marketing Mix: A combination of four inputs constitutes the core of a
company’s marketing system product, price, place, and promotion. A
marketing mix is a flexible combination of variables. They are influenced
by consumer behaviour, trade factors, competition and government
regulatory measures.
MISSION AND VISION

Mission: Your mission drives the business and its values. It is the reason for
your existence. Your mission should guide, focus and direct your organization
towards your ultimate destination.

 What do we do? Specifies what you deliver to your customers. This is

not the process you provide but the results you achieve.

 How do we do it? Defines the type of products and services you sell and
deliver to your customers.

 Who do we do it for? Identifies the target market that is most likely to

buy your products and services.

Knowing the answers to these questions provides a focus for your business and
helps you move from the present into the future.

Vision: Your vision is a vivid description of what you want your business to be
so that it inspires and motivates you. A well-defined vision creates a mental
picture of the business that you are striving to build.

A clear vision statement helps you in many ways,

 Becomes your compass to keep you heading in the right direction.

 Helps decide whether an opportunity should be pursued based on whether

it gets you closer to your vision.

 Enables you to measure your progress, set goals, establish priorities, and
know when to say no.

 Helps you focus on the important tasks while removing anything that
wastes time.

Mission and vision statements are critical components of a marketing strategy,

as they provide a clear direction for the business and guide all marketing efforts.
Here are some steps for drafting effective mission and vision statements:
  Identify your purpose: Start by clarifying the purpose of your business.
Ask yourself why your business exists and what problems it solves for its
customers.

 Define your target audience: Identify your ideal customer and

understand their needs, wants, and desires. This information will help you
tailor your mission and vision statements to resonate with your target
audience.

 Develop your mission statement: Your mission statement should be a

concise statement that captures the essence of your business and its
purpose. It should be clear, inspiring, and easy to remember.

 Craft your vision statement: Your vision statement should paint a

picture of where you want your business to be in the future. It should be
aspirational and inspirational, but also realistic and achievable.

 Refine and test: Once you have drafted your mission and vision
statements, take the time to refine them and get feedback from
stakeholders, employees, and customers. Make sure they are aligned with
your business goals and resonate with your target audience.

 Integrate into your marketing strategy: Once your mission and vision
statements are final, integrate them into your marketing strategy. Use
them as a guide for all marketing efforts, including messaging, branding,
and campaigns.

Overall, the process of drafting mission and vision statements requires careful
consideration and alignment with business goals and target audiences. When
done correctly, they can provide a clear direction for the business and guide all
marketing efforts towards achieving that direction.
EXTERNAL AND INTERNAL ANALYSIS OF MARKETING STRATEGY

Understanding the environment your business operates in is a key part of

planning, and will allow you to discern the threats and opportunities associated
with your area of business.

Political, economic, social and technological influences (PEST) analysis

A political, economic, social and technological influences (PEST) analysis
helps you to identify the main opportunities and threats in your market:
 Political and legal changes such as new regulations
 Economic factors such as interest rates, exchange rates and consumer
confidence
 Social factors such as changing attitudes and lifestyles, and the ageing
population
 Technological factors such as new materials and the growing use of the
internet
Assess strengths, weaknesses, opportunities and threats
You also need to understand your own internal strengths and weaknesses.
For example, the main strengths of a new business might be an original product
and enthusiastic employees.
The main weaknesses might be the lack of an existing customer base and
limited financial resources.

A strengths, weaknesses, opportunities and threats (SWOT) analysis combines

external and internal analysis to summarise your strengths, weaknesses,
opportunities and threats.
You need to:
 look for opportunities that play to your strengths
 decide what to do about threats to your business and how you can
overcome important weaknesses
CONCLUSION
Marketing strategic management involves analyzing the market, identifying
target customers, and creating a plan to achieve business goals. This process
includes developing a unique value proposition, positioning the brand, and
creating a marketing mix that resonates with the target audience. Effective
marketing strategic management requires continuous monitoring and
adaptation to changes in the market and customer needs. It is essential for
organizations to align their marketing strategies with their overall business
objectives and regularly measure their success against key performance
indicators. Ultimately, successful marketing strategic management can lead to
increased customer loyalty, market share, and profitability.