Commentary - (2022) Volume 10, Issue 1
Received: 04-Mar-2022, Manuscript No. ABFM-22-56147; Editor assigned: 07-Mar-2022, Pre QC No. ABFM-22-56147 (PQ); Reviewed: 21-Mar-2022, QC No. ABFM-22-56147; Revised: 28-Mar-2022, Manuscript No. ABFM-22-56147 (R); Published: 05-Apr-2022, DOI: 10.51268/2736-18188.8.131.52
Marketing strategy is a method that can allow a business to focus its inadequate resources on the greatest opportunities to raise sales and accomplish a sustainable competitive advantage. Strategic planning comprises an analysis of the company's strategic initial situation prior to the formulation, evaluation and selection of market- oriented competitive position that subsidises to the company's goals and marketing objectives. Strategic marketing, as a separate field of study emerged in the 1970s and 80s, and built on strategic management that preceded it.
Marketing strategy highlights the role of marketing as a link between the organization and its customers.
Marketing strategy influences the combination of resources and capabilities within an organization to attain a competitive advantage and thus augments firm performance.
The marketing strategy lays out target markets and the value proposition that will be offered based on a study of the best market. Essentially a formula for how a business is going to compete, what its goals should be and what policies will be required to carry out these goals.
The pattern of most of the objectives, purposes and goals and vital policies and plans for achieving those goals, stated in such a way as to define what business the company is in or is to be in. Strategy formulation is made on "the match between organizational resources, skills, environmental opportunities and risks it faces and the resolutions it wishes to accomplish."
The distinction between “strategic” and “managerial” marketing is castoff to distinguish "two phases having different goals and based on different conceptual tools.
Strategic marketing disquiets the choice of policies aiming at refining the competitive position of the firm, taking account of challenges and opportunities planned by the competitive environment. On the other hand, managerial marketing is concentrated on the implementation of specific targets.
"Marketing strategy is about "lofty visions interpreted into less lofty and practical goals (while marketing management) is where we start to get our hands dirty and make ideas for things to happen."
Marketing strategy is occasionally called higher order planning because it sets out the broad direction and delivers guidance and structure for the marketing program.
Marketing strategy includes mapping out the company's direction for the forthcoming planning period, whether that be three, five or ten years. It encompasses undertaking a 360° review of the firm and its operating environment with a vision to identifying new business opportunities that the firm could potentially force for competitive advantage.
Strategic planning may also disclose market pressures that the firm may need to ponder for long-term sustainability.
Strategic planning makes no assumptions about the firm persistent to offer the same products to the same customers into the future. Instead, it is concerned with identifying the business opportunities that are likely to be successful and evaluates the firm's capacity to influence such opportunities.
It seeks to identify the strategic gap; that is the change between where a firm is currently situated (the strategic reality or inadvertent strategy) and where it should be located for sustainable, long-term growth (the strategic intent or deliberate strategy).
Marketing warfare strategies are competitor-centred strategies drained from analogies with the field of military science. Warfare strategies were popular in the 1980s, but interest in this method has diminished in the new era of relationship marketing. An increased awareness of the distinctions between business and military cultures also increases questions about the extent to which this type of analogy is valuable. In spite of its limitations, the typology of marketing warfare strategies is beneficial for predicting and understanding competitor responses.