How to achieve the greatest marketing impact?

Feb. 1, 2019, 11:52 a.m.

1 Answer


Feb. 24, 2019, 6:37 p.m.

The marketing strategy is an element of the overall business strategy of the company and is an expression of its mission in market behavior. It has a functional character. It is defined as a selection of objectives, types of policies or rules that give marketing direction to the company's activities, determine the combination and allocation of funds depending on the changing market situation (conditions of the environment and competition).

Strategic problems vary depending on the level of business management and the overall economic activity for which strategies are formulated. Therefore, it is very important to distinguish marketing strategy from the overall strategy of the company.

The implementation of the strategy consists in introducing into the business practice the assumptions and intentions provided for in the plan and monitoring the course of strategy implementation.

How to achieve the greatest marketing impact?

 

  • formulating company's mission and vision,
  • assessment of market opportunities,
  • selection of target marketing markets,
  • market segmentation,
  • forecasting demand,
  • setting quantitative goals,
  • comprehensive programming of marketing instruments in the following strategies:
  • portfolio strategies,
  • competition strategy,
  • marketing functional strategies;
  • developing marketing plans.

 

A properly formulated strategy should promote the maximum use of opportunities and strengths of the company while minimizing the impact of threats also liquidating the weaknesses of the company. The company's strategy should decide about:

1) The way of competing, for example the strategy: production, distribution, production

2) The place of competition - concerns the choice of the competition field, recognition of competitors on the market

3) The basis of competition - which is the active attitude of the company, skills (eg regarding technology) and company assets.

 

The development of a marketing strategy requires a comprehensive, in-depth analysis of the company's internal and external situation, the synthesis of useful information and the resolution of decision problems characterized by a high level of opacity, uncertainty, and risk. In the process of marketing strategy development, first of all, significant experience and extensive knowledge about the needs and behaviors of market entities are needed. In this process, it is necessary to conduct systematic analysis and strategic reasoning.