A marketing strategy is a company's hope to achieve strong and profitable customer relationships by targeting certain customers, using a marketing mix, and implementation. In an ideal world, strategies at all levels of the organization should be well spoken and understood. Interpretations of the strategies then result in realistic, well-defined marketing plans and programs which can be created and acted upon. Organizations can have a greater chance of being successful if they develop deep understanding of markets and the customers within those markets. The marketing strategy is a dynamic document which focuses on bringing plans to life. It is a road map for carrying out marketing activities and implementing marketing plans. Every marketing strategy should be measured by its ability to directly impact and improve upon each factor that the strategy contains.
With "selling" as the vital goal, marketing strategies are influenced by two core factors: first, getting hold of of customers; second, maintenance of the obtained customers.
So every other strategy that is laid out will focus on the above two. A Company has to work closely towards achieving these two to attain the desired cutting edge over its competitors. There are also a few other objectives like creating awareness (informational and educational) about the product, brand-building and accelerating sales.
Traditional Marketing: With the world changing at every second, marketing is also taking a rapid change. New methods of marketing like e-marketing and online marketing have been growing. Yet traditional marketing still holds influence with many corporate companies. One of the main implications of traditional marketing is the infamous model of the four P's, formulated by Jerome McCarthy.
The 'Four Ps' or the 'marketing mix' is an essential with every marketer. The 'Four Ps' refers to the four factors that a marketer has to think about before...