Marketing Strategy
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Marketing Strategy

Marketing Strategy A ‘marketing strategy’ is a
unique formula for each enterprise which is based on an
understanding of its mission, its position in the
competitive marketplace, and its selection
of chosen customers. Marketing includes not only marketing communications
and market research but strategic marketing as well. And actually, strategic
marketing has to come first. We have to make
those key decisions about where we
operate in the market and who our
chosen customers are before we start communicating
with them precisely. Strategic marketing
must be fully aligned with strategic planning. In other words, strategic
marketing is based on understanding our mission,
our vision, and our values. And with this solid foundation,
we can then devise a unique marketing strategy
for our enterprise. Next, we need to acknowledge that the marketplace
is highly competitive. There are other people
doing what we do. We have to acknowledge that some of them actually
are better than us in terms of particular products, or maybe services, or their ability to relate
to a particular market niche. So, we have to
decide what to do. We can compete
with them directly or, more strategically,
we can outmanoeuvre them by doing things
that they can’t do. This means that we have
to ask two questions. First of all:
what are we best at? But more importantly
and more usefully: what are we best at
in relation to competitors? Because once we understand what
we can do and competitors can’t, that indicates where we
have competitive advantage. And understanding and using
this competitive advantage is very much a part of our
unique marketing strategy. This means that we
should focus on those things that
we can excel at in relation to
our competitors and then find the markets that want the particular
thing that we excel at. So, we need to find the
particular market segments that need or want what
we are particularly good at. It’s not a matter of
trying to sell to everybody. That can be a fatal mistake. We need to look only
at the right customers, acknowledging that some
customers don’t suit us. And in this way
we can be more focused on the right kind of customers. In this way a marketing
strategy brings together three key elements: understanding our
mission and our vision, understanding our
competitive advantage, and then choosing
the right customers acknowledging that some
customers don’t suit us. If we get this formula right,
we can then be even more successful
in our creative enterprises. So, thank you for listening. I hope those things were useful. And there’s plenty more information
including free resources that you can find
by following the links from the online course
to the Programme web site. Good luck with your marketing!
I wish you every success!

About Ralph Robinson

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