Marketing Strategy is one of the most common word being tossed around these days by all, especially business and marketing executives. Does that indicate that they are strategizing all aspects of their plan and all the time.
Not necessarily though that is what a should be done. A strategy is what guides you right from the beginning to end and at every stage mid-course helping to realign whenever situations and things go astray as they always do.
However stagey can guide only when it has been carefully conceptualized and developed based on business visions and goals and then used for planning and execution.
If it just remains a buzz word casually tossed around then the true potential of impact of a strategy and plan will never be seen.
One of the reason the word strategy is used so often is because a well-crafted Strategy plays an important and binding role in the smooth functioning of all departments. How the departments functions, their goals and priorities and what constitutes an effective performance are all defined and indeed are outcomes based on different aspects of the agreed strategy.
Strategy can be compared to the Blue print of a building that helps in the complete design and construction. A good Marketing strategy can also able a complete blue print that designs and construct the complete marketing plan for any business.
It will define your approach for being Market or Product driven based on the SWOT Analysis of your offerings and will guide each steps of your target market profiling and segmentation and corresponding marketing mix that you need to deploy.
In today’s world, marketing strategy and planning doesn’t just involve traditional methods, but must also be dynamic to incorporate the changing technology and ensure success in a globally competitive market. With the digital age the connection between business and its customers are no longer marked by any physical distance or boundaries.
Hence Marketing Strategy today needs to comprehensively look at markets beyond boundaries and customers beyond channels .It certainly need not be reduced to just a casual word tossed around.