Introduction
People frequently confuse a marketing plan with a market strategy. A marketing plan describes how a company will accomplish its marketing objectives. It involves putting a business strategy into action, a road map that will lead the organization from one step to the next. A successful marketing plan involves more than just timing (Cadogan, 2009).
The Importance of Target Market
It all begins with a company being aware of its target market and their requirements. The company's and the customer's goals, as well as the best ways to achieve both, are established by the objectives.
Components of a Marketing Strategy
Internal positioning goal, external marketing, messaging, long-term goals and objectives, and short-term goals and objectives are the components of a marketing strategy (Cadogan, 2009).
Objectives and Progress Assessment
The main goal of laying out objectives is for the business to have something that it can use to assess and ensure it is making progress towards its goals. Marketing strategy is a part of the marketing plan that entails picking one or multiple target markets, determining how to position and differentiate the service or product, and sustaining and creating a market mix that will be successful in the chosen target market- all in line with the marketing objectives.
Web Presence and Online Marketing
A marketing strategy also entails a web plan for a business that has or requires a web presence. By including online marketing, a company places itself in a better position to achieve its overall objectives (Walker, 2006). The business will also be selling a constant message through all points of engagement with customers. For instance, Sigmund's budget for advertising is quite limited, which makes the advertising program easy. Sigmund's do banner ads, direct mail, which are bound to have the greatest success of the campaigns (Social media and website may also be used).
References
Cadogan, J. (2009). Marketing strategy (1st ed.). London: SAGE.
Walker, O. (2006). Marketing strategy (1st ed.). Boston: McGraw-Hill Irvin.