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Glossary of Terms - Marketing Strategy

A marketing strategy is the core element of any businesses marketing effort. The marketing strategy sets out how the business is going to compete with its competitors in the market place. Fundamental to any marketing strategy is research into the market place and an analysis of competitors and their strengths and weaknesses. By using this information along with a consideration of the businesses own strengths and weaknesses, a marketing strategy can be formulated.

The primary elements of any marketing strategy are usually:

• The development of products or services for which there is a demand.
• A pricing policy that will both be attractive to consumers/clients, competitive and give the business sufficient return to meets its commitments and objectives.
• The development of effective product or service distribution channels.
• Effective product promotion via advertising, direct marketing, telemarketing, sales promotion, public relations and online marketing.

This last element of a marketing strategy is often also called operational marketing. For many smaller businesses an effective operational marketing plan is often the most important element of the overall marketing strategy and indeed the most important aspect in making a success of the business.

For larger businesses a good and thoroughly researched marketing strategy is important to avoid unnecessary research and development, operational or sales costs. A marketing strategy does this by identifying product and service opportunities, working out the most effective means of distributing those products to the market and then finally formulating the best means of raising awareness of the products and their main sales points.

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