What is marketing strategy?
Marketing strategy is a plan for the future. It’s a road map for your organization that helps you achieve specific goals and build a sustainable competitive advantage. It’s not just about making sales or getting more customers—it’s also about creating valuable relationships with your audience, building trust in your brand, and staying relevant in an ever-changing marketplace.
In order to reach these goals, marketers use three main tools: creating messages (advertising), selecting channels (distribution), and managing budgets (allocating resources). We call this process “marketing mix,” which includes four basic elements: product; price; place; promotion. To maximize success in each element of the marketing mix, you’ll want to understand what works best based on where your target market lives online and how they spend their time there. For example, if most of your target market uses Facebook but rarely uses Instagram or Twitter then it would make sense for you to focus on Facebook advertising instead of other social networks where fewer people would be exposed to those ads!
Marketers can use the same process to create messages, select channels and manage budgets for their social media marketing strategy. In order to do so effectively, they need to understand what works best based on where their target market lives online and how they spend their time there.
Why is having a marketing strategy important?
Having a marketing strategy helps you focus on what your business does well, and what customers want from you.
It helps you understand your customers better, so that you can deliver great products and services that meet their needs.
So, as you can see, marketing strategy is a critical component of a successful business. It’s important to understand the different components of this strategy and how they work together in order to succeed in today’s marketplace.