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Importance of Marketing Strategies

A marketing strategy provides a roadmap to guide business decisions and help organizations utilize employee skills to develop creative sales and customer service approaches. It also aids in developing promotional strategies by identifying target markets and setting goals. Creating a marketing plan that aims for growth and positive change is vital to an organization's success. Marketing strategies can help businesses understand customers and identify gaps in the market to provide solutions. Strategic planning, a key aspect of marketing, encompasses goals for marketing, promotion, sales, and finances to develop plans for expected and unexpected situations. In short, a marketing strategy explains how an organization achieves its objectives.

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Patricia Escolano
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706 views3 pages

Importance of Marketing Strategies

A marketing strategy provides a roadmap to guide business decisions and help organizations utilize employee skills to develop creative sales and customer service approaches. It also aids in developing promotional strategies by identifying target markets and setting goals. Creating a marketing plan that aims for growth and positive change is vital to an organization's success. Marketing strategies can help businesses understand customers and identify gaps in the market to provide solutions. Strategic planning, a key aspect of marketing, encompasses goals for marketing, promotion, sales, and finances to develop plans for expected and unexpected situations. In short, a marketing strategy explains how an organization achieves its objectives.

Uploaded by

Patricia Escolano
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Importance of Marketing Strategies

marketing strategy is so useful that you can think of it as having a road map (or a
cheat sheet). It will guide you in just about every business decision that you make.

marketing strategies help your organization utilize the skills of your employees
and stakeholders and can help you develop creative approaches to sales and
customer service.

A marketing plan is also important for developing a promotional strategy as it


helps your business identify its target markets and to set measurable goals. It is
vital to the success of the organization that you implement a marketing plan that
aims for growth and positive change in the bottom line.

Understanding Your Clients

marketing strategies can also assist your business in understanding and


connecting with clients and customers. Having a solid and well-thought-out
marketing plan can help you identify gaps in the marketplace and provide feasible
solutions for your clients.

If you operate an ice cream business in a neighborhood where no other ice cream
shops exist, it might be easier to attract clients than in a town where there are
other ice cream options. In this case, understanding that your clients want
sprinkles and waffle cones might help you sell more ice cream and keep your
customers coming back for more.
Strategic Business Planning

Another important aspect of promotional and marketing strategies involves


strategic planning. Strategic planning is a concept that encompasses marketing,
promotion, sales, and financial goals and is essentially about developing goals for
your business. Having a strategic plan for your business means having plans in
place to deal with both expected and unexpected situations.

When creating a marketing strategy it is much the same: we start with


understanding the issues and thinking about how you can solve customer
problems and then work with the leaders to translate this into a marketing plan. A
marketing strategy is crafted through a solid understanding of the business, its
customers and the marketplace opportunities and challenges.

Marketing strategy provides an organization an edge over it’s competitors.

Strategy helps in developing goods and services with best profit making potential.

Marketing strategy helps in discovering the areas affected by organizational


growth and thereby helps in creating an organizational plan to cater to the
customer needs.

It helps in fixing the right price for organization’s goods and services based on
information collected by market research.

Strategy ensures effective departmental co-ordination.

It helps an organization to make optimum utilization of its resources so as to


provide a sales message to it’s target market.

A marketing strategy helps to fix the advertising budget in advance, and it also
develops a method which determines the scope of the plan, i.e., it determines the
revenue generated by the advertising plan.
In short, a marketing strategy clearly explains how an organization reaches it’s
predetermined objectives.

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