A marketing strategy is an organisation's strategy that involves all marketing goals combined into one detailed plan. A worthwhile marketing strategy should be carried out by using market research and applying focus to the product to maximise profits. The marketing strategy is the platform for a marketing plan, however every marketing strategy will have both advantages and disadvantages and the owner of the business needs to consider these in order to create optimal results.
A marketing strategy allows the business owner to define a brand or create a product so that they don’t have to spend lots of time marketing the product to the wrong customers. Lack of marketing strategy creates a risk that the product may not sell at all.
Wherever there is time saved there will be money saved. Being effective and efficient is necessary when investing so much time and resources into a strategical activity. The more time and money spent inadequately, the less profitable the business will be.
A marketing strategy creates more focus on launching a product or service. Extensive research and viability testing ensures the right decisions are made, risks are minimised and having a plan to work with helps the business to stay on track.
Risk of failure
Ineffective implementation of a marketing strategy delivers no benefit to the organisation. The outcome will always be less than what the organisation is truly capable of achieving. A marketing plan that is not measurable in terms of figures will lack effectiveness. Clear objectives ensure that focus does not deviate and slack.