Every business owner should develop a written guideline that sets forth the business’s marketing strategy. Marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. Marketing strategies serve as the fundamental underpinning of marketing plans designed to fill market needs and reach marketing objectives.
The best marketing strategy always has specific goals and can include:
- A description of the key target buyer/end user
- Competitive market segments the company will compete in
- Distribution channels
- The unique positioning of the company and its products versus the competition
- The reasons why it is unique or compelling to buyers
- Price strategy versus competition
- Marketing spending strategy with advertising and promotion
- Possible research and development
- Market research expenditure strategies.
- The strategy should also position the business as a leader, challenger, follower, or niche player in the category