Marketing Strategy
A
marketing strategy refers to a business's overall game plan for reaching
prospective consumers and turning them into customers of their products or
services. A marketing strategy contains the company’s value proposition,
key brand messaging, data on target customer demographics, and other
high-level elements. A thorough marketing strategy covers "the four Ps"
of marketing—product, price, place, and promotion.
Understanding Marketing Strategies
A clear
marketing strategy should revolve around the company's value proposition, which
communicates to consumers what the company stands for, how it operates, and why
it deserves their business.
This provides marketing teams with a template that should inform their initiatives across all of the company's products and services. For example, Walmart (WMT) is widely known as a discount retailer with “everyday low prices,” whose business operations and marketing efforts are rooted in that idea.
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