Question

Strategy in marketing is a means or an end?

Answer 1

A strategy in marketing describes how the ends aka (goals & objectives) will be achieved by the means (resources) through Strategic planning and thinking. The objectives are a set of goals that an organization committed to achieving, so the strategy in marketing can be both ends and means.

The marketing strategy contains various comprehensive plans formulated for achieving the objectives. It provides all the action plan for those marketing activities. Strategy in marketing contains key brand message, brand value, data on target customers, and other various elements. It helps the organization to properly utilize the scarce resources on the best possible outcomes and opportunities.

The strategy in marketing informs the marketing plan, like the details of specific marketing activities and timetables for other marketing activities and initiatives. Usually the strategy in marketing designed by choosing the target market like where the organization wants to sell its products and services and customer demographics and gathering the marketing mix, how the organization wants to sell its products and services.

There is various importance of marketing strategy:-

• The strategy ensures effective communication & coordination between various teams
• It helps the organizations to ensure optimum utilization of resources.
• Marketing Strategy provides the business an advantage over its competitors
• It helps companies to identify their best customers.