In our article, we are going to set the main ideas to create a customer driven marketing strategy for running a successful business.
Marketing strategy for business
The main goal of the company’s strategic marketing is to develop an action plan aimed at achieving the set goals in terms of product sales within the specified time frame by increasing profitability, attracting external investors and responding in a timely manner to changes in the internal and external environment of the company.
The following functions of strategic marketing are distinguished:
- analysis of the external environment;
- selection of priority market segments;
- positioning of products in terms of properties and characteristics relevant to consumers;
- analysis of competitors’ actions when developing a product positioning strategy.
Key principles of strategic marketing:
- Taking into account the size and structure of the market when making management decisions (the growth rates of the company and the market should be the same, the company should expand simultaneously with the market, it is necessary to strive to maintain competitiveness and not go beyond the break-even point, etc.).
- Taking into account the factors that support the demand for products (focus on the goods in greatest demand, maintain high quality products, strive to constantly update the assortment, customer focus, maintaining customer loyalty, developing the idea of after-sales service, etc.).
- Active actions in relation to the consumer (adaptation to the existing level of demand, independent formation of demand for products).
- Timely response to market changes (monitoring of current changes, development of an action plan, taking into account the extrapolation of current trends in the short and medium term, etc.).
- Choosing a way to respond to market changes (reducing or increasing the number of products produced, revising the assortment, raising or lowering prices, choosing other distribution channels, etc.).
- Changes in product characteristics taking into account market trends (development of new products, strategy of following the leader in the industry, producing new products, etc.).
- Formation and maintenance of distinctive features of the company’s products (unique packaging, not similar to other manufacturers, product properties, advertising, etc.).
This is an incomplete list. Among other principles, strategic marketing can be based on various combinations of the listed options.
Practical meaning of marketing strategy
The marketing strategy, being an integral part of the overall strategy of the enterprise, directs activities to achieve the following strategic goals:
- Increasing the market share of the enterprise in the market;
- Increase in sales of the enterprise;
- Increase in the company’s profits;
- Conquering leading positions in the market;
The goals of the marketing strategy must be consistent with the mission of the enterprise and the overall global goals. As we can see, all goals are related to competitive or economic indicators. Achieving them without a marketing strategy is, if not impossible, then very difficult.