Marketing Strategy

From Randy Duermyer, former About.com Guide

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Definition: Marketing strategy are the group of techniques and actions that a business takes in order to achieve its marketing objectives. Having a marketing strategy and knowing what that strategy is can be an important part of being successful in any business.

When is a Marketing Strategy Developed?

You should develop a marketing strategy before you even start a business. Once your business is operational, you'll no doubt need to adjust your marketing strategy from time to time to account for market conditions, shifts in demand and other factors you identify as a result of your market research activities and resulting from the performance of your business.

A marketing strategy and a marketing plan go hand in hand, but they are not the same. Your marketing strategy is a key component of your marketing plan, which examines other factors related to the business.

If you operate an online business or have a website that you use to market and sell your products and services, your Internet marketing strategy will be an important component of your overall marketing strategy.

Examples:

One part of his company's marketing strategy included a regular program of distributing press releases to all of the city's newspapers. This part of the company's marketing strategy kept the business in front of its customers to remind them to patronize the business on a regular basis and led to increased brand awareness of the company's name.

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