No Comments The marketing strategy adopted by the business entity is primarily responsible for the profitability of the company and also its sustainability in the market.
A good marketing strategy can ensure the survival and flourishment of the business entity and an ill designed one can damage the market credibility of the company. A good marketing strategy will ensure that the products have their own niche in the market, overcome competition and ensure that their position in the market is sustained. and finally must have a robust measurement mechanism to conduct periodic reviews of the performance and success of the marketing strategy as a whole.
There are many influencers that can determine the type and formulation of marketing strategies for each business entity.
The primary influencer is the consumer, followed by market dynamics, demographic influences, competitor analysis, market target analysis, etc. There are various other influencers that are industry or market specific that the marketing strategizers will need to be aware of. A thorough analysis will have to be conducted on all the influencers and a strategy that encompasses all the influencers must be formulated.
The direction or type of marketing strategy adopted by the business entity can be many it is generally determined by the positioning of their products in the market. But, the measurement and time frames of review and success of the endeavor must be clearly defined. In the early days, marketing strategies were measured and reviewed on a yearly basis. But in the present day world where business are bombarded by constantly changing market dynamics and consumer requirements, the strategies are reviewed on a quarterly basis.
From: (themarketingmix.org) http://themarketingmix.org/the-importance-of-correct-marketing-strategy