What is a Marketing Strategy?

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2 жыл бұрын

A marketing strategy refers to a business's overall plan for how to reach prospects and turn them into customers. A marketing strategy contains the company’s or brand’s value proposition, key messages, data on target customers, and other essential data.
Watching this video is worth 3 Management Courses CPD Points*.
🔎 See below for details
Marketing for Managers
This video is part of course module number 8.3.2
Program 8: Managing Customers & Clients
Course 3: Marketing for Managers
Section 2: Marketing Strategy
Other videos in this section include:
🎬 What is Market Research? • What is Market Researc...
🎬 What is Market Segmentation? • What is Market Segment...
🎬 What is a Customer Persona? • What is a Customer Per...
🎬 What is Multi Level Marketing (MLM)? • What is Multi-Level Ma...
LESSON NOTES
A marketing strategy starts with the company's or the brand’s value proposition. This tells customers why the company deserves their business. It also gives marketing teams a template to inform their initiatives and marketing plans across all of the company's products and services.
Marketing Strategies vs. Marketing Plans
The marketing strategy informs the marketing plan.
A Marketing Strategy is a long-term document, which will span a number of annual marketing plans. It needs to be refreshed each year to adapt to changes in the market.
A Marketing Plan is a document that details the specific marketing activities, budgets, and timetables.
Marketing strategies cover the big-picture, and marketing plans set out the tactical details of specific campaigns.
How to Build a Marketing Strategy
The goal of a marketing strategy is to create a sustainable competitive advantage over competitors in grabbing the attention, commitment, and loyalty of customers. It will embrace the marketing mix, or ‘four Ps’ of marketing: product, price, place, and promotion.
1. Strategic analysis
2. Develop your goals
3. Competitive Strategy
4. Articulate your Core Messages to the Market
5. Define your Approach to market
RECOMMENDED EXERCISE
1. Does your employer produce Marketing Strategies for its products or services? If so, can you get a copy to look at? If you can, look at the components of the document, to understand how it has been put together. (3 MC CPD Points)
2. Consider a product or a service you know well. What would you put into the five components of a marketing strategy that we discuss in this video? (5 MC CPD Points)
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RECOMMENDED READING
📖 Very quick overview
Marketing: A Very Short Introduction geni.us/ozSJF
📖 Good general overviews
Kotler on Marketing geni.us/JNeVHy
Positioning: The Battle for Your Mind geni.us/kGj4KCA
The 22 Immutable Laws of Marketing geni.us/RVU1
Marketing For Dummies geni.us/sZXAw
📖 Small business marketing
The 1-Page Marketing Plan geni.us/Xb4wBk
📖 For a textbook, you can’t go wrong with Kotler’s name on it!
Marketing: An Introduction geni.us/q4gzVOw
Principles of Marketing geni.us/gsFeMT5
Marketing Management geni.us/i3FO
⭕️ Links to our book recommendations are affiliated through Amazon
Managers Need a Basic set of kit to do your job well. Here are my top recommendations: kit.co/MikeClayton/manager-s-... (the links are affiliated)
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#Marketing #ManagementCourses #MarketingStrategy

Пікірлер: 40

@ManagementCourses 2 жыл бұрын

If you need a long-term vision for how you are going to market your business, brand, or product, it's a Marketing Strategy you need. Thank you for watching - please do like, subscribe, and hit the notification bell so KZfaq knows to let you know when I produce more videos.

@othmane-mezian 6 ай бұрын

I started to miss the British accent in business videos in KZfaq 😂 thanks from Morocco

@ManagementCourses 6 ай бұрын

I hope there is more to like in my videos than just my accent!

@othmane-mezian 6 ай бұрын

The accent is just a bonus that makes content clear an enjoyable.. your video gives so much value with high clarity compared to what I watched in the last years online not just in KZfaq.. Thanks again for your efforts@@ManagementCourses

@ManagementCourses 6 ай бұрын

@@othmane-mezian Thank you so much.

@othmane-mezian 5 ай бұрын

I just got the Continuing Professional Development Tools from GumRoad@@ManagementCourses

@ConcordTKD 2 жыл бұрын

Marketing!!! Love it!

@ManagementCourses 2 жыл бұрын

Love it or hate it... If you want people to get to know your brand, you need marketing!

@AdamFitton 2 жыл бұрын

Very well described. Thank you.

@ManagementCourses 2 жыл бұрын

You're welcome.

@longpham2938 9 ай бұрын

Concise & valuable ideas on strategic marketing

@ManagementCourses 9 ай бұрын

Thank you very much.

@aishanaseem3034 Жыл бұрын

Best definition and explanation, thank u

@ManagementCourses Жыл бұрын

My pleasure.

@sigh338 5 ай бұрын

helping me with my uni work here XD cheers very easy explanation to follow

@ManagementCourses 5 ай бұрын

Excellent!

@melissaramkhalawan4299 3 ай бұрын

Explanation is remarkable 🇹🇹 thank you.

@ManagementCourses 3 ай бұрын

Glad you think so!

@jalal5773 Жыл бұрын

Excellent explanation. thanks

@ManagementCourses Жыл бұрын

My pleasure.

@fightforbd Жыл бұрын

Excellent advice 🇨🇦

@ManagementCourses Жыл бұрын

Thank you.

@CostarPelotheri Жыл бұрын

The best direct definition of marketing strategy and elaboration I have across on KZfaq. Thank you sir

@ManagementCourses Жыл бұрын

Wow, thank you!

@WaterCurrent 6 ай бұрын

@@ManagementCourses its true.

@ManagementCourses 6 ай бұрын

@@WaterCurrent Thank you too.

@proworktech Ай бұрын

You have a new subscriber. 😊

@ManagementCourses Ай бұрын

Yay! Thank you!

@CostarPelotheri Жыл бұрын

How do we link this with the 4 Ps? Are the 4 Ps types of marketing strategies or just principles to base strategies on?

@ManagementCourses Жыл бұрын

The 4Ps are the marketing mix - the gifferent generic strategies for promoting your brand or product. But they are not enough (even in combintion) to deliver your whole marketing strategy. They are a big part. What is the Marketing Mix - The 4Ps: Product, Price, Place, Promotion? kzfaq.info/get/bejne/ndmgapWHlb2chas.html Other Marketing Mix videos: kzfaq.infosearch?query=marketing%20mix

@CostarPelotheri Жыл бұрын

@@ManagementCourses thank you. I am writing a project for MBA and wondered whether to make them main set and have the strategies you described being subset providing more details

@ManagementCourses Жыл бұрын

@@CostarPelotheri I think at MBA level, you need to be looking at a range of high-end authors to see how they interpret the terms. My videos are mainly for early stage managers to gain an appreciation of the topic. Time to hit the library! Good luck with your project.