Here is your weekly dose of Human Management with some more food for thought to leverage your growth.
Since we believe the Management Fixes are common and typical, every description is created and adapted from articles, blog posts, and definitions from other sources and authors.
A MngtFix is an actionable solution for a problem with pros and cons to be evaluated by a human manager.
This week’s MngtFix is…
By definition, a marketing strategy represents the generic direction a company should follow to accomplish a specific business objective. It shows a “road map” to achieve greater results, such as sales growth, worldwide brand recognition, and higher market penetration. (1)
A marketing strategy contains the company’s value proposition, key brand messaging, data on target customer demographics, and other high-level elements. A carefully-cultivated marketing strategy should be fundamentally rooted in a company’s value proposition, which summarizes a company’s competitive advantage over rival businesses. (2)
Without a marketing strategy, your business’s chances gain brand awareness, increase sales, and achieve other business goals are distant. (3)
When you are drawing the Marketing Strategy for your company, you are creating the bases to:
- Provide an organization an edge over its competitors.
- Developing goods and services with the best profit-making potential.
- Discovering the areas affected by organizational growth and thereby helps in creating an organizational plan to cater to customer needs.
- It helps fix the right price for the organization’s goods and services based on information collected by market research.
- The strategy ensures effective departmental co-ordination.
- It helps an organization make optimum utilization of its resources to provide a sales message to its target market.
- A marketing strategy helps to fix the advertising budget in advance. It also develops a method that determines the scope of the plan; i.e., it determines the revenue generated by the advertising plan.