Marketing Strategy

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Definition of 'Marketing Strategy'

A marketing strategy is a plan that outlines how a company will achieve its marketing goals. It includes the target market, the marketing mix, and the budget.

The target market is the group of people that the company wants to reach with its marketing efforts. The marketing mix is the combination of product, price, place, and promotion that the company will use to reach its target market. The budget is the amount of money that the company has available to spend on marketing.

A marketing strategy should be based on the company's overall business strategy. It should also be flexible enough to adapt to changes in the market.

There are many different types of marketing strategies. Some of the most common include:

* **Product-oriented strategies** focus on the features and benefits of the product.
* **Price-oriented strategies** focus on the price of the product.
* **Place-oriented strategies** focus on where the product is sold.
* **Promotion-oriented strategies** focus on the way the product is promoted.

The best marketing strategy for a particular company will depend on its specific situation. A company that is just starting out may need to focus on building awareness of its brand. A company that is already well-established may need to focus on increasing sales.

A marketing strategy is an important part of a company's overall business plan. It can help the company to achieve its goals and grow its business.

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