What is a marketing strategy, and how is it built? November 01, 2011, by Peter Mirus in Marketing, Strategy Models
Building a marketing strategy involves identifying objectives that will create a competitive advantage, then outlining strategies that will be used to meet those objectives.
The “deliverable” for marketing strategy is defined in many different ways by experts. A basic marketing strategy deliverable from STA incorporates the following elements:
- Research, to build an accurate picture of the market and competitive landscape
- SWOT (strengths, weaknesses, opportunities, threats) analysis
- Objectives that will create a competitive advantage
- Strategies that will support the achievement of the objectives
STA’s basic marketing strategy deliverable outlines but does not provide detail for initiatives or tactics that support the strategies. Additional work may be performed to develop a marketing plan and/or go-to-market strategy—these provide granular-level detail, an action program, budgeting and/or financial forecasts, etc. The extent of the work performed is custom-devised for the client’s needs and budget.