Marketing Strategy of the Firm
The marketing strategy is privatean element of the company's overall strategy that describes how it should use the opportunities and resources at its disposal to achieve the greatest result and increase profitability in the long run.
Marketing strategy, in fact, representsa general plan of marketing activities, through which the company expects to achieve its marketing goals. It implies the setting of specific goals for each individual product, the type of market for a certain period of time. A strategy is being formed within the framework of the overall production and commercial activities according to the individual capabilities of the particular enterprise and the peculiarities of the situation on the market.
After the development of the general strategic plan, the firm can proceed to work on more private tactical plans (marketing plans).
The main sections of the marketing plan include: analysis of the current marketing situation, SWOT analysis, a list of tasks and existing problems, a list of obvious dangers and potential opportunities, an outline of marketing strategies, an action program, budgets and a certain control procedure.
Marketing strategy of the company begins its existence with the development of a specific program, setting goals and formulating tasks for all future marketing activities.
Marketing strategy is chosen individuallyfor a particular company in accordance with the specifics of its current affairs and the tasks of developing future periods. The main marketing strategies are: penetration into a new market, development of the existing market, development of a new product, diversification.
Based on the overall marketing strategyprivate programs of marketing activities are formed. Programs can focus on achieving such effects from carrying out activities as the maximum effect regardless of risk, minimum risk without calculating the large effect, different combinations of the two indicated approaches.
A marketing strategy is developed based onmarket requirements, competitive advantages, shortcomings of the company, customer requests and some other factors. The formation of the marketing strategy is influenced by trends in the state of the external marketing environment and demand, the system of commodity circulation, consumer requests; features and conditions of the competitive environment; individual capabilities of the firm and its management resources; the main concept of the future development of the company, its objectives and objectives.
The key subsystem of brand marketingstrategy is the product marketing strategy of a commercial organization. It is aimed at analysis, development of the most important strategic decisions on assortment, nomenclature, volume and quality of the products, questions of product realization on the market.
Product-marketing strategy isthe main strategy of survival, economic growth, quiet existence and commercial success of the firm. Its main component is the optimization of the product program for the current year.
Thus, the marketing strategy is created ina certain target market, chosen as a result of expanded marketing research of the market. On its basis, strategic planning is built and with its help the company provides competitive advantages for the future. It is the result of rational and logical construction of long-term success plans, on the basis of which progress is being made to the progressive development of production and sales.
Based on the developed strategy, aa detailed program of specific events for the entire marketing complex, responsible executors are fixed, future expenses are determined and the terms of execution are established.