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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.
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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? https://youtu.be/a9wa1-_2R9E
🎬 What is Market Segmentation? https://youtu.be/7FtiPAlBdto
🎬 What is a Customer Persona? https://youtu.be/DJWftQwPtAk
🎬 What is Multi Level Marketing (MLM)? https://youtu.be/u7rRVM_eTo4
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 https://geni.us/ozSJF
📖 Good general overviews
Kotler on Marketing https://geni.us/JNeVHy
Positioning: The Battle for Your Mind https://geni.us/kGj4KCA
The 22 Immutable Laws of Marketing https://geni.us/RVU1
Marketing For Dummies https://geni.us/sZXAw
📖 Small business marketing
The 1-Page Marketing Plan https://geni.us/Xb4wBk
📖 For a textbook, you can’t go wrong with Kotler’s name on it!
Marketing: An Introduction https://geni.us/q4gzVOw
Principles of Marketing https://geni.us/gsFeMT5
Marketing Management https://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: https://kit.co/MikeClayton/manager-s-work-kit (the links are affiliated)
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