Marketing Strategy is defined as the fundamental strategy that allows an organization to survive in the competitive environment through concentration on its limited resources in order to enhance sales of the products and services.
Marketing strategy is usually prepared to launch new products, enhance sales and provide a long term profit to the company. Marketing strategies often involves the construction and implementation of the marketing mix (also known as the five Ps) which in turn refers to the product, price, packaging, promotion, and place or distribution. Place or distribution strategy can be achieved through selection of the right distribution strategy including selling of products through a website or in a brick & mortar store.
Promotion strategy means sweepstakes or prize drawing to bring more attention to the business in order to attract customers. Packaging strategy means a product with more appealing packaging can greatly affect the decision of a potential customer. Pricing strategy means lower price on similar products can significantly affect the consumer’s interest. Product strategy means a product must be presented to the consumer very effectively through various means of advertising in order to differentiate a product from the product of the competitor.