Marketing Strategy as the Key to Business Success

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Marketing Strategy as the Key to Business Success

Marketing strategy helps a company to meet it's objectives by finding

an ideal medium between the company's available resources and

opportunities that present themselves in the market.

A strategy would involve the creation of plans that would enable a

company to achieve its overall objectives. The idea of a strategy

portrays an image of a well thought out plan as it has had careful

evaluation of the market and the company to come up with a suitable

strategy to meet the goals and targets for the company's medium to

long term future.

The purpose of a strategy is to allow management to be aware of what

direction the company is heading in and for them to convey this to the

workforce so that the whole company is pulling in the same direction

so the objectives of the company can be met relatively easily compared

to if there was no sense of cohesion between one department and the

next.

A perfect strategy will take into account company objectives, customer

requirements, the activities of competitors and a well looked into

prediction of future market patterns that will affect the company.

Another integral part of a marketing strategy is that it must be

realistic. There is no point coming up with exaggerated plans that are

impossible to meet within the company's current limitations.

To assist with the development of a successful marketing strategy many

companies will turn to SWOT analysis. This involves a company

performing an internal audit to ascertain what are the strengths (S)

and the weaknesses (W) of the current system that company is using.

Once the company knows how it can improve within itself then the next

move is to perform an external review which will look at external

factors that may present the company with opportunities (O) or threats

(T) in the future, examples of these would be political, economical,

technological, legal, environmental and social factors all of which

can have a profound effect on the performance of a company in any

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