According to Satell (2013) marketing strategies used to be a matter of identifying needs and communicating benefits to a customer base. However, the markets have become complex, surpassing the TV, radio and newspaper platforms that were once used. Marketing strategies now allow companies to build immersive experiences that engage consumers, requiring the integration of a whole new range of skills and capabilities. This sentiment is echoed by Ellis (2014) who directs organizations to create plans that are versatile and nimble. Daft (2015) describes strategic thinking as the ability to see the long-term, big picture with regards to a company and its environment, suggesting that the end result should be the successful identification and targeting of customers, the creation of synergy within the organization, and the ability to deliver value.
The Key Elements of a Marketing Strategy
Brookins (2015) suggests that a key phase of a marketing strategy should be planning. This might include market research, and will address issues surrounding pricing, promotion and distribution. Ellis (2014) suggests that planning should create a strategy that is versatile enough to be able to take advantage of short-lived opportunities, yet comprehensive enough th...
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... to Diaz (2015) has had a direct result on Amazon’s financial health, and indicates a substantial upswing in earnings.
It can be seen from these examples that a well thought marketing strategy can create impressive results for a company. However, it is important to note that the components are dependent on each other for success. Using Grunert’s (2015) analogy, if one leg of the stool is missing the marketing strategy becomes unstable. It can also be seen that a marketing strategy must be an element of a larger corporate strategy, as it provides direction and focus for the development of products and services. Without a marketing strategy, and the components within, Google may not have had the sense to stop production of Google Glass and Tango may have tried to recreate the success of their patriotic commercials long after they had the desired effect on the consumer.
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