what is a marketing strategy essay

Essay on Strategic Marketing

Introduction.

Marketing is all about coming up with and putting into action a marketing strategy. Recent reports about the biggest problems that marketers face raise a lot of questions about marketing strategy. Since coming up with and implementing a marketing strategy is a big part of what marketers do in the real world, research that helps us understand these tasks is key to making the academic field of marketing relevant. For a better theoretical understanding of marketing, it is also important to know more about the state of marketing strategy. Before trying to come up with an indigenous marketing theory, it’s important to know what models have been used in previous study and what parts of marketing strategy haven’t gotten much attention. Systematic analyses of how different research methods and approaches are used in a certain field and how they have transformed over the year can similarly give us ideas for how to make fresh methods and approaches. So, reviewing research in a field on a regular basis is a good way to bring together what we know and help us learn more.[1]

So, this paper does a full evaluation of the literature on strategic marketing. It has three specific goals: to create a framework for evaluating the existing state of study in marketing strategy, to show the state of awareness in basic sub-fields of developing and implementing marketing strategies, and to create a study plan that shows which parts of marketing strategy need more work. In addressing these goals, this study adds to strategic marketing understanding in a number of ways.

Method Used

Evaluation of the most significant marketing journals in Baumgartner & Pieters’s (2003) study of journal influence, and identification of the some of such that issue study in the area of strategic marketing, Journal of Marketing Research (JMR), Journal of Retailing (JR), Marketing Science (MKS), Journal of the Academy of Marketing Science (JAMS) , Industrial Marketing Management (IMM) and Journal of Marketing (JM) were performed in order to guarantee the representational and great quality of the revisions that were incorporated.[2] All these were used because they provided details regarding theory or research methods. The principal conditions that were then cast to display studies for insertion in our examination were as follows: the goal of the research must be on strategic plan also as a main goal or as portion of a broader research design; the study must be of marketing spectacles; the sampling unit is at the firm level rather than at the individual level; and the studies must have been published in peer-reviewed journals.

Although marketing strategy pertains to the administrative strategy component that serves as the primary emphasis of the area of strategic marketing, strategic marketing denotes to the overarching topic of study.[3] Therefore, even though all papers focusing on marketing strategy fall under the umbrella of strategic marketing, not all research pertaining to strategic marketing is concerned with marketing strategy.[4] This distinction is maintained by this paper. Although some of these papers inspect spectacles that are inside the overall pitch of strategic marketing, almost 95 percent of the papers that were available in the six best powerful journals publication strategic marketing investigation throughout the phase of 1999-2017 were not strategy papers. This means that they did not inspect spectacles within the marketing strategy field that was outlined in the review agenda. In point of fact, the principal group of papers that are available in these journals (36 percent) are research on marketing strategies that investigate different individual components of a marketing database. These components can include advertising[5], product and price[6], channel[7], and selling, but they do not investigate or explicitly control for the other components of the marketing mix.[8]

The second biggest classification of articles in these journals throughout this period (15 percent) pact with marketing strategy-associated input variables (6 percent), such as marketing assets and competences, outputs (9 percent)[9], positional returns and enactment consequences or both. This category accounts for the majority of the papers published in these journals. An additional six percent of all articles that are published in these journals concentrate on either internal or external environmental phenomena[10], with the majority of the studies focused on external environmental aspects as opposed to internal environmental considerations. Research on marketing strategy makes up the smallest number of the various kinds of strategic marketing publications identified in our evaluation among the six journals to be examined, although this disparity is not particularly great. However, it was also seen that there was a significant difference between each of the journals that were looked at. Notably, JM and JAMS are the platforms for a copious greater proportion of marketing strategy documents as a proportion of all the journals compared to the other four journals; additionally, JM and JAMS qmutually issued the popular (57 percent) of the pooled the entire marketing strategy articles that were issued through all six journals.

To be more specific, as can be displayed in Figure 1, throughout this time period, the most marketing strategy research were published in JM (n=81, which is equivalent to 32 percent of the total amount of studies issued in all six journals), shadowed by JAMS (n=63, which is equivalent to 25 percent). Nevertheless, the development curves that show the proportion of marketing strategy papers to all other sorts of articles that were issued individually in the six journals during the phase 1999-2017 clearly demonstrate a declining tendency. This trend line shows a definite downward trend. This curve is notably sharp for JM, with JAMS averaging a larger proportion of papers published on marketing strategy compared to other sorts of articles than JM has done on average over the past eight years (2010-2017).

We also looked at the detailed models that were used in researches that employed a single-theory lens in order to offer more perception into the exact models that are most commonly used to ascertain spectacles on which to concentrate on when looking into marketing strategy investigation complications and to forecast associations among the concepts and variables that were recognized.

Our expressive and sub-field investigation of research that has been issued in the most significant marketing strategy papers over the years (1999-2017) shows some quantity of fresh perceptions for the field of marketing strategy investigation. The first problem is the comparative scarcity of study that focuses on one or extra components of the fundamental marketing strategy concepts that lies at the center of the study of strategic marketing. This problem is getting worse. Our understanding of the study published in these journals has shown that the emphasis of research consideration in the current historical period has been additional on discrete elements of the marketing mix as opposed to the marketing strategies and assimilated marketing plans that are associated with separate elements of the marketing mix. Even though it is obviously beneficial to have knowledge of the impact that different discrete essentials of the marketing mix have under different conditions, the comparative stress in present research appears to be out of stability given that the primary attention of marketing exercise is on marketing strategy.

Second, when it comes to building and using theories, our research shows that almost half of the arguments in journal articles in the previous nineteen years were based on reasoning or statistics, and this trend is growing. Approaches that are based on data aren’t always worse, and administrators are rather engaged in the associations they see. Also, figuring out “what” pragmatic relations occur can result to “why” statements that can help build theories. In the same way, logic is always a good way to build claims that can be tested in the real world. But neither of these methods is enough to explain “why” relations between marketing strategy concepts happen. This is a problem for scholars and the theoretical subfield of strategic marketing, because the point of any social science is to answer “why?” questions. But from a relevance point of view, it is also a problem. Well-designed study in marketing strategy pedals for more and more causes of variation so that specific relationships of interest can be found and other explanations can be ruled out. This is a good way to do social science, but it makes it harder for researchers to find practical managerial implications that can be generalized and used. This means that managers can learn more from knowing “why” relations between marketing strategy spectacles exist than from comprehending “what” relations exist under stern guidelines.

When it comes to quantitative datasets and evaluations, we find that published research on marketing strategy uses a good mix of both primary and secondary (alone or with primary) data. But it’s clear that the trend is away from research that only uses primary data and toward research that uses secondary data. It is also seen that some of the same things in the level and drifts of the dissimilar types of examination. For example, the use of time series and regression-built models is going up, while the use of SEM is going down. Again, this makes one wonder about the kinds of marketing strategy phenomena and parts of them that are considered. For example, scholars have used secondary data in more and more creative ways to figure out some of the marketing strategy spectacles. However, it may be tough to research marketing strategy procedures using these methods, even though they make up part of the marketing strategy concept. Text analysis is a newer method that may give us different ways to look at some progression spectacles. But it’s likely that there will always be other development spectacles that require to be discovered and tested using first-hand qualitative, observational, and survey data.

Marketing strategy is the most important idea in the scope of strategic marketing. It is also the core of marketing, and it is in this range that countless of the biggest problems marketers face come up. We look at the existing position of marketing strategy investigation through the lens of a new way of thinking about the area of the marketing strategy concept. We find important problems with marketing strategy research as well as many chances to learn important and useful new things about marketing strategy. The research agenda we make gives researchers chances to come up with new ideas, show how they are relevant, and help improve practice. Since many of these questions can’t be answered well with the secondary data that is currently available to the public, researchers need to be more open-minded and creative in how they design their studies and use new technologies to collect and analyze data. Editors, AEs, and approvers will need to develop more exposed, diverse, and accomplished in order to evaluate these kinds of research designs. Institutional barriers may make it hard to do this, but our research shows that the benefits can be huge. The quantity and relevance of unrequited marketing strategy queries and chances to change preparation have debatably never been higher.

Borden, N. H. (1964). The concept of the marketing mix. Journal of advertising research, 4(2), 2-7.

Chernev, A., 2018. Strategic marketing management. Cerebellum Press.

Fang, E. E., Lee, J., Palmatier, R., & Han, S. (2016). If It Takes a Village to Foster Innovation, Success Depends on the Neighbors: The Effects of Global and Ego Networks on New Product

González, E.M., Meyer, J.H. and Toldos, M.P., 2021. What women want? How contextual product displays influence women’s online shopping behavior. Journal of Business Research, 123, pp.625-641.

Launches. Journal of Marketing Research, 53(3), 319-337.

Khlif, H., Samaha, K. and Soliman, M., 2019. Internal control quality, voluntary disclosure, and cost of equity capital: The case of an unregulated market. International Journal of Auditing, 23(1), pp.144-160.

Kumar, V., Dixit, A., Javalgi, R. R. G., & Dass, M. (2016). Research framework, strategies, and applications of intelligent agent technologies (IATs) in marketing. Journal of the Academy of Marketing Science, 44(1), 24-45.

Morgan, N.A., Jayachandran, S., Hulland, J., Kumar, B., Katsikeas, C. and Somosi, A., 2021. Marketing performance assessment and accountability: Process and outcomes. International Journal of Research in Marketing.

Palmatier, R.W., Houston, M. B., & Hulland, J. (2018). Review articles: purpose, process, and structure. Journal of the Academy of Marketing Science, 46(1), 1-5.

Varadarajan, R. (2010). Strategic marketing and marketing strategy: domain, definition, fundamental issues and foundational premises. Journal of the Academy of Marketing Science, 38(2), 119-140.

Slotegraaf, R. J., & Atuahene-Gima, K. (2011). Product development team stability and new product advantage: The role of decision-making processes. Journal of Marketing, 75(1), 96-108.

[1] Palmatier, R.W., Houston, M. B., & Hulland, J. (2018). Review articles: purpose, process, and structure. Journal of the Academy of Marketing Science, 46(1), 1-5.

[2] Kumar, V., Dixit, A., Javalgi, R. R. G., & Dass, M. (2016). Research framework, strategies, and applications of intelligent agent technologies (IATs) in marketing. Journal of the Academy of Marketing Science, 44(1), 24-45.

[3] Chernev, A., 2018. Strategic marketing management. Cerebellum Press.

[4] Varadarajan, R. (2010). Strategic marketing and marketing strategy: domain, definition, fundamental issues and foundational premises. Journal of the Academy of Marketing Science, 38(2), 119-140.

[5] Fang, E. E., Lee, J., Palmatier, R., & Han, S. (2016). If It Takes a Village to Foster Innovation, Success Depends on the Neighbors: The Effects of Global and Ego Networks on New Product Launches. Journal of Marketing Research, 53(3), 319-337.

[6] Slotegraaf, R. J., & Atuahene-Gima, K. (2011). Product development team stability and new product advantage: The role of decision-making processes. Journal of Marketing, 75(1), 96-108.

[7] González, E.M., Meyer, J.H. and Toldos, M.P., 2021. What women want? How contextual product displays influence women’s online shopping behavior. Journal of Business Research, 123, pp.625-641.

[8] Borden, N. H. (1964). The concept of the marketing mix. Journal of advertising research, 4(2), 2-7.

[9] Morgan, N.A., Jayachandran, S., Hulland, J., Kumar, B., Katsikeas, C. and Somosi, A., 2021. Marketing performance assessment and accountability: Process and outcomes. International Journal of Research in Marketing.

[10] Khlif, H., Samaha, K. and Soliman, M., 2019. Internal control quality, voluntary disclosure, and cost of equity capital: The case of an unregulated market. International Journal of Auditing, 23(1), pp.144-160.

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Investopedia / Daniel Fishel

A marketing strategy refers to a business’s overall game plan to facilitate the buying and selling of its products or services. A marketing strategy determines how to reach prospective consumers and turn them into customers. It contains the company’s value proposition , key brand messaging, data on target customer  demographics, and other high-level elements.

A thorough marketing strategy covers the four Ps of marketing: product, price, place, and promotion.

Key Takeaways

• A marketing strategy is a business’s game plan for reaching prospective consumers and turning them into customers of their products or services.
• Marketing strategies should revolve around a company’s value proposition.
• The ultimate goal of a marketing strategy is to achieve and communicate a sustainable competitive advantage over rival companies.

Understanding Marketing Strategies

A clear marketing strategy should revolve around the company’s value proposition, which communicates to consumers what the company stands for, how it operates, and why it deserves its business.

This provides marketing teams with a template that should inform their initiatives across all of the company’s products and services. For example, Walmart ( WMT ) is widely known as a discount retailer with “everyday low prices,” whose business operations and marketing efforts are rooted in that idea.

Marketing Strategies vs. Marketing Plans

The marketing strategy is outlined in the marketing plan —a document that details the specific types of marketing activities that a company conducts and contains timetables for rolling out various marketing initiatives.

Marketing strategies should ideally have longer life spans than individual marketing plans because they contain value propositions and other key elements of a company’s brand, which generally hold constant over the long haul. In other words, marketing strategies cover big-picture messaging, while marketing plans delineate the logistical details of specific campaigns.

For example, a marketing strategy might say that a company aims to increase authority in niche circles where their clients visit. The marketing plan puts that into action by commissioning thought leadership pieces on LinkedIn.

Benefits of a Marketing Strategy

The ultimate goal of a marketing strategy is to achieve and communicate a sustainable competitive advantage over rival companies by understanding the needs and wants of its consumers. Whether it’s a print ad design, mass customization , or a social media campaign, a marketing asset can be judged based on how effectively it communicates a company’s core value proposition .

Market research can help chart the efficacy of a given campaign and can help identify untapped audiences to achieve bottom-line goals and increase sales.

Creating a marketing strategy requires a few steps. Here are some of the steps you should consider when creating your marketing strategy.

• Identify your goals: While sales are the ultimate goal for every company, you should have more short-term goals such as establishing authority, increasing customer engagement, or generating leads. These smaller goals offer measurable benchmarks for the progress of your marketing plan. Think of strategy as the high-level ideology and planning as how you accomplish your goals.
• Know your clients: Every product or service has an ideal customer, and you should know who they are and where they hang out. If you sell power tools, you’ll choose marketing channels where general contractors may see your messaging. Establish who your client is and how your product will improve their lives.
• Create your message: Now that you know your goals and who you’re pitching to, it’s time to create your message. This is your opportunity to show your potential clients how your product or service will benefit them and why you’re the only company that can provide it.
• Define your budget: How you disperse your messaging may depend on how much you can afford. Will you be purchasing advertising? Hoping for a viral moment on social media organically? Sending out press releases to the media to try to gain coverage? Your budget will dictate what you can afford to do.
• Determine your channels: Even the best message needs the appropriate venue. Some companies may find more value in creating blog posts for their website. Others may find success with paid ads on social media channels. Find the most appropriate venue for your content.
• Measure your success: To target your marketing, you need to know whether it is reaching its audience. Determine your metrics and how you’ll judge the success of your marketing efforts.

Why Does a Company Need a Marketing Strategy?

A marketing strategy helps a company direct its advertising dollars to where it will have the most impact. Compared with the data from 2018, the correlation between organization and success in marketers jumped from being almost four times more likely to almost seven times more likely in 2022.

What Do the Four Ps Mean in a Marketing Strategy?

The four Ps are product, price, promotion, and place. These are the key factors that are involved in the marketing of a good or service . The four Ps can be used when planning a new business venture, evaluating an existing offer, or trying to optimize sales with a target audience. It also can be used to test a current marketing strategy on a new audience.

What Does a Marketing Strategy Look Like?

A marketing strategy will detail the advertising, outreach, and public relations campaigns to be carried out by a firm, including how the company will measure the effect of these initiatives.

They will typically follow the four Ps. The functions and components of a marketing plan include market research to support pricing decisions and new market entries, tailored messaging  that targets certain demographics and geographic areas, and platform selection for product and service promotion—digital, radio, Internet, trade magazines, and the mix of those platforms for each campaign, and metrics that measure the results of marketing efforts and their reporting timelines.

Is a Marketing Strategy the Same as a Marketing Plan?

The terms “marketing plan” and “marketing strategy” are often used interchangeably because a marketing plan is developed based on an overarching strategic framework. In some cases, the strategy and the plan may be incorporated into one document, particularly for smaller companies that may only run one or two major campaigns in a year. The plan outlines marketing activities on a monthly, quarterly, or annual basis, while the marketing strategy outlines the overall value proposition.

Companies need to sell their products and services to generate revenue and put them on the path of being a successful business. To sell their products or services, they have to let consumers know of them. They must also convince consumers to buy them as well as convert consumers from competitors. Having a marketing strategy that outlines this process and more is a crucial step in converting consumers into customers.

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CoSchedule. “ Trend Report: Marketing Strategy 2022 .”

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Marketing Strategies, Essay Example

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Business firms use different marketing strategies depending on the size, time, and the types of products they deal in. Marketing strategies may focus on product (product marketing strategy) or on business itself (business marketing strategy) (Honeywell, 1999). The commonly used product marketing strategies include value pricing, penetration pricing, and price skimming.

Value pricing involves selling high value product or service at a low, value price (but the selling price is not below cost) ( Bovay , 2008). The price is what the customers would perceive to be low, and the customers’ perceptions are influenced by the attributes of the product and service, and the price comparison among related products and services. This strategy is applicable to products or services in their mature or declining life cycle stage. The reason is that, at this stage, the products and services have already built a strong brand identity. For example, the price of electricity is normally set relatively lower compared to other forms of energy because the cost of production is fairly lower, and its consumption is popular with customers.

Penetration pricing involves setting exceptionally low prices for new product (s)or service (s) with a bid to gain popularity within the market (Chantal, 2012). It is also known as “Special introductory offer” because it is only used as a strategy to gain significant market share for new products and services. Business organizations that use penetration pricing strategy normally advertise that the low price is a limited time offer to allow alert the customers about the future increment in price. This strategy suits market where many companies are offering similar products and services. Therefore, it is used in such a situation where the cost of switching to a competitor is high.

Price skimming is a strategy where a business organization raises the price above the current market price in order to earn quick profit by covering costs promptly (Copyscape, 2013). As the product becomes more extensively distributed and competition intensifies, the price is gradually lowered over time to match the market price. This is the most popular product marketing strategy, which appropriately suits product in high demands or those with few or weak competitors.

In conclusion, marketing is essential as it creates an enabling environment, where business can thrive well. It helps business organizations to eliminate threats such as competition, and as a result, it popularizes new products and services in the market. The key idea about business is to realize profit; therefore product marketing helps increase the volume of sales, thus maximizing profit.

Bovay , K. (2008, July 19). When to Use Value Pricing Or Perceived Value Pricing – 2 Pricing Strategies . Retrieved August 22, 2013, from ezinearticles.com: http://ezinearticles.com/?When-to-Use-Value-Pricing-Or-Perceived-Value-Pricing—2-Pricing-Strategies&id=1341499

Chantal. (2012, June 24). When Is Market Penetration Pricing A Good Idea? Retrieved August 22, 2013, from ordoro.com: https://www.ordoro.com/blog/2012/06/24/market-penetration/

Copyscape. (2013). Price Skimming or Market Skimming: Product Pricing Strategies Need to Fit Your Marketing Mix Plan . Retrieved August 22, 2013, from more-for-small-business.com: http://www.more-for-small-business.com/price-skimming.html

Honeywell. (1999, March 15). Marketing’s Strategic Role in The Organization. Retrieved August 22, 2013, from honeywell.com: http://www.google.co.ke/url?sa=t&rct=j&q=&esrc=s&source=web&cd=6&ved=0CFIQFjAF&url=http%3A%2F%2Fwww.mhhe.com%2Fbusiness%2Fmarketing%2Fbearden01%2Fgraphics%2Fcommon%2Fch03.pdf&ei=ySwVUoLDNMOJtQbqk4AY&usg=AFQjCNGSkyjgLUse5-sUEPYMRMYcMgSMoA&bvm=bv.51156542,d

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