Defining Marketing Strategy
Understanding the definition of marketing strategy is beneficial in that it provides clarity and a shared understanding of a concept, ensuring that everyone involved has a consistent and accurate interpretation. I feel like it reduces misunderstandings, and enables more precise discussions about the topic.
You might not think that defining marketing strategy is the most thrilling part of marketing but it can help build your understanding – I even gave it a go myself – check out my definition towards the bottom of this article.
Note:
This article features content from the Marketing Made Clear podcast. You can listen along to this episode on Spotify:
Definitions of Marketing Strategy
By having a well-defined strategy, marketers can anticipate challenges, track progress, and adapt to market changes more effectively, leading to improved customer engagement, higher conversion rates, and sustained business growth.
When delving into the concept of strategy, Google defines it quite succinctly as:
“A plan of action designed to achieve a long-term or overall aim.”
I appreciate this definition for its simplicity and emphasis on a plan, long-term goals, and action. It’s a reminder that strategy is not just a concept but a plan meant to be implemented.
Oxford Reference provides a more detailed definition when it comes to marketing strategy:
“A plan identifying what marketing goals and objectives will be pursued to sell a particular product or product line and how these objectives will be achieved in the time available.”
This definition is more specific, focusing on marketing goals and objectives. It mentions the time frame for achieving these objectives, and for completeness, it could also include resources such as budget. While it uses the term “product,” it’s important to note that this encompasses services as well.
Philip Kotler, often referred to as the most influential marketer of all time, defines marketing in his book Marketing Management as:
“The process to create, communicate, and deliver value to a target market at a profit.”
Kotler’s work expands significantly on this definition, covering a broad spectrum of marketing strategy. His books delve deeply into the nuances of marketing, suggesting that to fully grasp his definition of marketing strategy, one might need to explore his extensive literature.
On Investopedia, content strategist Adam Barone offers another perspective:
“A business’s overall game plan for reaching prospective consumers and turning them into customers of their products or services. A marketing strategy contains the company’s value proposition, key brand messaging, data on target customer demographics, and other high-level elements.”
Barone’s definition introduces the concept of an overall game plan, focusing on reaching and converting customers. It includes elements like value proposition, key messaging, and customer data, highlighting the importance of high-level strategic components.
My Own Definition of Marketing Strategy
Reflecting on these definitions, if I were to succinctly define marketing strategy, I’d say it’s essential to recognise it as a top-level plan with a goal and process. Here’s my take:
A top level plan, that informs the marketing activities carried out to reach, engage, convert and retain customers for a product or service, with a specific, measurable goal in mind.
A marketing strategy should be discernible in order to translate into marketing tactics, with sub-objectives for the activity planned and some insight into the target audience and unique selling points for the company, product or service.
Will Green MA MBA, 2024
Conclusion
In conclusion, understanding marketing strategy involves appreciating its multifaceted definitions and applications. As we explore this topic further, we’ll be guided by these foundational concepts, adapting them to various contexts and needs.
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Marketing Strategy Definitions