Marketing strategy should focus on increasing the customer satisfaction of the customers and their customer loyalty to the organization and its products. “The marketing concept of building an organization around the profitable satisfaction of customer needs has helped firms to achieve success in high-growth, moderately competitive markets. However, to be successful in markets in which economic growth has levelled and in which there exist many competitors who follow the marketing concept, a well-developed marketing strategy is required. Such a strategy considers a portfolio of products and takes into account the anticipated moves of competitors in the market.” (‘Marketing Strategy’)
The strategy is often regarded as the crucial component of the corporate strategy that supports the entire group of functional strategies for the business operations. “Any building is as good as its foundations. The same holds true for any attempt to develop a practicable marketing strategy.” (Fifield, 1998, p3) The marketing strategy however deals with the engagement of the customers to the company, the attraction of the target market as customers, managing prospects and competing with the rival businesses in the local regions of operations. The marketing strategy is often developed in such a way that it coordinates with and supports the mission statement and the vision of the company.
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