When it comes to developing a marketing strategy, everyone has their own idea of what they want to achieve and how they would like the marketing strategy to work. Marketing is an ever-changing discipline that takes into consideration everything from advertising to advertising and marketing to advertising. Marketing also encompasses various aspects of business such as research and development, sales and service, and finance. In order to develop a winning marketing strategy, all of these various components must be clearly defined, balanced, and based on the particular business and its environment.
Marketing is not just about creating a product that sells, although this certainly is a significant part of the marketing strategy. Marketing actually refers to the whole process an organisation undertakes to engage with its target market, create awareness, build loyalty to create value, and ultimately capture profit in return for the customer. It is important for organisations to think about the marketing mix as a whole and not just focusing on one piece of the pie. Marketing must be an integrated whole and must take into account the needs of the customer, the product and the company. Marketing must therefore include a considerable amount of planning as well as execution.
A marketing plan will not be effective if the marketing professionals involved in the plan do not co-ordinate their activities and set realistic goals for the company. The marketing professionals must be willing to change their mind and adapt to changes in the market and consumer behaviour. All aspects of the company must be included in the overall strategy and the marketing professionals must be willing to look at and consider alternative solutions and methods of marketing. Marketing professionals must therefore develop their skills in identifying the customers’ preferences and develop plans that suit those tastes and objectives. If the marketing professionals develop a marketing plan that caters for the company’s overall needs but does not have the taste of the customer, it might actually have the opposite effect on the brand or product and therefore result in a loss of revenue.