Any business, whatever it may be, isn't going to grow unless there is strategic planning and execution of the said plan. A company goes forward with formulating marketing strategies and executing them. A marketing strategy is a long-term planning of strategies and proceeding with them. A company uses them to reach a specific target audience.
It is also a field of study that began in the 1970's. Since then it has become essential in the field of business.
There are four basic variables in marketing strategies,the four P's of marketing. They are Product, Price, Place, and Promotion. It is crucial that any good marketing strategy include the four P's. The attributes the marketing strategy needs to include about the product and price are quality, design, brand name, packaging and discounts, credit terms and more respectively. Other attributes about the place and promotion are coverage, locations, transportation and advertising, public relations, sales and more respectively.
There a lot of ways to implement marketing strategies such as internet, social media, word of mouth, co-branding, improving public relations, paid media advertising and so on.
Working on and implementing marketing strategies can bring along a lot of benefits for the company. It can create proper relations with customers by improving trust and bring you even more customers, helps you build credibility, increases awareness of your company's products or services and so on. Hence, it is quite vital for the success of your business.