The marketing strategy identifies the goals that any given business needs to achieve through its marketing efforts. People often have difficulty understanding the difference between a marketing strategy and a marketing plan. To clearly identify what a marketing strategy is vs a marketing plan simply think of the strategy as the “what” and the plan as the “how”. The marketing strategy is “what” the business goals are, while the marketing plan is “how” the business intends to achieve its goals (marketing strategy) through its marketing efforts (marketing plan). The marketing strategy covers:
- Market Analysis
- Organization Analysis
- Industry Analysis
- Organization Mission
- Overall Objectives
- Marketing Objectives
- Financial Objectives