A marketing strategy is devised by the firm to know exactly where it stands in the competitive environment and what strategy it needs to implement to be one of the front runners in its respective industry. Overall, There are five main reasons to formulate a marketing strategy.
1) To form a long term and short term goal for the company – The first steps of marketing strategy involve forming the Vision statement and Mission statement of the company. Though both, the vision and mission are long term statements, Vision is used more for what the company wants to achieve throughout its existence whereas Mission statement is more of an action plan of how the company will achieve its vision. Thus while forming marketing strategy, the firm decides on its vision and mission. [Read more...]