There are various academic definitions of what a marketing strategy is. Marketing is simply the act of promoting and selling products or services. Your marketing strategy underpins and directs your marketing activities.
The marketing strategy should be designed in such a way that it increases sales so that your company has a competitive advantage which is sustainable in the long run. Your marketing strategy is therefore a set of rules which direct what you do to promote and sell your products or services.
Market penetration should be included in any good marketing strategy. It is the process of increasing your current market share. This can be achieved by finding new customers or getting your current customers to buy more of your product, instead of your competitor’s product.
Diversification is a high risk strategy which involves diversifying the range of products and services that you offer. It is high risk in that it is usually a high cost strategy which medium to large sized established companies use in order to continue to grow the business.
This is the process of developing your current market and could include entering new markets with your products and services. A new market could be a new market segment, region or country.
Your marketing strategy is a part of your overall business plan. You could visualize it almost like a pyramid with your overall business aims and objectives at the bottom. Your marketing strategy is born out of your business aims and objectives.
Once your marketing strategy is set in place, you can then define your marketing mix. Your marketing mix is very simple, it consists of your what product you are going to sell, what price you are going to sell it at and where you are going to sell it. Once this is established, you can write a marketing plan, which is the detail of the specific marketing activities you are going to take action in order to achieve your business aims and objectives.