Marketing strategy

A marketing strategy is a procedure that enables a company to focus its limited resources on the largest potential to boost sales and establish a sustained advantage over its competitors.

Before formulating, evaluating, and selecting a market-oriented competitive position that contributes to the company's goals and marketing objectives, strategic planning requires an analysis of the company's strategic initial situation. This occurs before the formulation of any market-oriented goals or marketing objectives.

In the 1970s and 1980s, a new school of study known as strategic marketing evolved, building on the foundation laid by strategic management in the decades before it. The function of marketing as an intermediary between a company and its clients or consumers is emphasised in marketing strategies.

To establish a competitive advantage and, as a result, improve firm performance, marketing strategy makes use of an organization's resources and competencies in order to maximise their potential for exploitation (Cacciolatti & Lee, 2016).