How to define the purpose of your marketing strategy?

The study and practice of marketing purpose have broadened considerably. From an emphasis on marketing as a functional management issue. To a wider focus on the strategic role of marketing in overall corporate strategy. This broadening of the marketing concept, to include strategic as well as operational decisions, has resulted in an overlap between marketing and strategic management. Managers around the globe are recognizing the increasing importance for the firm to develop marketing strategies. Eventually to compete effectively in worldwide markets. The emergence of a more open world economy, the globalization of consumers’ tastes. And the development of a worldwide commercial web all have increased the interdependency and interconnections of markets across the globe.

Sales and/or revenue

Depending upon your sales and the amount of revenue generation that you have, you can decide what type of marketing strategy you want to go forward with. Eventually as your sales and revenue increases, there will be a considerable change in your marketing strategies as well. The entire budget allocation depends upon the fact that how much money you generate during the tenure of your business.

What is Marketing strategy?
Target audience

In a business, you market your product for your audience to see it. If your marketing technique does not cater to your niche of audience, there is absolutely no use of it. Therefore knowing your audience is a very crucial step in determining the purpose of your marketing strategy. For example if you cater to an audience that predominantly uses television but you still decide to market your product using newspapers and hoardings, you are more likely to not receive any benefit out of it.

Who are your stakeholders?

A majoritarian chunk of your marketing purpose depends on who your stakeholders are. While marketing research has mainly focused unsingle stakeholder relationships, the idea of multiple stakeholder relationships to achieve maximum firm performance has been evolving slowly over the last decade.

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