Marketing strategy is the comprehensive plan formulated particularly for achieving the marketing objectives of the organization. It provides a blueprint for attaining these marketing objectives. It is the building block of a marketing plan. It is designed after detailed marketing research. A marketing strategy helps an organization to concentrate it’s scarce resouces on the best possible opportunities so as to increase the sales.

By target market we mean to whom the organization wants to sell its products. Not all the market segments are fruitful to an organization. There are certain market segments which guarantee quick profits, there are certain segments which may be having great potential but there may be high barriers to entry. A careful choice has to be made by the organization. An indepth marketing research has to be done of the traits of the buyers and the particular needs of the buyers in the target market.

Importance of Marketing Strategy

  • Marketing strategy provides an organization an edge over it’s competitors.
  • Strategy helps in developing goods and services with best profit making potential.
  • Marketing strategy helps in discovering the areas affected by organizational growth and thereby helps in creating an organizational plan to cater to the customer needs.
  • It helps in fixing the right price for organization’s goods and services based on information collected by market research.
  • Strategy ensures effective departmental co-ordination.
  • It helps an organization to make optimum utilization of its resources so as to provide a sales message to it’s target market.
  • A marketing strategy helps to fix the advertising budget in advance, and it also develops a method which determines the scope of the plan, i.e., it determines the revenue generated by the advertising plan.