Looking for a simple definition of marketing strategy?
This is my favorite marketing strategy definition:
A marketing strategy is a process or model to allow a company or organization to focus limited resources on the best opportunities to increase sales and thereby achieve a sustainable competitive advantage.
Bottom line: think of the definition of marketing strategy as the high-level rules that direct your marketing activities. For example, if there’s a single influencer who touches all your customers and has a significant impact on the way those customers try to solve their problem... one of your strategies may be to focus on building a strong relationship with that influential individual or company.
Your marketing strategy is the way you make sure you’re getting the maximum impact from your limited marketing budget and time.
Comparison of Marketing Strategy, Marketing Plan, Marketing Mix & Business Goals
The picture on the left is the simplest way to think about it, starting at the bottom:
Start with your business goals: these are the highest-level objectives of the business, or mission statement.
Next comes the marketing strategy: the high-level rules that will govern what marketing efforts you focus on.
After you’ve defined your marketing strategy, you will define the marketing mix: plans for Product, Pricing, Place (Distribution), and Promotion.
Then the final step is writing a marketing plan, which will describe the specific, detailed marketing activities that you plan on engaging in to achieve the marketing strategies and business goals.
How to Plan Your Marketing Strategy
Your first step in developing a marketing strategy that drives significant business results is to make sure you fully understand your market by doing some research: market size and growth, competitors, complementors, and customers.