Copyright

What Is Marketing Strategy? - Examples & Objectives

An error occurred trying to load this video.

Try refreshing the page, or contact customer support.

Coming up next: How to Calculate Markup: Definition & Formula

You're on a roll. Keep up the good work!

Take Quiz Watch Next Lesson
 Replay
Your next lesson will play in 10 seconds
  • 0:04 Background on…
  • 1:36 Marketing in Action
  • 2:52 Measuring the Impact
  • 3:25 Lesson Summary
Add to Add to Add to

Want to watch this again later?

Log in or sign up to add this lesson to a Custom Course.

Log in or Sign up

Timeline
Autoplay
Autoplay
Speed

Recommended Lessons and Courses for You

Lesson Transcript
Instructor: Trina Sampson
In this lesson, we will focus on the components and core elements used to plan a marketing strategy. In addition, we will discuss the importance of measuring the impact of a marketing strategy.

Background on Marketing Strategy

Marketing strategy includes all the components that an organization uses to obtain the market's attention. These components include actions such as research, advertisement, and promotion. These components impact and are impacted by core elements, which are also part of the marketing strategy. Core elements typically include:

  • What to promote, which is the product or service along with the brand
  • Who to promote it to, which is the target market
  • Where to promote it, whether through social media, television, radio, or newspaper, for example
  • How to promote it, which is the way to craft the message that will have the most impact.

Do most business owners and managers rely on their own thoughts and intuitions to make a business plan work? There are most likely some business owners that have worked on numerous projects and may have used their own thoughts or past ideas in making business decisions. While informal knowledge may be useful in making business decisions, it may not always provide all the information you need to plan the most effective marketing strategy.

Advertising and promoting your business either through social media, television, radio, or newspaper can also bring about a successful marketing strategy. But let's just be honest here, some small business owners may not have a budget big enough for promoting their businesses. One of the primary steps in your business venture may be to have money set aside for promoting it. This can play a crucial part of the success that you want to achieve when promoting a product or service.

Marketing in Action

Take a look at these examples and you'll see how the components and core elements of marketing strategies work together.

To unlock this lesson you must be a Study.com Member.
Create your account

Register to view this lesson

Are you a student or a teacher?

Unlock Your Education

See for yourself why 30 million people use Study.com

Become a Study.com member and start learning now.
Become a Member  Back
What teachers are saying about Study.com
Try it risk-free for 30 days

Earning College Credit

Did you know… We have over 160 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.

To learn more, visit our Earning Credit Page

Transferring credit to the school of your choice

Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.

Create an account to start this course today
Try it risk-free for 30 days!
Create An Account
Support