What Is Marketing Strategy? - Examples & Objectives

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  • 0:04 Background on…
  • 1:36 Marketing in Action
  • 2:52 Measuring the Impact
  • 3:25 Lesson Summary
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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.

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