what is the business importance of Marketing Strategy?

Marketing strategy is everything in business.

Marketing strategy affects the business in so many different ways. The basic/concise answer to its importance on a business is the four p’s of the Marketing Mix. Product, price, placement and promotion.

Its how a business gets the product out to the consumer. Its how a business informs the consumer that this product is out there. Its how you make the sale to the consumer. Its how you make the product readily available for the consumer. Its how you determine the best price to maximize your profits.

Price is one of the elements of the marketing mix. You take into account cost/Market Share/competition/etc. then determine a price your product can be sold to make your profit.

Promotion is the most obvious part of marketing strategy. Without promotion the consumer wouldn’t know the product is out there. Through commercials, product placement, print and internet is how you get the word out for your product/service.

And even placement of the product in the marketing mix can have a profound impact on Sales. The distribution chain can have an effect on the price you have to charge. The big display at the grocery store will add to sales, while keeping your product on the shelf with the other similar items relies on your promotion/brand loyalty.

As for the relative importance of marketing strategy to a business, I suggest you look up Betamax vs VCR, my favorite case study. Betamax was a similar if not a better home recording device than the VCR. But because of marketing strategy and the advantages afforded the VCR through the marketing mix, Betamax was destroyed in the videocassette business. The product that was generally thought of as the superior of the two was killed by the marketing mix

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