A marketing strategy refers to a business's overall game plan for reaching prospective consumers and turning them into customers of their products or services. A marketing strategy contains the company’s value proposition, key brand messaging, data on target customer demographics, and other high-level elements. A thorough marketing strategy covers "the four Ps" of marketing—product, price, place, and promotion.

A clear marketing strategy should revolve around the company's value proposition, which communicates to consumers what the company stands for, how it operates, and why it deserves its business.

This provides marketing teams with a template that should inform their initiatives across all of the company's products and services. For example, Walmart (WMT) is widely known as a discount retailer with “everyday low prices,” whose business operations and marketing efforts are rooted in that idea.

Benefits of a Marketing Strategy

The ultimate goal of a marketing strategy is to achieve and communicate a sustainable competitive advantage over rival companies by understanding the needs and wants of its consumers. Whether it's a print ad design, mass customization, or a social media campaign, a marketing asset can be judged based on how effectively it communicates a company's core value proposition.

Market research can help chart the efficacy of a given campaign and can help identify untapped audiences to achieve bottom-line goals and increase sales.

How to design a strategy?

Every company achieves their objectives and goals through a well-designed strategy. Every marketing strategy would range from setting a goal to generating revenue. The tactics of each company vary according to the size and philosophies of its chief executives and managers. For small companies, it would be relatively easier to get their strategies devised and revised but for big managements, it would indeed be a difficult task to make an evaluation counting the size and number of departments. For the development of any company, a well-organised strategy is mandatory.

It is the top-level executives and managers who make the business strategies, and it can be viewed as goal setting for a period of time to make important decisions for the company. The goals can be long-term and short term but alterations would be made considering the situation and state of the company.

Depending on the industry, the strategy and business model would vary, but overall the whole design would be based on the future missions and methods to accomplish them.

While developing a strategy for your business, you should know your competitors well, and make plans on how to be unique in the market and what should be done to let the customers choose you instead of your competitor. If you want people to choose your brand over your competitor's brand, you should have to show yourself in a different way that would be compelling to them.

While designing every strategy you should,

●        Make KRA, KPI and SWOT analyses at every stage to know the weakness and strengths of your company.

●        Make plans to increase the profit. The ultimate goal of any strategy making is to make money.

●        Make good developments at every stage, and improve products and services to make customers choose you.