What Is Marketing Strategy? A Brief Introduction

Marketing Strategy — Fri., Sep. 30, 2022

Marketing strategy takes a 'helicopter view' of the marketing landscape, looking at long-term objectives and ways to gain a sustainable, differential advantage over the competition. It focuses on the broad market and potential markets, rather than individual tactics such as lead generation or social media. To understand the market, you must go beyond the simple definition of your customers and competitors, considering suppliers, buyers, new entrants, and substitutes.

Michael Porter suggests competition comes from five sources: current and potential customers, suppliers, buyers, new entrants, and substitutes. To gain a better understanding of the market, focus on the benefits customers want or need from the product or service. This will help you to get a higher-level view of the market and strategize for a competitive advantage.

Finally, companies need to regularly assess their business practices and be prepared for inevitable changes in the market. This will help to avoid being blindsided by new entrants and substitutes. For advice on how to position your company to gain a differential advantage, consider contacting MarketingProfs.

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