- A company's mission statement not only details the purpose of the company, but gives a bit of insight into how a company is run and what activities are appropriate. Marketing strategies must stay within the realm of the mission statement or risk the chance of damaging a company's reputation.
- Developing a marketing strategy includes defining the appropriate target market. If a company does not properly identify its target market, it's virtually impossible to market a product effectively.
- Marketing strategy involves two parts: planning and implementation. Implementation is taking a planned activity, such as pricing discounts, and putting it into the target market's hands. All activities should be measurable.
- Some types of marketing strategy include dominance, innovation, growth, aggressive and warfare-based strategies.
- Companies resort to surveys, polls and focus groups and spend a considerable amount of time reviewing sales and profit figures after a part of their marketing strategy is launched.
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