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"Marketing strategy is the key to business success," discuss.

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Introduction

"Marketing strategy is the key to business success," discuss. Marketing strategy helps a company to meet it's objectives by finding an ideal medium between the company's available resources and opportunities that present themselves in the market. A strategy would involve the creation of plans that would enable a company to achieve its overall objectives. The idea of a strategy portrays an image of a well thought out plan as it has had careful evaluation of the market and the company to come up with a suitable strategy to meet the goals and targets for the company's medium to long term future. The purpose of a strategy is to allow management to be aware of what direction the company is heading in and for them to convey this to the workforce so that the whole company is pulling in the same direction so the objectives ...read more.

Middle

Once the company knows how it can improve within itself then the next move is to perform an external review which will look at external factors that may present the company with opportunities (O) or threats (T) in the future, examples of these would be political, economical, technological, legal, environmental and social factors all of which can have a profound effect on the performance of a company in any given market. There are 4 main approaches to marketing that can be defined. These are all shown in the Ansoff matrix below. The first segment, 'Market penetration' involves consolidating your existing product in the existing market. This has a very low risk level. The next segment, 'Product development' involves bringing out a new range of products to appeal to your existing market. ...read more.

Conclusion

long period of time so it would be necessary for someone in the firm to guide the company on his or her own knowledge of the market instead of some goals that were outlined in the past where market pressures may have been different. In conclusion I believe that a marketing strategy is a useful tool to have because it helps you to see where you have been and where you're going. However it is not something that should be strictly adhered to as the market is a changing thing and for this reason so should the strategy of the company. So in reference to the statement "Marketing strategy is the key to business success" I would have to say that it isn't the key but just another important factor that a company must have in place if they want their company to be successful. ...read more.

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