what is the business importance of marketing strategy?

Answer 1

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

Answer 2

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RE:
what is the business importance of marketing strategy?

Answer 3

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Answer 4

I think business structure is based on the marketing strategy. New marketing strategies can affect the business profit or loss theories. If you have marketing team in your business then business will definitely boosting day by day.

Answer 5

If you want to be successful in marketing you need to maintain a strong client-tel relationship. Honest is important to establish such thing. You also need to put the needs of the client ahead of anyone else in business. Need to know how to market a product or an ad to maximize the exposure to the general public but at the same time the most cost effective way. There is always someone out there that's will to buy the product, but you have to figure a way to get that someone.

Answer 6

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Answer 7

If you cant market it well, you will not sell any and you will not make any money which means that you will go out of business

Answer 8

Honesty