What is marketing strategy?

Marketing strategy describes how a business meets the requirements of its market.

The marketing strategy must enable a business to deliver its objectives.

Markets are made up of customers with wants and needs. Market planners must provide products and services that are better than those which competitors offer. The organisation with the most effective marketing strategy should become the market leader.

Creating a marketing strategy

To create a marketing strategy you must first find out about your environment through market research. Investigation into the 3G market in Japan first indicated that the 'killer application' would be video messaging. This has not proved to be the case. For example, Japanese consumers have been far more interested in music downloads. Market research by 3 showed that consumers are interested in the extensive range of 3G phone applications.

Marketing strategy covers all elements of the procedure that an organisation uses to satisfy the market, such as research, promotion and advertising.

The marketing strategy must enable a business to deliver its objectives.

Hutchison Whampoa's objective is to be the market leader in providing 3G wireless communications. All aspects of 3's market plan are tailored to achieving this. For example, the company's advertising helps customers appreciate the benefits of 3G services and content.