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Marketing Strategy

What is Marketing Strategy

Marketing strategy is an integral part of every business success. It is used to promote a new product, increase the sales, improve brand awareness and other purposes which boost business growth. Unlike marketing tactic the goal of which is virtually the same, marketing strategy is developed for a longer term. Tactic, on the other hand, is a short term and often only a one-time action such as grand opening.

Marketing Strategy and the Four Ps

The development of a marketing strategy is based on a detailed study of the so-called external environment (consumers, competitors, cultural/economic/political factors, etc.) and internal environment which includes the so-called marketing mix or the four Ps (according to some sources, there are five, seven or even eight Ps) which stand for: product, price, place and promotion, with all being equally important. Let’s see why.