Discuss how marketing strategy fits within the larger framework of business strategy. Provide an example of a company (from any industry) that successfully integrates its marketing strategy into their overall business strategy.
Please use the language and concepts covered in the attached articles.
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A business strategy is developed to ensure that the business earns revenue to be profitable. The business strategy's primary objective is profitability (1). The business strategy is supported by the organizational structure, the management team, the mission, capital structure, and the staffing policy. The business strategy is also supported by its marketing strategy. Marketing strategy combines marketing goals into a single plan. The marketing strategy is the plan that involves developing, making, and selling of a product. The marketing strategy includes product development, pricing, placing, and promotion decisions (2). The marketing strategy identifies a segment whose needs are satisfied by its product/service, developing a product/service for that target market, pricing its product/service appropriate to its marketing goals, identifying and opening appropriate channels of distribution, and communicating the features/brand/usefulness of the product to the target market (3).
The marketing strategy of business must fit or align with ...
The answer to this problem explains how the marketing strategy of a business needs to be integrated with its business strategy . The references related to the answer are also included.