What is meant by a marketing strategy? Why is it important for employees in all departments - marketing, accounting, finance, human resources, operations management to understand the role marketing plays in the success of the organization? How does marketing impact each of these other departments?
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Strategies are long term course of action that involve planning and implementing activities with the ultimate goal of achieving objectives. When the strategies involve maximum utilization and allocation of scarce resources such as financial and human capital, technology and time so that a company can deliver excellent customer experiences and eventually earn more revenue and profits, they are called marketing strategies. They include identifying, analyzing, anticipating and satisfying customers' demands.
Among the examples of marketing strategies are the following: guerilla marketing (promote your products at promotional events with low-cost trades); positioning (creating an image to position your product in the market); cause marketing (donating to charity to develop brand loyalty); sports marketing (support a sports activity) (Ashe-Edmunds, n.d.). Other examples include joining organizations and social networking sites such as twitter, and by creating a blog about the company or product.
Understanding the Role of Marketing in Organizations
There are three basic levels in an ...
The solution discusses market strategy definition and provides examples, It also describes the roles of departments in strategic marketing and
marketing in collaboration with the various departments, e.g., finance, accounting, operations, human resources.