Developing a Marketing Strategy in Business

The Goals of a Marketing Strategy
By: John Errigo, MS

A good marketing strategy is dependent upon the methodologies chosen, why they are chosen, how they are executed and how they are modified. There are many marketing research methodologies in developing a strategy. This blog will address a generaliztion on how to develop marketing methodologies defining what they are and how they are used.

The goals of a Marketing strategy “
The goal of the research is to highlight the importance of marketing measurement in companies and describe the most important measuring methods that can be successfully used in practice” (Luan & Sudhir, 2010). Many marketing methodologies exist, however the fundamental goal in identifying a strategy knowing that “Marketing research can be said to be the primary means by which the marketing concept is implemented. That is, marketing research is a set of procedures by which the state of want satisfaction, the sine qua non of marketing practice, is revealed to producers” (Saegert & Fennell, 1991, p. 262) It is the managers who are the producers, and who must make informed decisions and select the proper methodologies in order to develop a good marketing strategy. One primary goal is to determine the best marketing methodologies and what is the desired outcome. A hypothetical example would a marketing strategy goal which would be to increase sales by 25% of Nike basketball shoes, what market should be targeted? What research is needed? And what is the proper way to get the brand recognized? A goal of a marketing strategy would be to hypothetically target Nike shoes during basketball games, especially college basketball games since these are where the research has shown would be most effective. How you get to this decision is the goal of a marketing strategy.

Another goal of assessing managerial effectiveness in choosing the proper methodologies is important since “they need to know when the sales performance caused by temporary (short-term) marketing efforts will persist without any further marketing action and when sustained (long-term) spending is needed to maintain sales performance, what are the functions/effects of temporary versus sustained budgeting in achieving and maintaining market performance (e.g., Is a temporary, intensive marketing campaign necessary?), and how to design budgeting strategies to attain and sustain market performance” (Wang & Zhang, 2008, p. 15).
The world of consumer and marketing research have many limits in which both the power and pervasiveness of marketing practices have increasing power juxtaposed within the scope of finding and satisfying the consumer choice and need (Bettany & Woodruffe-Burton, 2009).

The goals of a marketing strategy is complex and yet simple, fist to find the proper methodologies in order to satisfy the desired outcome from the business perspective, utilizing all resources at hand and keeping an open mind when other internal and external forces in the organization as well as market segmentation may influence the original strategy.

All rights reserved (2010) and my not be duplicated or referenced without written permission of author: John Errigo, M.S., by corporate authorization, HODT, Inc. (synergy@hodtinc.com)