Marketing Strategy is the process that a business uses to focus its limited resources in order to have the greatest chance of increasing sales and achieving a competitive advantage. It combines promotion, distribution, pricing, relationship management, and other elements; identifies the marketing goals, and explains the methods to reach them. It is most effective when it is part of the overall business strategy, defining how the company will interact with customers, prospects, and competitors in the open market.
The benefits of a marketing strategy are crucial to a company's success. Without a strategy to accomplish its goals, the company will flounder in the market place, chasing one goal after another with no set process for improvement. So the importance of the marketing strategy can not be overstated. Having a direction in your marketing is essential for success.
Various elements of the strategy -- which can include advertising, internet marketing, branding, promotion, and public relations - act to form the basis for the business's main mission and goals. It is important to make sure that each strategy goal is measurable, as the marketing strategy should be dynamic and interactive. If pieces of it are not measured as successful, then they should change to drive the business forward.