What Is a Marketing Strategy?
A marketing strategy refers to a business’s overall game plan for reaching prospective consumers and turning them into customers of their products or services. A marketing strategy contains the company’s value proposition, key brand messaging, data on target customer demographics, and other high-level elements.
A thorough marketing strategy covers the four Ps of marketing: product, price, place, and promotion.
Understanding Marketing Strategies
A clear marketing strategy should revolve around the company’s value proposition, which communicates to consumers what the company stands for, how it operates, and why it deserves their business.
This provides marketing teams with a template that should inform their initiatives across all of the company’s products and services. For example, Walmart (WMT) is widely known as a discount retailer with “everyday low prices,” whose business operations and marketing efforts are rooted in that idea.
Watch the interview with Seth Godin entitled "Marketing Strategies that work". After watching the video, the learner should conduct a face-to-face or online interview with a business owner. Students must be able to identify a certain marketing strategy used by an existing business in town and explain how certain marketing strategy helps the business in achieving its goal and relate findings with the explanation by Seth Godin.
1. Look for an existing business in town.
2. Decide whether to conduct a face-to-face or online interview with the owner.
(If face-to-face, take a picture of the interviewer and interviewee while the the interview is going on, if online provide a screenshot or screen recording of the interview.)
3. Student must gather the following information:
- Business Name
- Business Owner
- Type of business
- Date that the business started operating
- Type of marketing strategy used by the business
4. Identify how this marketing strategy helps the business operation in achieving its goal.
5. State findings and conclusion discover through the interview
6. Relate your findings and conclusion to Seth Godin interview.
(1) Poor, (2) Fair, (3) Adequate, (4) Good, (5) Excellent
1. Use of visual aids in presentation
2. Provide all the information needed in class
3. Clearly states the relevance of marketing strategy in business operation
4. States relationship between presentation's interview and Seth Godin's interview.
5. Overall presentation
As the students conduct interview, they would have a first hand information about marketing strategies and how it helps to achieve a sustainable competitive advantage over rival business or as we know, competitors. Through the activity, learners will be able to reflect the importance of marketing strategy. Additionally, it engages students by making real-world connections through exploration and high-level questioning.
The activity encourages students to think critically about the information they has and improves their communication skills. Understanding real-world works, students see how what they are learning in the classroom is relevant.