Marketing strategy in business: what it is and how to implement in 2024

In 2024, marketing strategy is an integrated action plan that combines the traditional elements of product, price, place, and promotion (4Ps) with people, processes, and physical evidence, leveraging modern technology like artificial intelligence to personalize, automate, and analyze data. This approach aims to align with a company’s overall business objectives, effectively communicate with the market, build brand image, and achieve sales growth while adapting to rapidly changing market conditions and consumer behavior.

marketing strategy

What is marketing strategy?

A marketing strategy is a comprehensive plan guiding all marketing efforts, developed with specific objectives and timelines, and includes a clear definition of success encompassing both short- and long-term goals. It identifies necessary resources and aligns with the organization’s business strategy to ensure integrated business planning.

What role does marketing strategy play in business management?

Marketing strategy acts as a catalyst for business development by achieving business objectives such as international expansion or sales growth. It aligns with the overall organizational direction, ensuring objectives are SMART (Specific, Measurable, Achievable, Realistic, Time-bound), and adjusts the 4Ps to maximize effectiveness, thus supporting strategic planning and management.

What is the 4Ps in the new marketing?

In the new marketing, the 4P model (Product, Price, Place, Promotion) remains vital but has evolved into a more comprehensive 7P model, adding People, Processes, and Physical Evidence to better respond to contemporary market needs and technological advancements.

What types of marketing strategies are there?

Marketing strategies vary based on the extended marketing-mix model and company objectives. Types include product strategy (innovation and differentiation), pricing strategy (various pricing models), promotional strategies (advertising, social media, digital marketing), and omnichannel strategies (integrating online and offline channels). The additional 3Ps focus on people (employee and customer interaction), processes (operational efficiency), and physical evidence (tangible elements enhancing brand perception).

What benefits does a good strategy in marketing offer a company?

A well-crafted marketing strategy enhances brand awareness, drives sales, attracts and retains customers, provides data-driven insights, differentiates the company from competitors, optimizes resources and budget, adapts to changing conditions, and supports overall business goals.

A strategy defines a company’s long-term marketing direction and objectives, while a marketing plan details specific activities, initiatives, and campaigns to achieve those strategic goals, including timelines, budgets, and performance measurement methods.

Strategy refers to the overall plan and long-term goals, focusing on broad approaches to achieving business objectives. Tactics are the specific, short-term methods used to implement the strategy, such as advertising campaigns and promotions.

How to implement a company's new marketing strategy?

Implementing a new marketing strategy involves setting long-term objectives, conducting research and analysis, developing action and communication plans, estimating required resources, obtaining board approval, executing and monitoring the strategy, and and ensuring alignment with changing environments.

strategy implementation

What exactly should a marketing strategy contain?

A comprehensive marketing strategy should include clear objectives, market analysis, brand positioning, 4P strategy details (Product, Price, Place, Promotion), budget allocation, a detailed implementation plan, performance measurement methodologies, and strategies tailored to different communication and sales channels.

Where do I start in preparing a marketing strategy?

Begin by involving key internal stakeholders early in the process to ensure alignment with overall business goals. Adapt the strategy to external factors like market competition and customer needs, making it a strategic tool for long-term growth and success.

How long does the process of creating a marketing strategy take?

The process can take from a few weeks to several months, depending on company size, market scope, and the depth of required analysis. Sufficient time must be allocated to each stage to ensure a thorough and effective strategy.

What kind of strategy in 2024?

In 2024, a good strategy should incorporate AI for personalization, automation, data analytics, and predictive marketing while maintaining a balance with personal customer interactions. This hybrid approach offers efficiency and personalized experiences, giving companies a competitive edge.

Global or local strategy?

Choosing between a global or local strategy depends on the company’s objectives and market characteristics. Many companies adopt a hybrid approach, leveraging global resources while tailoring operations to local conditions to effectively manage their brand globally.

Red ocean or blue ocean?

A red ocean strategy focuses on competing in high competition in existing markets, while a blue ocean strategy seeks to create new, uncontested market spaces. The choice depends on the company’s resources, risk appetite, and innovation capabilities, with many companies blending both approaches.

Where is network marketing applied across industries?

The network marketing model is effective in various sectors, including high-margin product sales, the technology industry, the B2B market, and education and training.

Which strategy in B2B?

In 2024, an effective B2B marketing strategy should integrate advanced technologies like AI with a strong focus on building relationships and trust with business customers. Combining AI for data analysis and personalization with high-quality service and a personal approach ensures a competitive advantage.

Key Takeaways

  1. The marketing strategy is the company’s overarching plan, which is developed with clear objectives and deadlines for implementation. It is an integral part of business planning, supporting the company’s overall objectives and direction.
  2. The marketing strategy acts as a catalyst for the company’s growth, helping to achieve set business objectives, such as overseas expansion or sales growth.
  3. The strategy incorporates the traditional 4P model (Product, Price, Place, Promotion) and additional elements such as People, Processes and Physical Evidence, creating a comprehensive 7P model.
  4. In 2024, the strategy should take into account the development of technology, including artificial intelligence, to personalise, automate and analyse data, allowing for more effective and targeted outreach to the target audience.
  5. An effective strategy combines advanced technological tools with high-quality customer service and a personalised approach, especially in a B2B context where relationships and trust are very important.
  6. Companies should consider both global and local approaches, often using a hybrid strategy to manage their brand globally while being sensitive to local differences.
  7. Companies should consider a ‘red ocean’ strategy (competing in existing territories) and a ‘blue ocean’ strategy (creating new niches), choosing an approach that suits their objectives and resources.

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