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(Lake, 2019) defines marketing as “a process of teaching consumers why they should choose your product or service over those of your competitors and is a form of persuasive communication. It is made up of every process involved in moving a product or service from your business to the consumer.” The process of marketing includes understanding the market, and customer, developing a product to meet customer needs and advertising the product. (Lake, 2019) further explains “there are four stages of marketing ideation, research and testing, advertising, and selling. Companies must go through multiple stages of marketing to ensure their products or services are ready for selling.”
Strategic planning is used in different organizations to identify and accomplish their goals. (McCarthy, 2020) suggests, “a strategic plan is a document that establishes the direction of an organization.” The seven basic elements of a strategic plan include “vision statement, mission statement, core values, SWOT analysis, long-term goals, yearly objectives, and action plans (McCarthy, 2020).” Creating a strategic plan at the beginning of a business helps to stay focused on goals.
According to (Thompson, 2019) “corporate strategy and marketing strategy are two very different plans. The first is the playbook for where you want your business to go; the second lays the framework for how you will attract customers to your products. While both have different components and structures, they are equally essential to the success of your business.” The corporate strategy helps organizations in following its mission and vision whiles achieving their goals. Whereas marketing strategy includes advertising, research, and helps in reaching marketing goals.
Lake, L. (2019, October 07). Defining Marketing. Retrieved from The Balance Small Business: https://www.thebalancesmb.com/what-is-marketing-2296057
McCarthy, D. (2020, June 08). 7 Important Elements of a Strategic Plan. Retrieved from The Balance Careers: https://www.thebalancecareers.com/strategic-plan-elements-2276139
Thompson, J. (2019, February 04). Corporate Strategy Vs. Marketing Strategy. Retrieved from Chron Small Business: https://smallbusiness.chron.com/corporate-strategy-vs-marketing-strategy-63753.html
Marketing refers to activities a company undertakes to promote the buying or selling of a product or service. Marketing includes advertising, selling, and delivering products to consumers or other businesses (Leonard, 2019). Some marketing is done by affiliates on behalf of a company. Marketing as a discipline involves all the actions a company undertakes to draw in customers and maintain relationships with them (Twin, 2020). Networking with potential or past clients is part of the work too, and may include writing thank you emails, playing golf with prospective clients, returning calls and emails quickly, and meeting with clients for coffee or a meal.
Strategic planning is the process of documenting and establishing a direction of small business by assessing both where we are and where we are going. The strategic plan gives a place to record the mission, vision, and values, as well as long-term goals and the action plans we use to reach them (Twin, 2020). A well-written strategic plan can play a pivotal role in small business’s growth and success because it tells us and our employees how best to respond to opportunities and challenges (AMA, 2020).
Organizational strategy is broader than marketing strategy, as it refers to the overall strategy used to guide a business. A marketing strategy and a orgnizational strategy, however, may be synchronized to attract, retain and optimize value from customers.As described by The Ivey Business Journal, organizational strategy can be described as the manner in which a company optimizes value from its products or services (Kokemuller, 2019). In a more general sense, it is a plan to aid a company in carrying out its vision and mission while achieving particular goals. Understanding the strengths and weaknesses of your business relative to those of competitors is an essential element of this strategy.
On the other hand, a company’s marketing strategies are used to execute marketing goals. In general, the role of marketing is to attract the right customers to the company through various forms of research and effective company and product promotion (Kokemuller, 2019). It does so by leveraging many of the same SWOT factors used in corporate strategy. Marketing also centers on communicating a strong value proposition on the basis of such factors as a strong product, convenient distribution and value pricing.
Kokemuller, N. (2019, February 11). Corporate Strategy & Marketing Strategy. Retrieved October 23, 2020, from https://bizfluent.com/info-8139467-corporate-strategy-marketing-strategy.html
Twin, A. (2020, September 16). Everything Marketing Entails. Retrieved October 23, 2020, from https://www.investopedia.com/terms/m/marketing.asp
Vo, E. (2020, September 02). What Is Strategic Planning?: Strategic Planning Process. Retrieved October 23, 2020, from https://sba.thehartford.com/business-management/what-is-strategic-planning/