Overview: Simpler Than You Think, More Vital Than You Know
Why Marketing Strategy Matters
Among the many types of business strategies—such as financial, technological, or operational—marketing strategy stands out as especially relevant to nearly everyone in a business environment.
Understanding marketing strategy isn’t too difficult—especially at the level we encounter in MBA programs or everyday business. In fact, we already possess a good amount of knowledge from our own experiences—through effort, mistakes, and valuable lessons. Nevertheless, studying it remains important, as it helps fill gaps in our understanding and provides a structured approach that can lead to meaningful improvements and success.
Key Elements
At its core, marketing strategy involves planning and executing the marketing mix, commonly known as the 4 Ps: product, price, place, and promotion.
Marketing strategy should be established before launching a business, as the sequence is crucial. A practical process may include:
- Situation Analysis (understanding the external environment and internal capabilities)
- STP Analysis (Segmentation, Targeting, and Positioning)
- 4P Analysis (Product, Price, Place and Promotion)
This framework can be enhanced by incorporating goal-setting at key stages. For instance:
- Situation Analysis → General Goal → STP → 4Ps → Specific Goal
In the following sections, I will explore each component—Situation Analysis, STP Analysis, and 4P Analysis—as they are essential parts of the overall marketing planning process.
Reflection on Planning
Before we go further, let’s wrap up this post with a famous quote:
“Plans are nothing; planning is everything.” — Dwight D. Eisenhower
Plans are nothing: Once a plan is created, real-world situations often unfold in unexpected ways, and the plan can quickly become outdated.
Planning is everything: However, the act of planning helps us think through scenarios, anticipate problems, set priorities, and mentally prepare. This preparation enables us to adapt more effectively when circumstances change.
More about Eisenhower’s legacy →
Dwight D. Eisenhower on Wikipedia