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what is marketing

Principles of Marketing Strategy

1. Clarify Business Objectives

There’s so much going on in the marketing arena today, everybody is struggling to keep up.   At the same time, every marketing professional feels pressure to be “progressive” and actively integrate emerging media into their marketing program.

However, the mark of a good marketing strategy is not how many gadgets and neologisms are crammed into it, but how effectively it achieves worthy goals. Therefore, how you define your intent will have a profound impact on whether you succeed or fail.

Unfortunately, there is a tendency for marketers to try to create a “one size fits all” approach for a portfolio of brands or, alternatively, to want to create complicated models to formulate marketing objectives.

2. Use Innovation Teams to Identify, Evaluate and Activate Emerging Opportunities

Marketing executives are busy people.  They need to actively monitor the marketplace, identify business opportunities, collaborate with product people and run promotional campaigns.  It is unreasonable to expect them to keep up with the vast array of emerging technology and tactics, especially since most of it won’t pan out anyway.

3. Decouple Strategy and Innovation

Unfortunately, in many organizations, strategy and innovation are often grouped together because they are both perceived as things that “smart people” do.  Consequently, when firms approach innovation, they tend to put their best people on it, those who have shown a knack for getting results.

That’s why, all too often, innovation teams are populated by senior executives.  Because innovation is considered crucial to the future of the enterprise (and also due to the institutional clout of the senior executives) they also tend to have ample resources at their disposal.  They are set up to succeed.  Failure, all too often, isn’t an option.

4. Build Open Assets in the Marketplace

The primary focus of marketing promotion used to be to create compelling advertising campaigns that would get the consumer’s attention and drive awareness.  Once potential customers were aware of the product, direct sales and retail promotions could then close the deal.

In the digital age, brands are no longer mere corporate assets to be leveraged, but communities of belief and purpose.