Marketing strategy is a business marketing policy, usually outlined in a formal marketing plan. The Marketing strategy usually meshes with the company’s corporate image and products brands. Marketing tactics are some of the activities that carry out the marketing strategy.  The first step to marketing strategy is an analysis of the business current situation. This analysis includes a description of the product, a SWOTT (strengths, weaknesses, opportunities, threats and trends) analysis and an account of the product’s current marketing cycle stage. This information is used to identify the product’s correct consumers, known as the target market. Marketers research the target market to determine demographics, characteristics and market size. These attributes are used to set sales goals. Marketing tactics combine market research and product identity to persuade the target market to buy the product. The marketing budget determines how much should be spent on the entire marketing strategy. Marketing tactics are the action steps that carry out the marketing strategy plans. Short-term plans to help achieve longer-term goals and integrated marketing communications (IMC) both fall under the term “marketing tactic.” Some marketers consider marketing tactics the “tricks” that bridge the gap between a person considering the purchase and a customer. However, some tactics, such as customer care, come after the sale and encourage repeat customers.

The traditional marketing strategy comprises the four “Ps”: product, promotion, price and placement, known as the marketing mix. Marketers consider both the product and the target consumer while setting the four Ps. Modern marketing strategy involves branding, market segmentation and product differentiation. Branding means creating a lasting definition of the product in the consumers’ minds. Market segmentation means creating slightly different strategies for various target markets. Product differentiation focuses on highlighting how the product is better than those of competitors. Integrated marketing communications are the promotions “P” of the marketing mix. IMC includes advertising, sales people, direct selling and internet communications. A well-branded business ensures that all IMCs carry similar messages. Other tactics include; lowering the price to increase market share, customer relationship management (CRM), aggressive competing, and creating niche markets. Marketers are just beginning to explore through viral videos, electronic coupons and search engine optimization (SEO) are just a few driven marketing tactics.

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