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Explain Marketing Strategy and Marketing plan

Marketing Strategy and Marketing plan: Before we proceed with outlining the market strategy and marketing plan, it is desirable to learn about the subtle difference between the two. The marketing strategy is a more comprehensive concept than marketing plan. Market strategy is shaped by the overall business goals. It comprises of a definition of the business, a description of our products and services and a narration of the characteristics of the users or clients. Marketing strategy defines the relationship between the company’s role and the competition.
 
The marketing plan on the other hand can be thought of as a practical application of the marketing strategy. The marketing plan includes details about the company’s selling propositions, pricing strategy, advertising and promotion plans as well as sales and distribution plans.
  
To summarise, while marketing strategy is an overview of the company’s products and relative position in the market competition, marketing plan is a summary of the specific actions intended to achieve the goals of marketing strategy.

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