1-2 Paragraphs
Read the article Corporate Strategy vs. Marketing Strategy, then explain how the two strategies will intersect to produce a successful plan for your chosen project idea.
Overview
A corporate strategy provides direction for the organization as a whole and for structuring the overall business. It is a guideline to maximize the synergy among departments and business units.
This steers not only marketing activities, but also finance, production, operations, human resources, and all parts of the organization. The business strategy defines what a company does and how it will do it. A business strategy will:
Outline the purpose and objectives of your business
State your value proposition
Identify the markets you serve
Define keys for execution
Establish financial goals (Marzec, 2013, para. 4)
Marketing strategy falls under the comprehensive umbrella of the corporate strategy. A marketing strategy is a plan to execute marketing goals that are in line with the corporate strategy and corporate mission.
Marketing strategies can encompass driving sales, maximizing profit potential, and increasing marketing share.
They can include stipulations on aggressive advertising, market research, or other specifics that are designed to attract the right customer.
Marketing strategies typically accomplish the following:
Assess behaviors of the target audience
Focus the brand message on value proposition and differentiators
Identify the best tactics to communicate the message
Develop a timeline for implementation
Identify metrics to track measurable business results (Marzec, 2013, para. 8)
Marzec, M. (2013, August 29). Marketing strategy vs. business strategy. SBN Interactive.