Assignment: Organizational and Marketing Strategy:
(Lake, 2019) defines marketing as "a process of teaching consumers why they should choose your product or service over those of your competitors and is a form of persuasive communication. It is made up of every process involved in moving a product or service from your business to the consumer." The process of marketing includes understanding the market, and customer, developing a product to meet customer needs and advertising the product. (Lake, 2019) further explains "there are four stages of marketing ideation, research and testing, advertising, and selling. Companies must go through multiple stages of marketing to ensure their products or services are ready for selling."
Strategic planning is used in different organizations to identify and accomplish their goals. (McCarthy, 2020) suggests, "a strategic plan is a document that establishes the direction of an organization." The seven basic elements of a strategic plan include "vision statement, mission statement, core values, SWOT analysis, long-term goals, yearly objectives, and action plans (McCarthy, 2020)." Creating a strategic plan at the beginning of a business helps to stay focused on goals.
According to (Thompson, 2019) "corporate strategy and marketing strategy are two very different plans. The first is the playbook for where you want your business to go; the second lays the framework for how you will attract customers to your products. While both have different components and structures, they are equally essential to the success of your business." The corporate strategy helps organizations in following its mission and vision whiles achieving their goals. Whereas marketing strategy includes advertising, research, and helps in reaching marketing goals.
Format your assignment according to the following formatting requirements:
(1) The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
(2) The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
(3) Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.
References
1) Lake, L. (2019, October 07). Defining Marketing. Retrieved from The Balance Small Business.
2) McCarthy, D. (2020, June 08). 7 Important Elements of a Strategic Plan. Retrieved from The Balance Careers.
3) Thompson, J. (2019, February 04). Corporate Strategy Vs. Marketing Strategy. Retrieved from Chron Small Business.