From the article, marketing strategy has become a significant driver of a firm's success. A firm's ability to gain insights from its environments and redefining their value chain will drive a remarkable success in any firm. In the past, companies executed their marketing strategy different from how the present companies do. Despite these differences, both sought to define the market to serve and strived to meet their consumer needs while achieving their business objective. Therefore, a company needs to have a sound marketing strategy to obtain and sustain a competitive advantage.
In the past, firms like General Electrical Companies adopted the marketing strategy that sought to understand the consumer needs contrary to first producing goods and seeking customers to buy them. This approach leads to improved value chain due to the production of better fit products and high-quality services. Moreover, it was possible to counter competition due to the firm's ability to understand and respond to consumers' product concerns and maintain high-value services.
Delegate your assignment to our experts and they will do the rest.
The marketing strategy has also gained popularity in innovations and the entry of new firms into the market. Most startups are forced first to understand the market they will serve and define the product portfolio according to consumer needs to thrive in business. Amazon understood the consumer gap in the market and came up with an innovative way of bridging it, leading it to be one of the world's biggest marketplaces. Additionally, companies like Alibaba and other upcoming startups have followed the innovative amazon approach and are reaping great success.
With the emergence of big data, artificial intelligence, and machine learning, marketing strategy is still redefined. Instead of waiting to understand the consumers’ needs from their expenditures, companies are now moving to understand consumer thoughts before purchasing anything. Such will be made possible by the emerging of eye-tracking and facial coding data together with FMRI data. This innovation will bring forth the emergence of new products and firms that will seek to satisfy the consumers.
In conclusion, though some companies have ignored the consumer inputs when it comes to producing and still managing to thrive, it is vital to have an excellent consumer-oriented marketing strategy since there are significant drivers of company success. As a result, this article is of importance. It has outlined the importance of marketing strategy and how they help drive a firm to achieve its goals.
