Essay about Marketing Plan For Corporate Strategy
Corporate Strategy refers to taking all those strategies which are related the profitability analysis, brand extension, market extension. Corporate strategy is also involved with the financial performance of an organization like reducing cost and increasing overall profit for the organization. It focuses on the means and tools of how the business can be increased in several markets. It also depicts how to develop several product lines at a time and extending the product line with the intention of entering new market thus improving the financial performance of an organization (Cravens, 1982).
Marketing strategy refers to building a specific plan for a very specific target segment. Here, marketing strategy works with identifying the underlying need and wants of the target segment and developing superior customer value to meet that particular need of the target segment. For this reason, marketing strategy works with the four “p” of the marketing. They are product, price, place, and promotion etc.
Relationship between Marketing and corporate strategy
Marketing strategy is just a part of the whole corporate strategy. The executive of the business management must stay close to the marketing departments. For example, the business executive wants to reduce overall production, operational, and promotional cost of the organization. On the other hand, the department of marketing has decided to…