What is the scope and nature of marketing strategy?

Answer 1

The scope and nature of a marketing strategy refers to the approach a marketing team uses. The nature refers to the way in which marketing is accomplished and the scope refers to the size and strategy used.

Answer 2

Marketing strategy is the art of providing the customer with the right product at the right time by the right channel. It is the science of choosing the best combination of the target audience, product, price, and promotion. A good marketing strategy for a startup focuses on customer needs, wants, and desires. An effective marketing strategy must be able to change with the ever-changing needs of the customer. It must adapt to the environment, but not react to the environment. Marketing strategy helps in identifying the best target segments, identifies the value proposition for each segment, plans the communication mix for each segment, and evaluates the effectiveness of each communication. A good marketing strategy would address the problem, the benefits, and the price of the product. The major components of marketing strategy are competitive position, target customer, and positioning. The marketing strategy of a firm helps in determining the position of the firm in the market. The marketing strategy of a firm would depend upon the characteristics or the nature of the product and its intended target market.