WHEN MARKETING IS STRATEGY

When Marketing is a Strategy Student’s Name Institutional Affiliation Course Code & Title Professor’s Name Submission Date Comparison between Marketing and Business Strategy A firm’s marketing strategy is related to its business strategy because these two approaches borrow a lot from each other but are not the same. These two concepts are interconnected and align with the firm's strategic approach. A marketing strategy aims to achieve a company’s objectives by serving the customer's best interests and creating a sustainable and specific competitive advantage in their business niche (Lewnes & Keller, 2019). The strategy is concerned with the needs of potential customers, from determining who they are, their location, and the best way of reaching them. Marketing strategy is part of the firm’s working business strategy, and it is crucial in realizing the goals set for the sales and marketing department. Meanwhile, a business strategy refers to a firm's strategic plan and decisions to create and maintain its value and gain a competitive advantage. This strategy is crucial because it has the steps that must be undertaken for the company to realize its vision and mission. The business strategy encompasses market location, value proposition, gaining a competitive advantage over other commodities providers, diversifying the supply chain to reach potential consumers, mergers and acquisitions, and the working business model design (Dawar, 2013). Even though a business strategy concerns the scope and direction ...