How is marketing strategy related to business strategy?
I originally answered this question on Quora, but wanted to share it with my audience as well. It's a quick explanation.
To keep the answer as simple as possible, your marketing strategy is a piece of your overall business strategy. The actual steps would depend a lot on your company size & structure. However, the steps below provide an example you can use and adapt to your situation.
- Company X develops Goals & Objectives for the next 3–5 years (G&Os)
- What do we want to achieve for the next 3-5 years? Where can we improve or grow?
- Company X plans how to achieve those goals (Business Strategy)
- This is your overall plan and strategy from a corporate perspective
- Company X divides the overall business strategy into specific functions, cross-functional teams, or business units.
- This is your plan from a functional / cross-functional perspective
- Sales, Marketing, Branding, IT, Human Resources, Product Management, R&D, etc.
- Company X executes the strategy, tacks progress, and adapts to “feedback” & data.
I hope this helps and let me know if you have any questions.