How business strategy relates to marketing strategy

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.

  1. Company X develops Goals & Objectives for the next 3–5 years (G&Os)
    1. What do we want to achieve for the next 3-5 years? Where can we improve or grow?
  2. Company X plans how to achieve those goals (Business Strategy)
    1. This is your overall plan and strategy from a corporate perspective
  3. Company X divides the overall business strategy into specific functions, cross-functional teams, or business units.
    1. This is your plan from a functional / cross-functional perspective
    2. Sales, Marketing, Branding, IT, Human Resources, Product Management, R&D, etc.
  4. 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.