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Building the marketing strategy starts with defining the overall goal of the company. Analyzing the market, the competitors, and the company itself are the following steps. Afterwards, the target consumer needs to be identified and analyzed. (Smarta n.d.) For example, defining typical personas in order to display the typical customers of a company’s product will help to make the strategy more specific (Chan 2019). Then, the value proposition is added to show why the offered product or service is better compared to the competitors and which value the customer receives. Finally, the way of communication is stated in the marketing strategy. This implies which tools are going to be used in order to promote the product or service to the customer. (Smarta n.d.) 1. Defining overall goal 2. Analyze market (self, Competitors) 3. Identify target consumer 4. Value proposition 5. Communication (tools) Often the marketing strategy contains or is oriented on the 5Ps of the marketing mix, namely price, product, place, promotion and people (Duermyer 2019). This approach can be defined while reading rather modern sources. Whereas the marketing strategy is the overall plan, the strategic marketing decisions are the small steps within the strategy. For example, when talking about one of the main points of the marketing strategy for example the market analyzation, in which one matching strategic marketing decision is going to be where the company should compete. (Shankar & Carpenter 2012, pp.13-23.) 3.2 Social media marketing strategy Creating a social media marketing strategy differs from creating a general marketing strategy but some of the basic components remain the same. For example, the analysis of the market is still part of the strategy, but various other steps are added in the social media marketing strategy. Comparing various online resources, a pattern for a social media marketing strategy can be found. The strategy process includes primarily eight steps. In the 19PDF Image | Brand-Awareness through Marketing on Instagram
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