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Marketing professionals constantly scan and analyze a firm's external environment to identify threats and opportunities the firm faces and to respond to them. This is important because it can affect the effectiveness of the firm's marketing strategy.
A marketing strategy is a company's overarching plan for connecting with potential customers and persuading them to purchase its products or services. A marketing plan should incorporate the company's value proposition, core brand messages, information on the demographics of the target market, and other crucial elements. An extensive discussion of the four Ps of marketing—product, pricing, place, and promotion is found in a marketing strategy. A well-defined marketing strategy should center on the firm's value proposition, which tells customers what the company stands for, how it operates, and why it deserves their business.
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