To formulate strategies, you must have the marketing objectives in mind, because the strategies must be implemented to achieve those objectives; but also the consumers that make up the target market, the competition, the company's resources and capabilities.

It is important to know the difference between the marketing strategy and the marketing plan before defining and formulating the strategies, because this can lead to confusion about these two concepts that go hand in hand but have different orientations.

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Marketing Strategy
Is the statement of the objectives to be achieved by a company's marketing efforts (what). These strategies are determined by the goals of the company. Goals and strategy must go together. The strategies must take into account needs, wants, and solutions to problems or take advantage of the habits and customs of the target audience.

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Marketing Plan

This is the way you will achieve those marketing goals (how). It is the map that takes you from one point to another of the desired situation (goals).

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Here is an example:

We have a goal to achieve a higher market share.

The marketing strategy must find an answer to how we can open up a new market segment.

The market plan should provide direction on what type of marketing campaign we can use to reach, identify and focus on this particular segment.

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Formula: Marketing Strategy - > Marketing Plan- > Implementation = Successful Marketing Strategy.