Businesses don't seem to mind spending thousands of dollars to pay for various marketing collateral, but the strategy is usually neglected.

A marketing strategy:

• is an integral component of corporate strategy.
• defines how the organization will engage customers.
• must begin and end with the customer.
• provides a roadmap to creating and delivering true value.
• serves as the foundation of a marketing plan.
• consists of well thought-out tactics.
• integrates organizational marketing goals, policies, and actions into a holistic approach.
• are dynamic and interactive.
• can be partially planned and unplanned.

What goes into a marketing strategy?

• Target the customers you are marketing.
• Positioning-how are you going to differentiate.
• Decide on attributes/features of your product/service.
• Decide how you are going to reach your target customer.
• Determine your pricing.
• Choose what channels will you use to sell the product/service.
• Figure out how you will manage customer needs.

While it is possible to write a tactical marketing plan without a sound, well-considered strategy, it is not recommended. Without a sound marketing strategy, a marketing plan has no basis.