ABSTARCT

Marketing is the process of planning and executing the concepts of pricing, promotion and distribution of ideas, goods and services that satisfy individual and organizational goals (AMA).
Successful marketing requires a winning strategy. Understanding marketing strategy formulation lets you properly evaluate your organization's marketing needs. You can then gear your marketing strategies to achieve maximum effectiveness.
Marketing strategy formulation is the process of defining an organization's marketing goals and objectives. This allows formulators to create a guide. They examine the market and in doing so, use that information to determine what marketing approaches will be best at reaching clients and enticing them to seek out the business' services. Products and services constitute the platform for attracting customers, basically all organizations are in the business of attracting customers. Hence, the need to compete favourably.
As a general rule, a good first step in a marketing strategy formulation is determining what you want to accomplish in terms of marketing. It could be as simple as letting potential customers know what you sell, and how your product can benefit them.The next step is to examine internal and external trends. These could include spreading the word about a next-generation version of one of your products (internal), and how it improves upon other products in the industry (external). After that, assign a value to the strategy's outcome. This can be a dollar value, such as how much revenue you expect your marketing strategy to generate over a specified period of time. Or it could be an opportunity value, such as getting face-to-face meetings with a certain number of potential clients. Once the targets are set, marketers assign certain tasks to each department to identify the role each will play in reaching the strategy's