Question

What is the role of marketing in strategy formulation?

Answer 1

Explanation:

Marketing strategy helps in discovering the areas affected by organizational growth and thereby helps in creating an organizational plan to cater to the customer needs. It helps in fixing the right price for organization's goods and services based on information collected by market research.

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Answer 2

Marketing is important for strategy formulation as it gives a rough idea about the performance of a business.

Explanation:

• Marketing is the process of designing promotional, advertising, as well as other strategies of the firm.
• Planning this strategy in a proper manner and allows to foresee the future of sales of a firm.
• Such a forecast even if it is rough is helpful in understanding the upcoming challenges and opportunities of a business.
• When all this data is available with the company, it can be used for making strategies to improve the week portions and working on the loopholes.