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In the present competitive business environment, organizations that develop and implement effective marketing strategies can create more value for their customers. An effective marketing strategy provides direction, improves the brand image, helps in developing the right goals and enhances the overall performance of an organization. For developing effective marketing strategies, the organization has to first decide the customer segments it wants to serve, the customer needs it wants to fulfill and establish the price that the customers are willing to pay for its products and services.
One of the important objectives of the organization is to strategically respond to the opportunities and threats in the business environment, which can be successfully achieved with the help of strategic marketing management.