Final answer:
A marketing strategy focuses on broad goals and objectives, while a marketing plan provides the detailed blueprint for action plans based on those goals and objectives.
Step-by-step explanation:
A marketing strategy is a plan that outlines the broad goals and objectives of an organization, which are derived from its overall vision, mission statement, and strategic directions. It serves as a framework for guiding the organization's marketing efforts.
On the other hand, a marketing plan is a detailed blueprint that outlines specific action plans based on the goals and objectives set out in the marketing strategy. It includes specific tactics, timelines, budgets, and performance measures to help the organization execute its marketing initiatives.
For example, let's say a company's marketing strategy is to increase market share by 10% within the next year. The marketing plan would then outline the specific marketing campaigns, advertising channels, pricing strategies, and target customer segments that will be pursued to achieve this goal. It would also define the resources needed, such as budget and personnel.
Overall, the marketing strategy provides the overarching direction for the organization's marketing efforts, while the marketing plan delves into the specific details and actions needed to implement that strategy.