Marketing strategy is a long-term, forward-looking approach to achieving sustainable competitive advantage.

Strategic planning involves analyzing a company's initial situation before developing, evaluating, and selecting a market-oriented competitive position that contributes to achieving objectives.

Marketing strategy involves setting the direction of the company for the upcoming planning period whether it is one, three, or ten years. It involves conducting a 360-degree review of a company and its operating environment to identify new business opportunities.

Strategic planning can also identify market threats that a firm may need to consider to ensure long-term sustainability and success.