A marketing strategy does NOT identify which of the following?

A marketing strategy is a comprehensive plan that outlines how a business intends to reach its target market and achieve its marketing goals. Key components of a marketing strategy include identifying the target market, establishing the marketing mix (which includes product, price, place, and promotion), and determining sustainable competitive advantages.

The target market is crucial because it defines who the business aims to serve and meet the needs of. The marketing mix is essential in detailing how the business will communicate and deliver value to that target market through varying elements. Furthermore, a sustainable competitive advantage is an important part of the strategy as it defines the unique qualities of the business that allow it to outperform competitors over time.

While the advertising budget is an important tactical detail that falls under the marketing plan, it is not a component of the marketing strategy itself. The strategy focuses more on the overall approach and positioning rather than the financial metrics like budget allocations. Therefore, the correct answer reflects the understanding that while budgets are vital for executing the strategy, they do not define the strategy itself.