Marketing Strategy
A marketing strategy is a plan of action designed to promote and sell a product or service. It involves identifying target markets, understanding customer needs, and creating a unique value proposition to differentiate the offering from competitors. The strategy encompasses various elements such as pricing, distribution, and promotional tactics to achieve the organization's marketing objectives.
7 Key excerpts on "Marketing Strategy"
- Bonita M. Kolb(Author)
- 2016(Publication Date)
- Routledge(Publisher)
...Marketing then uses the components, product, price, distribution, and promotion, to fulfill both the mission of the organization and the needs of the customer. The process of writing a marketing plan will force the organization to answer difficult questions. An organization may have many ideas for future action, but as resources are limited, the plan will force the organization to make choices. Goals, objectives, and tactics that provide a roadmap of how to achieve these choices and how success can be measured will then be developed. The relationship between strategic planning and marketing New definitions for strategy and marketing The world is much less static than in the past resulting in a new definition of strategy. Because consumers’ wants and needs constantly change as they access the continual stream of online information, the strategic planning process must be dynamic with constant revision as the plan is being implemented. As each action takes place, consumer feedback is assessed to see if changes must be made before the next step is taken. Strategy old definition : “Create unique and sustainable value by differentiating goods and services.” Strategy new definition : “Find unique, valuable, and sustainable ways of linking together a firm’s knowledge and skills with customers that will benefit from them.” How consumers use products has also changed. In the past, a company would provide instructions on product use and expect them to be followed. Now the consumer decides how to use the product and then shares this knowledge online with others...
- John Lidstone, Janice MacLennan(Authors)
- 2017(Publication Date)
- Routledge(Publisher)
...5 Product Strategy Introduction In the reference to the marketing planning process in Chapter 1 we said planning involved answering four questions, one of which is: ‘How will we get there?’ There are many ways to find answers to this question. The problem is that most managers prefer to sell the products they find easiest to sell to those customers who offer the least line of resistance. By developing short-term, tactical marketing plans first and then extrapolating them, managers merely succeed in extrapolating their own short-comings. (’Ten barriers to marketing planning’. Malcolm McDonald. Journal of marketing management, 1989, 3) Good planning demands that logical alternatives are explored. These alternatives are referred to as strategies. Definition of terms used It is easy to get bogged down in terminology, but there are some terms which define exactly what it is that we are trying to do, and thus it is essential that everybody has the same understanding of what these terms really mean. First let us be clear what the words ‘objective’, ‘strategy’ and ‘tactics’ mean. Table 10 gives their meanings and implications. Strategy When we refer to strategy, we are talking about a game plan. It is a broad statement describing how we intend to achieve the financial objectives (product goals) set out in the marketing plan. Each objective can be achieved in a number of ways. For example, the objective increase volume of sales by 4 per cent can be achieved by: (a) increasing sales in a particular segment (either by growing the segment or taking share from the competition); (b) penetrating a completely new segment (either by promoting the product on its existing attributes or by repositioning the product for that segment). (a) and (b) are different strategies. T ABLE 10 D EFINITION OF T ERMS U SED CONCEPTS ILLUSTRATIONS CONTENTS Objectives Destination What you need to achieve...
eBook - ePub- Richard M.S. Wilson(Author)
- 2010(Publication Date)
- Routledge(Publisher)
...There is therefore a cascade process, with the Marketing Strategy emerging from the corporate strategy, and the marketing plan and tactics then emerging from the Marketing Strategy. An integral part of any Marketing Strategy is the competitive strategy. In other words, how – in detail – will the organization compete within the market place? Although there are numerous dimensions to any competitive strategy (many of which are discussed in detail in later chapters), competitive strategy at its most extreme can be seen to be about being better than the competition in every function and at every level. The reality for many organizations is often very different, since the organizational culture and overall level of capability prevent this. (See Illustration 2.2 in which we discuss the idea of organizational DNA.) However, regardless of capability, the strategic marketing planning process needs to begin with the identification of key issues, both externally and internally. Externally, these include the general environment, the markets, customers and competitors. Internally, the key issues are both real (e.g. budgetary or production constraints) and imaginary or artificial (e.g. an attitude of ‘we can’t do it that way’ or ‘it just wouldn’t work’). Having identified these key issues, the next step is their analysis, followed by the strategy and action plans, and then implementation, monitoring, control and feedback (see Figure 2.3). Figure 2.3 The strategic marketing planning process The approach that is reflected in Figure 2.3 can be termed a logical, sequential and rational approach to planning, in that it is based on a highly structured view of how an organization operates. In practice, the planning process is often far less structured...
- Bonita Kolb(Author)
- 2020(Publication Date)
- Routledge(Publisher)
...Social media has now provided new channels for obtaining this information (Breakenridge 2018). Analyzing consumer comments on social media can help the organization better understand consumer desires. Social media also allows the organization to more easily keep abreast of competitor strategies so that they can counter any threats to sells of their own products. Consumer feedback and competitor changes must be incorporated into the organization’s Marketing Strategy. Marketing Strategy involves more than just knowing the components of product, price, distribution, and promotion; it also involves understanding a process of planning the use of resources. No strategy can be accomplished without a plan on how to use the resources of time, people, and money. The marketing plan starts with writing the mission, vision, and values of the organization. The next step is to analyze the organization’s internal resources such as people, money, and culture. Once this is done, the external environment is scanned to analyze how the economic, socio-cultural, technological, and demographic forces outside of the organization’s control will affect the ability to reach its strategic goals. Mission, vision, and values—telling everyone who you are and what you believe Marketing is a strategic process that starts with the mission, vision, and values of the organization. People who do not understand business believe that people in a company will do anything to make money. First, this is untrue because there are legal protections for the consumer. Second, people are too knowledgeable to purchase a product that does not provide the benefits they desire, and if they make a mistake and do so, they will go online to warn everyone else to not purchase the product...
eBook - ePubThe Essential Management Toolbox
Tools, Models and Notes for Managers and Consultants
- Simon Burtonshaw-Gunn(Author)
- 2009(Publication Date)
- Wiley(Publisher)
...Marketing Strategy This model shows the linkage between corporate vision and the marketing plan with linkages to its competitive and industry position. The development of a marketing plan should be based on careful analysis of the following factors: • The present and potential size of the markets. • The degree and type of the competitive activity. • Prevailing price levels. • Advertising, promotional and servicing support for products and services. • Quality and performance comparisons with the competition. • Assessment of the tariff and non-tariff barriers to trade. • Assessment of relative costs, efficiency and effectiveness of supporting organizations. • Sales volume and profit targets for both the short and long term. • Budget forecast and financial plan for the marketing. • An assessment of the credit and political risks involved. THE ‘MARKETING MIX’ The traditional elements of marketing often referred to as the ‘marketing mix’ or the ‘4Ps’ is shown below together with additional inputs developed after Professor Kotler’s original Marketing Mix model. The elements can be used to show management’s decision on the product in relation to the marketplace. All of these elements will need to be addressed in the marketing plan. USING THE ‘MARKETING MIX’ TO MATCH CUSTOMER NEEDS Here the 4Ps can be used to match the identified customer needs ideally gained from undertaking market research, customer focus groups, complaints, etc. DEVELOPMENT OF THE Marketing Strategy (1) The contents of a typical Marketing Strategy are presented below. These cover an amount of data collection and research work necessary to make informed decisions...
eBook - ePubThe Handbook of Marketing Strategy for Life Science Companies
Formulating the Roadmap You Need to Navigate the Market
- Jean-Francois Denault(Author)
- 2018(Publication Date)
- Productivity Press(Publisher)
...Chapter 4 Developing a Marketing Strategy Developing a Marketing Strategy is an extensive venture, so we will be dividing it into multiple sections. Section 4.1 will deal on topics relevant to your Marketing Strategy vision. This will be followed by a short discussion (Section 4.2) on traditional company marketing models, and which one is the most relevant for you. As such, you will be connecting the information you gathered in Chapter 3 with the type of company you wish to plan for. Sections 4.3 and 4.4 will delve into the more practical applications of Marketing Strategy and describe fundamentals such as the pricing strategy distribution strategy, and promotional strategy. Finally, due to its importance, we conclude with a distinct section on digital marketing aspect (Section 4.5), while adding more practical elements throughout the chapter. 4.1 Selecting Your Marketing Strategy Vision The bulk of this chapter will be dedicated to going over the different marketing tools and applications that you can use. It will be a lot more practical. But before we get to that point, let us take a moment to discuss the overall strategic vision that will influence these strategic decisions. The three main strategic visions are strategic commitment, strategic opportunism, and strategic opportunity. These are not mutually exclusive, as one might best apply to one aspect of your business and, while not apply to another. As such, it is possible to have a mix of all three simultaneously in the same company, as long as each one is applied to a distinct company function/product. For example, it is possible for a company to pursue a vision of strategic commitment when it comes to its distribution and its product strategy, while having a more opportunistic vision relative to promotion-related decisions. 4.1.1 Strategic Commitment The strategic commitment vision involves establishing a clearly defined Marketing Strategy, and then choosing actions which will ensure you attain these goals...
- Ray Donnelly, Colin Linton, Colin Linton(Authors)
- 2010(Publication Date)
- Routledge(Publisher)
...CHAPTER 9 Marketing Communications Strategy DOI: 10.4324/9780080961255-12 Learning Outcomes At the end of this chapter you will be able to: Examine the role of marketing communications and its strategic aims Assess the contribution of marketing communications in building relationships with stakeholders Evaluate the role of communication in securing competitive advantage Examine the legal aspects of marketing communications Introduction We now turn our attention to the third section of the syllabus; managing marketing communications and it’s worth remembering the syllabus requires students to consider the topic from an international, as well as a UK, perspective. We will examine the role of marketing communications strategies and objectives that need to be in line with the organisation’s Marketing Strategy and plans. Internal and external marketing segments will be identified and prioritised across different sectors. Different marketing mixes will be evaluated and communication plans developed. The section will be concluded with an evaluation of the manner for selecting marketing communication agencies where the work is not under taken in-house and the processes necessary to monitor the output produced. The Role of Marketing Communications There is no one universally accepted definition of marketing communication. Engel and Kitchen (2000) offer ‘it is a transactional process between two or more parties whereby meaning is exchanged through the intentional use of symbols’. Fill (2006) says ‘Marketing communications is a management process through which an organisation engages with its various audiences’. He continues, ‘By understanding an audience’s communication environment, organisations seek to develop and present messages for its identified stake-holder groups, before evaluating and acting upon the responses...
