Scribd Logo
Upload

Welcome to Scribd!

  • 23 views

    Marketing Strategy

    Uploaded by

    Sidak Katyal
    Marketing strategy involves carefully analyzing internal strengths and weaknesses as well as external opportunities and threats in order to concentrate limited resources on initiatives to increase sales and achieve a competitive advantage. Strategies are developed through multi-year plans with annual tactical plans and are dynamic to respond to changing environments. There are several ways to categorize marketing strategies including by market dominance, generic strategies around differentiation and costs, innovation rates, growth approaches, and prospector/defender classifications.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd

    Marketing Strategy

    Uploaded by

    Sidak Katyal
    23 views2 pages
    Marketing strategy involves carefully analyzing internal strengths and weaknesses as well as external opportunities and threats in order to concentrate limited resources on initiatives to increase sales and achieve a competitive advantage. Strategies are developed through multi-year plans with annual tactical plans and are dynamic to respond to changing environments. There are several ways to categorize marketing strategies including by market dominance, generic strategies around differentiation and costs, innovation rates, growth approaches, and prospector/defender classifications.

    Copyright

    © Attribution Non-Commercial (BY-NC)

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Marketing strategy involves carefully analyzing internal strengths and weaknesses as well as external opportunities and threats in order to concentrate limited resources on initiatives to increase sales and achieve a competitive advantage. Strategies are developed through multi-year plans with annual tactical plans and are dynamic to respond to changing environments. There are several ways to categorize marketing strategies including by market dominance, generic strategies around differentiation and costs, innovation rates, growth approaches, and prospector/defender classifications.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    23 views2 pages

    Marketing Strategy

    Uploaded by

    Sidak Katyal
    Marketing strategy involves carefully analyzing internal strengths and weaknesses as well as external opportunities and threats in order to concentrate limited resources on initiatives to increase sales and achieve a competitive advantage. Strategies are developed through multi-year plans with annual tactical plans and are dynamic to respond to changing environments. There are several ways to categorize marketing strategies including by market dominance, generic strategies around differentiation and costs, innovation rates, growth approaches, and prospector/defender classifications.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Marketing strategy 

    is a process that can allow an organization to concentrate its limited resources on the greatest
    opportunities to increase sales and achieve a sustainable competitive advantage.

    Developing a Marketing Strategy

    Marketing strategies serve as the fundamental underpinning of marketing plans designed to fill market needs and
    reach marketing objectives.Plans and objectives are generally tested for measurable results. Commonly, marketing
    strategies are developed as multi-year plans, with a tactical plan detailing specific actions to be accomplished in
    the current year. Time horizons covered by the marketing plan vary by company, by industry, and by nation,
    however, time horizons are becoming shorter as the speed of change in the environment increases. Marketing
    strategies are dynamic and interactive. They are partially planned and partially unplanned. Marketing strategy
    involves careful scanning of the internal and external environments which are summarized in a SWOT
    analysis Internal environmental factors include the marketing mix, plus performance analysis and strategic
    constraints. External environmental factors include customer analysis, competitor analysis, target market analysis,
    as well as evaluation of any elements of the technological, economic, cultural or political/legal environment likely
    to impact success. A key component of marketing strategy is often to keep marketing in line with a company's
    overarching mission statement.

    Once a thorough environmental scan is complete, a strategic plan can be constructed to identify business
    alternatives, establish challenging goals, determine the optimal marketing mix to attain these goals, and detail
    implementation. A final step in developing a marketing strategy is to create a plan to monitor progress and a set of
    contingencies if problems arise in the implementation of the plan.

    Types of strategies

    Marketing strategies may differ depending on the unique situation of the individual business. However there are a
    number of ways of categorizing some generic strategies. A brief description of the most common categorizing
    schemes is presented below:

     Strategies based on market dominance - In this scheme, firms are classified based on their market share
    or dominance of an industry. Typically there are four types of market dominance strategies:
     Leader
     Challenger
     Follower
     Nicher
     Porter generic strategies - strategy on the dimensions of strategic scope and strategic strength. Strategic
    scope refers to the market penetration while strategic strength refers to the firm’s sustainable competitive
    advantage. The generic strategy framework (porter 1984) comprises two alternatives each with two
    alternative scopes. These are Differentiation and low-cost leadership each with a dimension of Focus-broad or
    narrow.
     Product differentiation (broad)
     Cost leadership (broad)
     Market segmentation (narrow)
     Innovation strategies - This deals with the firm's rate of the new product development and business
    model innovation. It asks whether the company is on the cutting edge of technology and business innovation.
    There are three types:
     Pioneers
     Close followers
     Late followers
     Growth strategies - In this scheme we ask the question, “How should the firm grow? There are a number
    of different ways of answering that question, but the most common gives four answers:
     Horizontal integration
     Vertical integration
     Diversification
     Intensification

    A more detailed scheme uses the categories:

     Prospector
     Analyzer
     Defender
     Reactor
     Marketing warfare strategies - This scheme draws parallels between marketing strategies and military
    strategies.

    You might also like