Scholars continue to debate the introduction of marketing strategy pdf meaning of marketing strategy. Consequently, the literature offers many different definitions. On close examination, however, these definitions appear to centre around the notion that strategy refers to a broad statement of what is to be achieved. An over-riding directional concept that sets out the planned path.
David Aaker and Michael K. Essentially a formula for how a business is going to compete, what its goals should be and what policies will be needed to carry out these goals. The pattern of major objectives, purposes and goals and essential policies and plans for achieving those goals, stated in such a way as to define what business the company is in or is to be in. An explicit guide to future behaviour. Perfect strategies are not called for.
What counts is performance relative to competitors. Strategic marketing concerns the choice of policies aiming at improving the competitive position of the firm, taking account of challenges and opportunities proposed by the competitive environment. On the other hand, managerial marketing is focused on the implementation of specific targets. Key Ideas: Emphasis on quantification and scientific modelling, reduce work to smallest possible units and assign work to specialists, exercise control through rigid managerial hierarchies, standardise inputs to reduce variation and defects, use forecasting to predict any changes. Key Ideas: Managerial focus was to anticipate growth and manage operations in an increasingly complex business world. Key Thinkers: George Day, Prahalad and Hamel, Shelby D.
Marketing strategy involves mapping out the company’s direction for the forthcoming planning period, whether that be three, five or ten years. Strategic planning may also reveal market threats that the firm may need to consider for long-term sustainability. Strategic planning makes no assumptions about the firm continuing to offer the same products to the same customers into the future. Instead, it is concerned with identifying the business opportunities that are likely to be successful and evaluates the firm’s capacity to leverage such opportunities. How should we get there?
On the surface, strategic planning seeks to address three deceptively simple questions. However, the research and analysis involved in strategic planning is very sophisticated and requires a great deal of skill and judgement. Instead strategic analysts are seeking insights about the firm’s operating environment with a view to identifying possible future scenarios. Strategic planning focuses on the three 3C’s, namely: Customer, Corporation and Competitors. The corporation factor mainly focuses on maximizing the strengths of the business from which the business can influence the relevant areas of the competition to achieve success within the industry. Customers are the basis to any business.