Strategic options
DESCRIPTION
The options available to a firm at any level that assist it with achieving important long-term marketing aims and objectives that further provide a basis for competitive advantage.
The options available to a firm at any level that assist it with achieving important long-term marketing aims and objectives that further provide a basis for competitive advantage.
KEY INSIGHTS
In support of a firm’s business and marketing strategies, strategic options are any of a set of particular value propositions for a specific product market along with supporting assets, competencies, and functional area strategies and programs. Firms may pursue any number of strategic options as part of their broader business and marketing strategies. Examples of strategic options include an emphasis on: quality, value, innovation, a particular product attribute (e.g. safety), product design (e.g. aesthetics), product line breadth (e.g. an array of home entertainment products), corporate social responsibility, brand familiarity, customer intimacy. Ultimately, the strategies of most firms involve a combination of strategic options.
In support of a firm’s business and marketing strategies, strategic options are any of a set of particular value propositions for a specific product market along with supporting assets, competencies, and functional area strategies and programs. Firms may pursue any number of strategic options as part of their broader business and marketing strategies. Examples of strategic options include an emphasis on: quality, value, innovation, a particular product attribute (e.g. safety), product design (e.g. aesthetics), product line breadth (e.g. an array of home entertainment products), corporate social responsibility, brand familiarity, customer intimacy. Ultimately, the strategies of most firms involve a combination of strategic options.
KEYWORDS Value propositions, competitive advantage, product markets
IMPLICATIONS
In identifying and characterizing its strategic options, a firm is able to more clearly evaluate them as part of marketing strategy formulation. When they become part of the firm’s strategy, the particular strategic options pursued can then be articulated more clearly to all of the firm’s key stakeholders (e.g. employees, investors, customers).
In identifying and characterizing its strategic options, a firm is able to more clearly evaluate them as part of marketing strategy formulation. When they become part of the firm’s strategy, the particular strategic options pursued can then be articulated more clearly to all of the firm’s key stakeholders (e.g. employees, investors, customers).
APPLICATION AREAS AND FURTHER READINGS
Marketing Strategy
Doyle, P. (1989). ‘Building Successful Brands: The Strategic Options,’ Journal of Marketing Management, 5(1), 77–95.
Doyle, P. (1989). ‘Building Successful Brands: The Strategic Options,’ Journal of Marketing Management, 5(1), 77–95.
Anderson, Paul F. (1982). ‘Marketing, Strategic Planning and the Theory of the Firm,’ Journal of Marketing, 46, Spring, 15–26.
Schoemaker, P. (1997). ‘Disciplined Imagination: From Scenarios to Strategic Options,’ International Studies of Management and Organization, 27(2), 43–70.
Abell, Derek F. (1978). ‘Strategic Windows,’ Journal of Marketing, 42(3), July, 21–26.
Glazer, Rashi (1991). ‘Marketing in an Information-Intensive Environment: Strategic Implications of Knowledge as an Asset,’ Journal of Marketing, 55(4), October, 1–19.
Marketing Management
Day, George S. (1984). Strategic Market Planning: The Pursuit of Competitive Advantage. St Paul, Minn.: West Publishing Company.
Day, George S. (1984). Strategic Market Planning: The Pursuit of Competitive Advantage. St Paul, Minn.: West Publishing Company.
Wheelen, Thomas L., and Hunger, J. David (1983). Strategic Management and Business Policy. Reading, Mass.: Addison-Wesley Publishing Company.
Online Marketing
Stroud, D. (1998). Internet Strategies: A Corporate Guide to Exploiting the Internet. Basingstoke: Macmillan.
Stroud, D. (1998). Internet Strategies: A Corporate Guide to Exploiting the Internet. Basingstoke: Macmillan.
Retail Marketing
Nicholls, Alexander J. (2002). ‘Strategic Options in Fair Trade Retailing,’ International Journal of Retail and Distribution Management, 30(1), 6–17.
Nicholls, Alexander J. (2002). ‘Strategic Options in Fair Trade Retailing,’ International Journal of Retail and Distribution Management, 30(1), 6–17.
International Marketing
Ayal, Igal, and Zif, Jehiel (1979). ‘Market Expansion Strategies in Multinational Marketing,’ Journal of Marketing, Spring, 84–94.
Ayal, Igal, and Zif, Jehiel (1979). ‘Market Expansion Strategies in Multinational Marketing,’ Journal of Marketing, Spring, 84–94.
Cavusgil, S. Tamer, and Zou, Shaoming (1994). ‘Marketing Strategy Performance Relationship: An Investigation of the Empirical Link in Export Market Ventures,’ Journal of Marketing, 58(1), January, 1–21.
Coviello, Nicole E., and Munro, Hugh J. (1995). ‘Growing the Entrepreneurial Firm: Networking for International Market Development,’ European Journal of Marketing, 29(7), 49–61.
Marketing Modeling
Menon, Anil, Bharadwaj, Sundar G., Adidam, Phani Tej, and Edison, Steven W. (1999). ‘Antecedents and Consequences of Marketing Strategy Making: A Model and a Test,’ Journal of Marketing, 63(2), April, 18–40.
Menon, Anil, Bharadwaj, Sundar G., Adidam, Phani Tej, and Edison, Steven W. (1999). ‘Antecedents and Consequences of Marketing Strategy Making: A Model and a Test,’ Journal of Marketing, 63(2), April, 18–40.
Business-to-Business Marketing Webster, Frederick E. (1979). Industrial Marketing Strategy. New York: Wiley.
BIBLIOGRAPHY
Aaker, David A. (2005). Strategic Market Management. New York: John Wiley & Sons, Inc.
Aaker, David A. (2005). Strategic Market Management. New York: John Wiley & Sons, Inc.