Strategy
DESCRIPTION
A long-term approach or logical framework advancing a plan of action designed to achieve a particular goal.
A long-term approach or logical framework advancing a plan of action designed to achieve a particular goal.
KEY INSIGHTS
Strategies, as reflected in marketing strategies, are the foundations set before any marketing plans or actions are undertaken. They provide longterm direction in achieving marketing goals and objectives. The viability of any strategy is enhanced to the extent that it is aligned with the overall business strategy of the organization.
Strategies, as reflected in marketing strategies, are the foundations set before any marketing plans or actions are undertaken. They provide longterm direction in achieving marketing goals and objectives. The viability of any strategy is enhanced to the extent that it is aligned with the overall business strategy of the organization.
KEYWORDS Plans, long-term plans
IMPLICATIONS
Among other elements, developing strategies requires careful consideration of the main players in a market environment (sometimes referred to as the ‘three Cs’)—the company, customers, and competitors. Marketing strategies are usually consciously adapted to improve performance through constant monitoring of the market in terms of market trends, competitive reactions, and buying behavior. Ideally, every individual in an organization, and not just within the marketing function, should understand the overall marketing strategy driving any tactical marketing programs undertaken. This is also the essence of a total integrated marketing approach (see total integrated marketing).
Among other elements, developing strategies requires careful consideration of the main players in a market environment (sometimes referred to as the ‘three Cs’)—the company, customers, and competitors. Marketing strategies are usually consciously adapted to improve performance through constant monitoring of the market in terms of market trends, competitive reactions, and buying behavior. Ideally, every individual in an organization, and not just within the marketing function, should understand the overall marketing strategy driving any tactical marketing programs undertaken. This is also the essence of a total integrated marketing approach (see total integrated marketing).
APPLICATION AREAS AND FURTHER READINGS
Marketing Strategy
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.
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.
Arnould, Eric J., and Wallendorf, Melanie (1994). ‘Market-Oriented Ethnography: Interpretation Building and Marketing Strategy Formulation,’ Journal of Marketing Research, 31(4), November, 484–504.
Smith, Wendell R. (1956). ‘Product Differentiation and Market Segmentation as Alternative Marketing Strategies,’ Journal of Marketing, 21(1), July, 3–8.
Services Marketing
Zeithaml, Valarie A., Parasuraman, A., and Berry, Leonard L. (1985). ‘Problems and Strategies in Services Marketing,’ Journal of Marketing, 49(2), Spring, 33–46.
Zeithaml, Valarie A., Parasuraman, A., and Berry, Leonard L. (1985). ‘Problems and Strategies in Services Marketing,’ Journal of Marketing, 49(2), Spring, 33–46.
Buisness-to-Business Marketing
Boyle, Brett, Dwyer, F. Robert, Robicheaux, Robert A., and Simpson, James T. (1992). ‘Influence Strategies in Marketing Channels: Measures and Use in Different Relationship Structures,’ Journal of Marketing Research, 29(4), November, 462–473.
Boyle, Brett, Dwyer, F. Robert, Robicheaux, Robert A., and Simpson, James T. (1992). ‘Influence Strategies in Marketing Channels: Measures and Use in Different Relationship Structures,’ Journal of Marketing Research, 29(4), November, 462–473.
Marketing Research
Gupta, Ashok K., Raj, S. P., and Wilemon, David (1986). ‘A Model for Studying R&D. Marketing Interface in the Product Innovation Process,’ Journal of Marketing, 50(2), April, 7–17.
Gupta, Ashok K., Raj, S. P., and Wilemon, David (1986). ‘A Model for Studying R&D. Marketing Interface in the Product Innovation Process,’ Journal of Marketing, 50(2), April, 7–17.
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.
Walker, Orville C., Jr., and Ruekert, Robert W. (1987). ‘Marketing’s Role in the Implementation of Business Strategies: A Critical Review and Conceptual Framework,’ Journal of Marketing, 51(3), July, 15–33.