Definition:
Definition Marketing strategy is defined as an indication of how much elements of the
marketing mix will be used to achieve marketing objective. Marketing strategy as a means that defines the specific
market toward which activities are to be targeted and the types of competitive advantages that are to be developed and exploited.
Marketing strategy development:
Marketing strategy development Development can be seen at three levels:- 1 st level- The core strategy of the company is selected, and the marketing objectives and the broad focus for achieving them are identified. 2 nd level- market segments and targets are selected and the company’s differential advantage in serving the
customer targets better than the competition is identified
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3 rd level- A marketing department is capable of putting the strategy into practice must be created. Marketing Strategy Orientation The relationship between a firm’s profitability and a competitor orientation and claimed that the development of competitor-oriented objective is detrimental to profitability and therefore firm should look beyond their competitor when setting objectives and focus directly on profit maximization.
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Competitive marketing strategy Competitive strategy can be defined in terms of six elements or dimentions :- The product market in which the business is to compete. The level of investment The functional area strategies needed to compete in the selected market. The strategic assets or skills that underlie the strategy and provide the SCA(Strategic Competitive Advantage) The allocation of resources to the business units The development of synergetic effect across the business
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Conclusion is:- Competitive Strategy is a business strategy which exist at the SBU level, and deals primarily with the question of competitive position. Marketing strategy is a functional strategy which is limited to the action of specific function within specific business. Planning frame work for the strategy making process:- Analysis Formulation evaluation
Three areas of strategic marketing management:
Three areas of strategic marketing management Strategic analysis and market environment Strategic analysis, as an integral stage of strategy formulation, involves the collection and analysis of relevant types of information about the environmental forces and trends on one hand, and organizational capabilities and resources on the other. Macro environment Competitive environment Internal environment
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Strategic choices Competitive advantage Direction of development Methods of development Strategic implementation Tactical plans Critical success factor Organizational structure
Leadership style Corporate culture
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Strategic analysis Macro environment Competitive environment Internal environment Strategic choices Competitive advantage Direction of development Methods of development Strategic implementation Tactical plans Critical success factor Organizational structure Leadership style Corporate culture The strategic marketing management process
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Thank you