1. Define Strategy and Define Marketing Strategy. Is Strategy Important for Marketers?

1905 WordsApr 26, 20128 Pages
1. Define strategy and define marketing strategy. Is strategy important for marketers? Support with examples and references. Due 5 August (10%) The term strategy has been succinctly defined by Walker, Boyd, Mullins, Lareche 2003 as a pattern of planned objectives, resources deployments and interactions in an organization with markets, competitors and other environmental factors. Mike Rukstad 2008, identified three critical components of a good strategy statement which are objective, scope, and advantage. Two other important factors covering strategy are resource deployments and synergy (Walker, Boyd, Mullins, Lareche 2003). The scope of a strategy covers its domain namely the type and number of industries, product lines and market…show more content…
Strategy can also be differentiated with tactics. Crawford and Di Benedetto (2008, p. 372) state: “Strategic launch decisions include both strategic platform decisions that set overall tones and directions, and strategic action decisions that define to whom we are going to sell and how. Tactical launch decisions are marketing mix decisions such as communication and promotion, distribution, and pricing that are typically made after strategic launch decisions and define how the strategic decisions will be implemented” Chief among the distinguishing characteristics of strategic marketing decisions that stem by virtue of their long-term performance implications. Strategic marketing decisions: 1) entail resource commitments that are either irreversible or relatively difficult to reverse (see Ghemawat 1991); 2) entail resource commitments that are relatively larger in magnitude; 3) entail resource commitments that are made with a relatively longer term outlook; 4) entail resource commitments that are spread over a relatively longer time period; 5) entail resource commitments that are made with a relatively greater emphasis on the achievement of a competitive cost and/or differentiation advantage; 6) entail tradeoffs 7) are made in the context of
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