Strategic Marketing : Marketing Strategy

What is marketing strategy? The process of matching the organisation’s strengths to the customer needs, with the aim of achieving a competitive advantage in the market. The combination of product, price, distribution and promotion most suited to a particular group of consumers. • Goal: the create a sustainable competitive advantage in the market • All the elements of the marketing strategy that lead to the development of the competitive advantage require good understanding of consumer behaviour Marketing strategy process: • 1. Segment: understand consumers a. Determine the dimensions (age, geography, subculture) b. Determine the heterogeneity c. Define the needs & goals 2. Target: choose consumers a. Evaluate each segment in

A marketing strategy provides a big picture of what a firm can do in a specific market. When creating a marketing strategy, a firm must identify a target market and a related marketing mix. A target market is "a group of similar customers to whom a firm wishes to appeal," and a marketing mix is "the controllable variables the company puts together to satisfy this target group." (Perrault and McCarthy 36) Focusing on specific target customers can help a firm develop a marketing mix that satisfies those customers ' specific needs better than another firm, making a firm less likely to face direct competitors.

Marketing strategy is the goal of the increasing sales and achieving the sustainable competitive advantages. Marketing strategy includes all the basic and long-term activities in the field of the marketing that deal with the analysis of the strategic initial situation of the company and the formulation, evaluation and selection of the market-oriented strategies and therefore it contributes to the goals of the company and its marketing objectives.

Marketing strategy is an explanation of what you want to achieve with your marketing efforts and investments. It must go hand in hand with your business goals. A key component of marketing strategy is keeping your strategy in line with your company’s overarching mission statement which Thomsons ITM work extremely hard at.

“Marketing strategies can have a broad impact on the business in terms of instilling a marketing orientation among all those in the firm: the way of thinking or philosophy of the whole organization. However, marketing strategies can alternatively be seen as dealing only with the development of competitive advantages directly associated with the marketing function such as customer loyalty and distribution channel control. In the latter case, the domain is sometimes even further restricted by sole attention to the various element of the marketing mix rather than the more general issues of customer and channel relationships. There are two key

Marketing strategy is a method of focusing an organization's energies and resources on a course of action which can lead to increased sales and dominance of a targeted market niche. A marketing strategy combines product development, promotion, distribution, pricing, relationship management and other elements; identifies the firm's marketing goals, and explains how they will be achieved, ideally within a stated timeframe. Marketing strategy determines the choice of target market segments, positioning, marketing mix, and allocation of resources. It is most effective when it is an integral component of overall firm strategy, defining how the organization will successfully engage customers, prospects, and competitors in

Every organization needs to have a marketing strategy so that they know who are their competitors, which market they need to target, do they have resources to compete in that market and what strategies they need to adopt to gain competitive position in the industry. The most important thing is with the help of marketing, company is able to make people aware of its product.

Marketing strategies has been defined differently by many economical authors through over the years. First was defined by (Drucker, 1973) as a process that any organization is applying which consist of examining the different environmental, competitor factors that affect this organization. Munuera and Rodriges (1998) defined it as the realization of customers needs and analyze our competitors and satisfy those customers needs in order to gain a superior advantage (long term) and increase our sales. McDonald marketing strategies:

Grewal and Levy (2010: p32) state that ‘a marketing strategy identifies, (1) a company’s target market(s), (2) a related marketing mix - their four P’s and (3) the bases upon which the firm plans to build a sustainable competitive advantage’.

Effective marketing begins with an estimated marketing strategy. A good marketing strategy helps in defining vision, mission and business goals and explains the steps need to achieve these goals.

The company must divide potential customers into segments and find ways to best satisfy them. Strategic marketing deals with the big picture marketing planning. It analyzes how a company can best satisfy its customers and makes a profit as it. Strategic marketing planning is directed from the top of the company and is extremely important in any for- profit to organization. Several key principles govern strategic marketing. Understand the Marketplace and Customer A company must identify the sources of demand for its products and closely analyze the competitive landscape in which it wants the consumer to prefer its products over those of competitors. The company must divide potential customers into segments and find ways to best satisfy them. Each segment may require a distinct marketing mix. Deliver Value While satisfying individual consumer segments and gaining market share is important, the company must add value to be successful in the long term. Strategic marketing planning must be built on a strong foundation. A company has to deliver a tangible benefit to the consumers of its products.

Historically, marketing strategy formulation is viewed as an antecedent to performance outcomes (Lages 2000). It is the modus operandi that allows an organization to concentrate

1. Define strategy and define marketing strategy. Is strategy important for marketers? Support with examples and references. Due 5 August (10%)

This essay will discuss the marketing environment as a whole, and will look in detail at certain aspects

Strategic Marketing is a process of creating superior customer value resulting in the creation of superior shareholder value and a sustainable competitive advantage” Diasz (2012). A marketing strategy consists of an internally integrated but externally focused set of choices about how the organization addresses its customers in the context of a competitive environment. A strategy has five elements: it deals with where the organization plans to be active; how it will get there; how it will succeed in the marketplace; what the speed and sequence of moves will be; and how the organization will obtain