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Marketing Strategy Essay

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UNIT 2 MARKETING STRATEGY



Learning Objectives



  Define the meaning of strategy


  Explain different approaches to develop marketing strategy


  Identify the schematic approach that helps management formulate marketing strategy


  Describe the core components of a marketing strategy



1. Strategy Defined

According to Cravens, Merrilees and Walker, “the key features of marketing strategy include clearly defined target markets, unique positioning in the market, a sustainable competitive advantage, a strong value proposition to customers, the exact configuration of the marketing mix, a well-planned implementation and assurance of sufficient flexibility to meet major contingencies.”   Or a good strategy should address the following questions:

• the target markets,
• the positioning,
• the source of sustainable competitive advantage, and
• the value proposition


2. Approaches to Develop Marketing Strategy

Marketing strategy is a general statement, which provides the theme or direction when selecting target markets and designing and implementing the firm’s marketing mix.   A well-designed marketing strategy is thought to have certain characteristics.   These include a) a long-term focus, b) proper co-ordination with other functional areas in an organization, and c) the ability to integrate marketing decision areas in a consistent manner.   Marketing strategies can be developed based on a wide variety of approaches:

    • Marketing mix approach: Marketing strategy is an indication of how each element of the marketing mix will be used to achieve the marketing objectives.

    • Product Life Cycle approach: Marketing strategy needs to be modified at different stages of the PLC.

    • Market share approach: Marketing strategy is designed to build, maintain or reduce market share.

    • Positioning approach: A three-phase approach, which includes a) segmentation, b) market selection and c) positioning.

    •...

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Marketing Strategy. Anti Essays. Retrieved December 12, 2017, from the World Wide Web: http://www.antiessays.com/free-essays/Marketing-Strategy-418863.html