Duality Essay

288 WordsSep 11, 20152 Pages
The terms marketing strategy and strategic market planning are often used interchangeably, which sometimes leads to confusion. We will use the term marketing strategy to mean the overall strategy of an organisation in relation to a particular market. In this learning guide we will explore the process of analysis and decision making which organisations go through as they define and implement their approach to that market. Marketing plans will form part of this process, in particular when it comes to implementation. Key aspects of the process are that it is cyclical, ie subject to constant review and reiteration; that it is dynamic, subject to changes in the environment (including customers and competition); and that it should be shared within the organisation, rather than being the sole preserve of the marketing department, if it is to be wholeheartedly adopted and implemented by the whole organisation. Two interrelated trends in marketing approaches have changed the emphasis of marketing strategy in recent years. These are relationship marketing and customer economics. The increased use of sophisticated database information in marketing has helped further the adoption of these two approaches and indeed both require such information in order to be successfully implemented. If you are specifically interested in relationship marketing, there is a further learning guide specifically on this topic. This overview will introduce a framework for the steps to be followed in a comprehensive marketing strategy process, the information and analysis required at each stage and the decisions to be taken at each stage. There are of course other possible frameworks and approaches which would be equally acceptable, provided all the key steps are included. What is crucial is to see each stage, and the whole process, as dynamic and

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