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Marketing strategy

Marketing strategy

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Published by san_dvs

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Published by: san_dvs on Nov 13, 2010
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10/24/2013

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“FORMULATION OF MARKETING STRATEGIES TO IMPROVE MARKET SHARE OF LGMICROWAVE OVENS”
November 10, 2010Page 1
CHAPTER -1INTRODUCTION
 
 
“FORMULATION OF MARKETING STRATEGIES TO IMPROVE MARKET SHARE OF LGMICROWAVE OVENS”
November 10, 2010Page 2
1.1 What is strategy?
"Strategy is the
 direction
and
 scope
of an organization over the
long-term:
whichachieves
 advantage
for the organization through its configuration of 
 resources
within a challenging
environment
, to meet the needs of 
 markets
and to fulfill
 stakeholder
expectations".
Strategy is about:
Where is the business trying to get to in the long-term (direction)
Which markets should a business compete in and what kinds of activities areinvolved in such markets? (markets; scope)
How can the business perform better than the competition in those markets?(Advantage)?
What resources (skills, assets, finance, relationships, technical competence,facilities) are required in order to be able to compete? (Resources)?
What external, environmental factors affect the businesses' ability tocompete? (Environment)?
What are the values and expectations of those who have power in andaround the business? (stakeholders)
 
“FORMULATION OF MARKETING STRATEGIES TO IMPROVE MARKET SHARE OF LGMICROWAVE OVENS”
November 10, 2010Page 3
Strategy at Different Levels of a Business
Strategies exist at several levels in any organization -ranging from the overallbusiness (or group of businesses) through to individuals working in it.
Corporate Strategy
-is concerned with the overall purpose and scope of thebusiness to meet stakeholder expectations. This is a crucial level since it isheavily influenced by investors in the business and acts to guide strategicdecision-making throughout the business. Corporate strategy is often statedexplicitly in a "mission statement".
 Business Unit Strategy
-is concerned more with how a business competessuccessfully in a particular market. It concerns strategic decisions aboutchoice of products, meeting needs of customers, gaining advantage overcompetitors, exploiting or creating new opportunities etc.
Operational Strategy
-is concerned with how each part of the business isorganized to deliver the corporate and business-unit level strategic direction.Operational strategy therefore focuses on issues of resources, processes,people etc.Strategy is the process of planning & executing various maneuvers or actions inan attempt to reach a goal. Strategy is often associated with business,politics,& military planning, but individuals can also strategized towardsachieving their career, health . Strategy is essentially akin to planning butimplies a maximization of resources with logical thinking, intelligence(acquired knowledge) & leverage.

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