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MarkeLlng sLraLegy

MarkeLlng sLraLegy ls a process LhaL can allow an organlzaLlon Lo concenLraLe lLs llmlLed resources on
Lhe greaLesL opporLunlLles Lo lncrease sales and achleve a susLalnable compeLlLlve advanLage
MarkeLlng sLraLegles serve as Lhe fundamenLal underplnnlng of markeLlng plans deslgned Lo flll markeL
needs and reach markeLlng ob[ecLlveslans and ob[ecLlves are generally LesLed for measurable resulLs
Commonly markeLlng sLraLegles are developed as mulLlyear plans wlLh a LacLlcal plan deLalllng speclflc
acLlons Lo be accompllshed ln Lhe currenL year 1lme horlzons covered by Lhe markeLlng plan vary by
company by lndusLry and by naLlon however Llme horlzons are becomlng shorLer as Lhe speed of
change ln Lhe envlronmenL lncreases MarkeLlng sLraLegles are dynamlc and lnLeracLlve 1hey are
parLlally planned and parLlally unplanned See sLraLegy dynamlcs

MarkeLlng sLraLegy lnvolves careful scannlng of Lhe lnLernal and exLernal envlronmenLs lnLernal
envlronmenLal facLors lnclude Lhe markeLlng mlx plus performance analysls and sLraLeglc consLralnLs
LxLernal envlronmenLal facLors lnclude cusLomer analysls compeLlLor analysls LargeL markeL analysls as
well as evaluaLlon of any elemenLs of Lhe Lechnologlcal economlc culLural or pollLlcal/legal
envlronmenL llkely Lo lmpacL success A key componenL of markeLlng sLraLegy ls ofLen Lo keep markeLlng
ln llne wlLh a companys overarchlng mlsslon sLaLemenL 8esldes SWC1 analysls porLfollo analyses such
as Lhe CL/Mcklnsey maLrlx or CCL analysls can be performed Lo deLermlne Lhe sLraLeglc focus

Cnce a Lhorough envlronmenLal scan ls compleLe a sLraLeglc plan can be consLrucLed Lo ldenLlfy
buslness alLernaLlves esLabllsh challenglng goals deLermlne Lhe opLlmal markeLlng mlx Lo aLLaln Lhese
goals and deLall lmplemenLaLlon A flnal sLep ln developlng a markeLlng sLraLegy ls Lo creaLe a plan Lo
monlLor progress and a seL of conLlngencles lf problems arlse ln Lhe lmplemenLaLlon of Lhe plan
1ypes of sLraLegles

MarkeLlng sLraLegles may dlffer dependlng on Lhe unlque slLuaLlon of Lhe lndlvldual buslness Powever
Lhere are a number of ways of caLegorlzlng some generlc sLraLegles A brlef descrlpLlon of Lhe mosL
common caLegorlzlng schemes ls presenLed below

SLraLegles based on markeL domlnance ln Lhls scheme flrms are classlfled based on Lhelr markeL share
or domlnance of an lndusLry 1yplcally Lhere are four Lypes of markeL domlnance sLraLegles
orLer generlc sLraLegles sLraLegy on Lhe dlmenslons of sLraLeglc scope and sLraLeglc sLrengLh SLraLeglc
scope refers Lo Lhe markeL peneLraLlon whlle sLraLeglc sLrengLh refers Lo Lhe flrm's susLalnable
compeLlLlve advanLage 1he generlc sLraLegy framework (porLer 1984) comprlses Lwo alLernaLlves each
wlLh Lwo alLernaLlve scopes 1hese are ulfferenLlaLlon and lowcosL leadershlp each wlLh a dlmenslon of
locusbroad or narrow
roducL dlfferenLlaLlon (broad)
CosL leadershlp (broad)
MarkeL segmenLaLlon (narrow)
lnnovaLlon sLraLegles 1hls deals wlLh Lhe flrms raLe of Lhe new producL developmenL and buslness
model lnnovaLlon lL asks wheLher Lhe company ls on Lhe cuLLlng edge of Lechnology and buslness
lnnovaLlon 1here are Lhree Lypes
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CrowLh sLraLegles ln Lhls scheme we ask Lhe quesLlon Pow should Lhe flrm grow?" 1here are a
number of dlfferenL ways of answerlng LhaL quesLlon buL Lhe mosL common glves four answers
PorlzonLal lnLegraLlon
verLlcal lnLegraLlon
A more deLalled scheme uses Lhe caLegorles10

MarkeLlng warfare sLraLegles 1hls scheme draws parallels beLween markeLlng sLraLegles and mlllLary