Marketing strategy - Wikipedia

Marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and ... Marketingstrategy FromWikipedia,thefreeencyclopedia Jumptonavigation Jumptosearch Processthatalloworganizationtoconcentratelimitedresourcesongreatestopportunities Marketingstrategyisaprocessthatcanallowanorganizationtoconcentrateitslimitedresourcesonthegreatestopportunitiestoincreasesalesandachieveasustainablecompetitiveadvantage.[1] Strategicplanninginvolvesananalysisofthecompany'sstrategicinitialsituationpriortotheformulation,evaluationandselectionofmarket-orientedcompetitivepositionthatcontributestothecompany'sgoalsandmarketingobjectives.[2] Strategicmarketing,asadistinctfieldofstudyemergedinthe1970sand80s,andbuiltonstrategicmanagementthatprecededit.Marketingstrategyhighlightstheroleofmarketingasalinkbetweentheorganizationanditscustomers. Marketingstrategyleveragesthecombinationofresourcesandcapabilitieswithinanorganizationtoachieveacompetitiveadvantageandthusenhancesfirmperformance(Cacciolatti&Lee,2016).[3] Contents 1DefinitionsofMarketingStrategy 2Marketingmanagementversusmarketingstrategy 3Briefhistoryofstrategicmarketing 4Strategicmarketingplanning:Anoverview 5Strategicanalysis:toolsandtechniques 5.1Briefdescriptionofgapanalysis 5.2BriefdescriptionofCategory/BrandDevelopmentIndex 5.3BriefdescriptionofPESTanalysis 5.4BriefdescriptionofSWOTanalysis 6Developingthevisionandmission 7Developingthegenericcompetitivestrategy 7.1Porterandthepositioningschool:approachtostrategyformulation 7.2Resource-basedview(RBV) 7.3Otherapproaches 7.3.1Growthstrategies 7.3.2Marketpositionandstrategy 7.3.3Entrystrategies 7.3.3.1Pioneers 7.3.3.2Closefollowers 7.3.3.3LateEntrants 8Developingmarketinggoalsandobjectives 9Strategytypologies 9.1Strategytypes 9.2Marketingstrategy 10Relationshipbetweenthemarketingstrategyandthemarketingmix 11Seealso 12References 13Furtherreading 14Externallinks DefinitionsofMarketingStrategy[edit] "Themarketingstrategylaysouttargetmarketsandthevaluepropositionthatwillbeofferedbasedonananalysisofthebestmarketopportunities."(PhilipKotler&KevinKeller,MarketingManagement,Pearson,14thEdition) “Anover-ridingdirectionalconceptthatsetsouttheplannedpath.”(DavidAakerandMichaelK.Mills,StrategicMarketManagement,2001,p.11) "Essentiallyaformulaforhowabusinessisgoingtocompete,whatitsgoalsshouldbeandwhatpolicieswillbeneededtocarryoutthesegoals."(MichaelPorter,CompetitiveStrategy:TechniquesforAnalyzingIndustriesandCompetitors,NY,FreePress,1980) "Thepatternofmajorobjectives,purposesandgoalsandessentialpoliciesandplansforachievingthosegoals,statedinsuchawayastodefinewhatbusinessthecompanyisinoristobein.(S.Jain,MarketingPlanningandStrategy,1993) "AnexplicitguidetofutureBehaviour.”(HenryMintzberg,“CraftingStrategy,”HarvardBusinessReview,July–August,1987pp.66–74) Strategyis"reservedforactionsaimeddirectlyatalteringthestrengthsoftheenterpriserelativetothatofitscompetitors...Perfectstrategiesarenotcalledfor.Whatcountsis...performancerelativetocompetitors.”(KenichiOhmae,TheMindoftheStrategist,1982,p.37) Strategyformulationisbuilton"thematchbetweenorganizationalresourcesandskillsandenvironmentalopportunitiesandrisksitfacesandthepurposesitwishestoaccomplish."(DanSchendelandCharlesW.Hofer,StrategyFormulation:AnalyticalConcepts,South-Western,1978,p.11) Marketingmanagementversusmarketingstrategy[edit] Thedistinctionbetween“strategic”and“managerial”marketingisusedtodistinguish"twophaseshavingdifferentgoalsandbasedondifferentconceptualtools.Strategicmarketingconcernsthechoiceofpoliciesaimingatimprovingthecompetitivepositionofthefirm,takingaccountofchallengesandopportunitiesproposedbythecompetitiveenvironment.Ontheotherhand,managerialmarketingisfocusedontheimplementationofspecifictargets."[4]Marketingstrategyisabout"loftyvisionstranslatedintolessloftyandpracticalgoals[whilemarketingmanagement]iswherewestarttogetourhandsdirtyandmakeplansforthingstohappen."[5]Marketingstrategyissometimescalledhigherorderplanningbecauseitsetsoutthebroaddirectionandprovidesguidanceandstructureforthemarketingprogram. Briefhistoryofstrategicmarketing[edit] Marketingscholarshavesuggestedthatstrategicmarketingaroseinthelate1970sanditsoriginscanbeunderstoodintermsofadistinctevolutionarypath:[6][7]: 50–56 [8] BudgetingControl(alsoknownasscientificmanagement) Furtherinformation:Scientificmanagement Date:Fromlate19thcentury KeyThinkers:FrederickWinslowTaylor,FrankandLillianGilbreth,HenryL.Gantt,HarringtonEmerson KeyIdeas:Emphasisonquantificationandscientificmodelling,reduceworktosmallestpossibleunitsandassignworktospecialists,exercisecontrolthroughrigidmanagerialhierarchies,standardizeinputstoreducevariation,defectsandcontrolcosts,usequantitativeforecastingmethodstopredictanychanges.[9] LongRangePlanning Furtherinformation:Long-rangeplanning Date:From1950s KeyThinkers:HerbertA.Simon KeyIdeas:Managerialfocuswastoanticipategrowthandmanageoperationsinanincreasinglycomplexbusinessworld.[10] StrategicPlanning(alsoknownascorporateplanning) Furtherinformation:Strategicmanagement Date:Fromthe1960s KeyThinkers:MichaelPorter KeyIdeas:Organizationsmustfindtherightfitwithinanindustrystructure;advantagederivesfromindustryconcentrationandmarketpower;firmsshouldstrivetoachieveamonopolyorquasi-monopoly;successfulfirmsshouldbeabletoerectbarrierstoentry. StrategicMarketingManagementItreferstoabusiness'soverallgameplanforreachingprospectiveconsumersandturningthemintocustomersoftheproductsorservicesthebusinessprovides. Date:fromlate1970s Keythinkers:R.BuzzellandB.Gale KeyIdeas:Eachbusinessisuniqueandthattherecanbenoformulaforachievingcompetitiveadvantage;firmsshouldadoptaflexibleplanningandreviewprocessthataimstocopewithstrategicsurprisesandrapidlydevelopingthreats;management'sfocusisonhowtodeliversuperiorcustomervalue;highlightsthekeyroleofmarketingasthelinkbetweencustomersandtheorganization. ResourceBasedView(RBV)(alsoknownasresource-advantagetheory) Furtherinformation:Resource-basedview Date:Frommid1990s KeyThinkers:JayB.Barney,GeorgeS.Day,GaryHamel,ShelbyD.Hunt,G.HooleyandC.K.Prahalad KeyIdeas:Thefirm'sresourcesarefinancial,legal,human,organizational,informationalandrelational;resourcesareheterogeneousandimperfectlymobile,management'skeytaskistounderstandandorganizeresourcesforsustainablecompetitiveadvantage.[11] Strategicmarketingplanning:Anoverview[edit] Thestrategicgap Marketingstrategyinvolvesmappingoutthecompany'sdirectionfortheforthcomingplanningperiod,whetherthatbethree,fiveortenyears.Itinvolvesundertakinga360°reviewofthefirmanditsoperatingenvironmentwithaviewtoidentifyingnewbusinessopportunitiesthatthefirmcouldpotentiallyleverageforcompetitiveadvantage.Strategicplanningmayalsorevealmarketthreatsthatthefirmmayneedtoconsiderforlong-termsustainability.[12]Strategicplanningmakesnoassumptionsaboutthefirmcontinuingtoofferthesameproductstothesamecustomersintothefuture.Instead,itisconcernedwithidentifyingthebusinessopportunitiesthatarelikelytobesuccessfulandevaluatesthefirm'scapacitytoleveragesuchopportunities.Itseekstoidentifythestrategicgap;thatisthedifferencebetweenwhereafirmiscurrentlysituated(thestrategicrealityorinadvertentstrategy)andwhereitshouldbesituatedforsustainable,long-termgrowth(thestrategicintentordeliberatestrategy).[13] Strategicplanningseekstoaddressthreedeceptivelysimplequestions,specifically:[7]: 34  *Wherearewenow?(Situationanalysis) *Whatbusinessshouldwebein?(Visionandmission) *Howshouldwegetthere?(Strategies,plans,goals,andobjectives) Afourthquestionmaybeaddedtothelist,namely'Howdoweknowwhenwegotthere?'Duetotheincreasingneedforaccountability,manymarketingorganizationsuseavarietyofmarketingmetricstotrackstrategicperformance,allowingforcorrectiveactiontobetakenasrequired.Onthesurface,strategicplanningseekstoaddressthreesimplequestions,however,theresearchandanalysisinvolvedinstrategicplanningisverysophisticatedandrequiresagreatdealofskillandjudgement. Strategicanalysis:toolsandtechniques[edit] Strategicanalysisisdesignedtoaddressthefirststrategicquestion,"Wherearewenow?"[7]: 34 Traditionalmarketresearchislessusefulforstrategicmarketingbecausetheanalystisnotseekinginsightsaboutcustomerattitudesandpreferences.Instead,strategicanalystsareseekinginsightsaboutthefirm'soperatingenvironmentwithaviewtoidentifyingpossiblefuturescenarios,opportunities,andthreats. Strategicplanningfocusesonthe3C's,namely:Customer,Corporation,andCompetitors.Adetailedanalysisofeachfactoriskeytothesuccessofstrategyformulation.The'competitors'elementreferstoananalysisofthestrengthsofthebusinessrelativetocloserivals,andconsiderationofcompetitivethreatsthatmightimpingeonthebusiness'sabilitytomoveincertaindirections.The'customer'elementreferstoananalysisofanypossiblechangesincustomerpreferencesthatpotentiallygiverisetonewbusinessopportunities.The'corporation'elementreferstoadetailedanalysisofthecompany'sinternalcapabilitiesanditsreadinesstoleveragemarket-basedopportunitiesoritsvulnerabilitytoexternalthreats.[14] TheBCGMatrixisjustoneofthemanyanalyticaltechniquesusedbystrategicanalystsasameansofevaluatingtheperformanceofthefirm'scurrentstableofbrands Perceptualmappingassistsanalyststoevaluatethecompetitiveperformanceofbrands Aproductevolutionarycyclehelpstoenvisionfuturedirectionsforproductdevelopment Porter'sfiveforces Mintzbergsuggeststhatthetopplannersspendmostoftheirtimeengagedinanalysisandareconcernedwithindustryorcompetitiveanalysesaswellasinternalstudies,includingtheuseofcomputermodelstoanalyzetrendsintheorganization.[15]Strategicplannersuseavarietyofresearchtoolsandanalyticaltechniques,dependingontheenvironmentcomplexityandthefirm'sgoals.FleitcherandBensoussan,forinstance,haveidentifiedsome200qualitativeandquantitativeanalyticaltechniquesregularlyusedbystrategicanalysts[16]whilearecentpublicationsuggeststhat72techniquesareessential.[17]Nooptimaltechniquecanbeidentifiedasusefulacrossallsituationsorproblems.Determiningwhichtechniquetouseinanygivensituationrestswiththeskilloftheanalyst.Thechoiceoftooldependsonavarietyoffactorsincluding:dataavailability;thenatureofthemarketingproblem;theobjectiveorpurpose,theanalyst'sskilllevelaswellasotherconstraintssuchastimeormotivation.[18] Themostcommonlyusedtoolsandtechniquesinclude:[17] Researchmethods Environmentalscanning[19] Marketingintelligence(alsoknownascompetitiveintelligence)[16][20][21] Futuresresearch[22] Analyticaltechniques BrandDevelopmentIndex(BDI)/Categorydevelopmentindex(CDI)[23]: 31–35  Brand/Categorypenetration[23]: 17-66  Benchmarking[24] Blindspotsanalysis[25] Functionalcapabilityandresourceanalysis[26] Impactanalysis[27]: 79–81  Counterfactualanalysis[28] Demandanalysis[29] EmergingIssuesAnalysis[30] Experiencecurveanalysis[31] Gapanalysis Herfindahlindex[23]: 1-16  IndustryAnalysis(alsoknownasPorter'sfiveforcesanalysis)[27]: 139-140 [27]: 88-94 [32]: 368–382  Managementprofiling Marketsegmentationanalysis[33] Marketshareanalysis Perceptualmapping[34] PESTanalysisanditsvariantsincludingPESTLE,STEEPLEDandSTEER(PESTisoccasionallyknownasSixSegmentAnalysis) Portfolioanalysis,suchasBCGgrowth-sharematrixorGEbusinessscreenmatrix[27]: 38-39 [27]: 361-376  PrecursorAnalysisorEvolutionaryanalysis[35] ProductlifecycleanalysisandS-curveanalysis(alsoknownastechnologylifecycleorhypecycleanalysis) Productevolutionarycycleanalysis[36][37] Scenarioanalysis[27]: 81-83  SegmentShareAnalysis Situationanalysis[7]: 80  StrategicGroupAnalysis[7]: 82  SWOTanalysis[38] TrendAnalysis[27]: 143-145 [39] Valuechainanalysis[27]: 142-143 [40] Briefdescriptionofgapanalysis[edit] Gapanalysisisatypeofhigher-orderanalysisthatseekstoidentifythedifferencebetweentheorganization'scurrentstrategyanditsdesiredstrategy.Thisdifferenceissometimesknownasthestrategicgap.Mintzbergidentifiestwotypesofstrategynamelydeliberatestrategyandinadvertentstrategy.Thedeliberatestrategyrepresentsthefirm'sstrategicintentoritsdesiredpathwhiletheinadvertentstrategyrepresentsthepaththatthefirmmayhavefollowedasitadjustedtoenvironmental,competitiveandmarketchanges.[41]Otherscholarsusethetermsrealizedstrategyversusintendedstrategytorefertothesameconcepts.[42]Thistypeofanalysisindicateswhetheranorganizationhasstrayedfromitsdesiredpathduringtheplanningperiod.Thepresenceofalargegapmayindicatetheorganizationhasbecomestuckinthemiddle;arecipeforstrategicmediocrityandpotentialfailure. BriefdescriptionofCategory/BrandDevelopmentIndex[edit] Thecategory/branddevelopmentindexisamethodusedtoassessthesalespotentialforaregionormarketandidentifymarketsegmentsthatcanbedeveloped(i.e.highCDIandhighBDI).Inaddition,itmaybeusedtoidentifymarketswherethecategoryorbrandisunderperformingandmaysignalunderlyingmarketingproblemssuchaspoordistribution(i.e.highCDIandlowBDI). BDIandCDIarecalculatedasfollows:[43] BDI=(BrandSales(%)inMarketA/Population(%)inMarketA)X100 CDI=(CategorySales(%)inMarketA/Population(%)inMarketA)X100 BriefdescriptionofPESTanalysis[edit] PESTanalysis:variablesthatmaybeconsideredintheenvironmentalscan Strategicplanningtypicallybeginswithascanofthebusinessenvironment,bothinternalandexternal,thisincludesunderstandingstrategicconstraints.Anunderstandingoftheexternaloperatingenvironment,includingpolitical,economic,socialandtechnologicalwhichincludesdemographicandculturalaspects,isnecessaryfortheidentificationofbusinessopportunitiesandthreats.[44]ThisanalysisiscalledPEST;anacronymforPolitical,Economic,SocialandTechnological.AnumberofvariantsofthePESTanalysiscanbeidentifiedinliterature,including:PESTLEanalysis(Political,Economic,Social,Technological,LegalandEnvironmental);STEEPLE(addsethics);STEEPLED(addsdemographics)andSTEER(addsregulatory).[45] TheaimofthePESTanalysisistoidentifyopportunitiesandthreatsinthewideroperatingenvironment.Firmstrytoleverageopportunitieswhiletryingtobufferthemselvesagainstpotentialthreats.Basically,thePESTanalysisguidesstrategicdecision-making.[46]ThemainelementsofthePESTanalysisare:[45] Political:politicalinterventionswiththepotentialtodisruptorenhancetradingconditionse.g.governmentstatutes,policies,fundingorsubsidies,supportforspecificindustries,tradeagreements,taxrates,andfiscalpolicy. Economic:economicfactorswiththepotentialtoaffectprofitabilityandthepricesthatcanbecharged,suchas,economictrends,inflation,exchangerates,seasonalityandeconomiccycles,consumerconfidence,consumerpurchasingpower,anddiscretionaryincomes. Social:socialfactorsthataffectdemandforproductsandservices,consumerattitudes,tastesandpreferenceslikedemographics,socialinfluencers,rolemodels,shoppinghabits. Technological:Innovation,technologicaldevelopmentsorbreakthroughsthatcreateopportunitiesfornewproducts,improvedproductionprocessesornewwaysoftransactingbusinesse.g.newmaterials,newingredients,newmachinery,newpackagingsolutions,newsoftware,andnewintermediaries. WhencarryingoutaPESTanalysis,plannersandanalystsmayconsidertheoperatingenvironmentatthreelevels,namelythesupranational;thenationalandsubnationalorlocallevel.Asbusinessesbecomemoreglobalized,theymayneedtopaygreaterattentiontothesupranationallevel.[45] BriefdescriptionofSWOTanalysis[edit] ASWOTanalysis,withitsfourelementsina2×2matrix InadditiontothePESTanalysis,firmscarryoutaStrengths,Weakness,Opportunities,andThreats(SWOT)analysis.ASWOTanalysisidentifies:[47] Strengths:distinctivecapabilities,competencies,skillsorassetsthatprovideabusinessorprojectwithanadvantageoverpotentialrivals;internalfactorsthatarefavourabletoachievingcompanyobjectives Weaknesses:internaldeficienciesthatplacethebusinessorprojectatadisadvantagerelativetorivals;ordeficienciesthatpreventanentityfrommovinginanewdirectionoractingonopportunities.internalfactorsthatareunfavorabletoachievingcompanyobjectives Opportunities:elementsintheenvironmentthatthebusinessorprojectcouldexploittoitsadvantage;externalfactorsoftheorganizationincluding:newproducts,newmarkets,newdemand,foreignmarketbarriers,competitors'mistakes,etc.[38] Threats:elementsintheenvironmentthatcoulderodethefirm'smarketposition;externalfactorsthatpreventorhinderanentityfrommovinginadesireddirectionorachievingitsgoals. Typicallythefirmwillattempttoleveragethoseopportunitiesthatcanbematchedwithinternalstrengths;thatistosaythefirmhasacapabilityinanyareawherestrengthsarematchedwithexternalopportunities.Itmayneedtobuildcapabilityifitwishestoleverageopportunitiesinareasofweakness.Anareaofweaknessthatismatchedwithanexternalthreatrepresentsavulnerability,andthefirmmayneedtodevelopcontingencyplans.[48] Developingthevisionandmission[edit] Thevisionandmissionaddressthesecondcentralquestion,'Wherearewegoing?'Attheconclusionoftheresearchandanalysisstage,thefirmwilltypicallyreviewitsvisionstatement,missionstatementand,ifnecessary,deviseanewvisionandmissionfortheoutlookperiod.Atthisstage,thefirmwillalsodeviseagenericcompetitivestrategyasthebasisformaintainingasustainablecompetitiveadvantagefortheforthcomingplanningperiod. Avisionstatementisarealistic,long-termfuturescenariofortheorganization.(Visionstatementsshouldnotbeconfusedwithslogansormottos.)[49]Avisionstatementisdesignedtopresentarealisticlong-termfuturescenariofortheorganization.Itisa"clearlyarticulatedstatementofthebusinessscope."Astrongvisionstatementtypicallyincludesthefollowing:[50] Competitivescope Marketscope Geographicscope Verticalscope Somescholarspointoutthemarketvisioningisaskillorcompetencythatencapsulatestheplanners'capacity"tolinkadvancedtechnologiestomarketopportunitiesofthefuture,andtodosothroughasharedunderstandingofagivenproductmarket.[51] Amissionstatementisaclearandconcisestatementoftheorganization'sreasonforbeinganditsscopeofoperations,[52]whilethegenericstrategyoutlineshowthecompanyintendstoachievebothitsvisionandmission.[53] Missionstatementsshouldincludedetailedinformationandmustbemorethanasimplemotherhoodstatement.[54]Amissionstatementtypicallyincludesthefollowing:[52] Thismissionstatementmightbedescribedasa"motherhoodstatement"becauseitlackssufficientdetailtobemeaningful. Specificationoftargetcustomers Identificationofprincipalproductsorservicesoffered Specificationofthegeographicscopeofoperations Identificationofcoretechnologiesand/orcorecapabilities Anoutlineofthefirm'scommitmenttolong-termsurvival,growthandprofitability Anoutlineofthekeyelementsinthecompany'sphilosophyandcorevalues Identificationofthecompany'sdesiredpublicimage Developingthegenericcompetitivestrategy[edit] Thegenericcompetitivestrategyoutlinesthefundamentalbasisforobtainingasustainablecompetitiveadvantagewithinacategory.Firmscannormallytracetheircompetitivepositiontooneofthreefactors:[55] Superiorskills(e.g.coordinationofindividualspecialists,createdthroughtheinterplayofinvestmentintrainingandprofessionaldevelopment,workandlearning) Superiorresources(e.g.patents,trade-markprotection,specializedphysicalassetsandrelationshipswithsuppliersanddistributioninfrastructure.) Superiorposition(theproductsorservicesoffered,themarketsegmentsserved,andtheextenttowhichtheproduct-marketcanbeisolatedfromdirectcompetition.) Itisessentialthattheinternalanalysisprovideafrankandopenevaluationofthefirm'ssuperiorityintermsofskills,resourcesormarketpositionsincethiswillprovidethebasisforcompetingovertheforthcomingplanningperiod.Forthisreason,somecompaniesengageexternalconsultants,oftenadvertisingormarketingagencies,toprovideanindependentassessmentofthefirm'scapabilitiesandresources. Porterandthepositioningschool:approachtostrategyformulation[edit] Furtherinformation:Porter'sgenericstrategies Porter'sThreeGenericStrategies In1980,MichaelPorterdevelopedanapproachtostrategyformulationthatprovedtobeextremelypopularwithbothscholarsandpractitioners.Theapproachbecameknownasthepositioningschoolbecauseofitsemphasisonlocatingadefensiblecompetitivepositionwithinanindustryorsector.Inthisapproach,strategyformulationconsistsofthreekeystrandsofthinking:analysisofthefiveforcestodeterminethesourcesofcompetitiveadvantage;theselectionofoneofthreepossiblepositionswhichleveragetheadvantageandthevaluechaintoimplementthestrategy.[56]Inthisapproach,thestrategicchoicesinvolvedecisionsaboutwhethertocompeteforashareofthetotalmarketorforaspecifictargetgroup(competitivescope)andwhethertocompeteoncostsorproductdifferences(competitiveadvantage).Thistypeofthinkingleadstothreegenericstrategies:[32][40]: 12  Costleadership–thefirmtargetsthemassmarketandattemptstobethelowest-costproducerinthemarket Differentiation–thefirmtargetsthemassmarketandtriestomaintainuniquepointsofproductdifferenceperceivedasdesirablebycustomersandforwhichtheyarepreparedtopaypremiumprices Focus–thefirmdoesnotcompeteforheadtohead,butinsteadselectsanarrowtargetmarketandfocusesitseffortsonsatisfyingtheneedsofthatsegment AccordingtoPorter,thesestrategiesaremutuallyexclusiveandthefirmmustselectoneapproachtotheexclusionofallothers.[40]: 12 Firmsthattrytobeallthingstoallpeoplecanpresentaconfusingmarketpositionwhichultimatelyleadstobelow-averagereturns.Anyambiguityaboutthefirm'sapproachisarecipefor"strategicmediocrity"andanyfirmthattriestopursuetwoapproachessimultaneouslyissaidtobe"stuckinthemiddle"anddestinedforfailure.[57] Porter'sapproachwasthedominantparadigmthroughoutthe1980s.However,theapproachhasattractedconsiderablecriticism.Oneimportantcriticismisthatitispossibletoidentifysuccessfulcompaniesthatpursueahybridstrategy–suchaslow-costpositionsanddifferentiatedpositionssimultaneously.Toyotaisaclassicexampleofthishybridapproach.[56]Otherscholarspointtothesimplisticnatureoftheanalysisandtheoverlyprescriptivenatureofthestrategicchoiceswhichlimitsstrategiestojustthreeoptions.Yetotherspointtoresearchshowingthatmanypractitionersfindtheapproachtobeoverlytheoreticalandnotapplicabletotheirbusiness.[58] Resource-basedview(RBV)[edit] Furtherinformation:Resource-basedview Duringthe1990s,theresource-basedview(alsoknownastheresource-advantagetheory)ofthefirmbecamethedominantparadigm.Itisaninter-disciplinaryapproachthatrepresentsasubstantialshiftinthinking.[59]Itfocusesattentiononanorganization'sinternalresourcesasameansoforganizingprocessesandobtainingacompetitiveadvantage.Theresource-basedviewsuggeststhatorganizationsmustdevelopunique,firm-specificcorecompetenciesthatwillallowthemtooutperformcompetitorsbydoingthingsdifferentlyandinasuperiormanner.[60] Barneystatedthatforresourcestoholdpotentialassourcesofsustainablecompetitiveadvantage,theyshouldbevaluable,rare,andimperfectlyimitable.[61]Akeyinsightarisingfromtheresource-basedviewisthatnotallresourcesareofequalimportancenorpossessthepotentialtobecomeasourceofsustainablecompetitiveadvantage.[59]Thesustainabilityofanycompetitiveadvantagedependsontheextenttowhichresourcescanbeimitatedorsubstituted.[9]Barneyandotherspointoutthatunderstandingthecausalrelationshipbetweenthesourcesofadvantageandsuccessfulstrategiescanbeverydifficultinpractice.[61]Barneyusestheterm"causallyambiguous"whichhedescribesasasituationwhen"thelinkbetweentheresourcescontrolledbythefirmandthefirm'ssustainedcompetitiveadvantageisnotunderstoodorunderstoodonlyveryimperfectly."Thus,agreatdealofmanagerialeffortmustbeinvestedinidentifying,understanding,andclassifyingcorecompetencies.Inaddition,managementmustinvestinorganizationallearningtodevelopandmaintainkeyresourcesandcompetencies. MarketBasedResourcesinclude:[62][63][64] Organizationalculturee.g.marketorientation,researchorientation,cultureofinnovation,etc. Assetse.g.brands,MktgIS,databases,etc. Capabilities(orcompetencies)e.g.marketsensing,marketingresearch,relationships,know-how,tacitknowledge,etc. Aftermorethantwodecadesofadvancementsinmarketingstrategyandintheresource-basedviewparadigm,Cacciolatti&Lee(2016)proposedanovelresource-advantagetheorybasedframeworkthatbuildsonthoseorganizationalcapabilitiesthatarerelevanttomarketingstrategyandshowshowtheyhaveaneffectonfirmperformance.[65]Thecapabilities-performancemodelproposedbyCacciolatti&Lee(2016)illustratesthemechanismwherebymarketorientation,strategicorientation,andorganizationalpowermoderatethecapabilities-performancerelationship.[66]SuchalogicofanalysiswasimplicitintheoriginalformulationofRAtheoryandalthoughitwastakenintoconsiderationbyseveralscholars,[67][68]itwasneverbeenarticulatedexplicitlyandtestedempirically. Intheresource-basedview,strategistsselectthestrategyorcompetitivepositionthatbestexploitstheinternalresourcesandcapabilitiesrelativetoexternalopportunities.Giventhatstrategicresourcesrepresentacomplexnetworkofinter-relatedassetsandcapabilities,organizationscanadoptmanypossiblecompetitivepositions.Althoughscholarsdebatetheprecisecategoriesofcompetitivepositionsthatareused,thereisgeneralagreement,withintheliterature,thattheresource-basedviewismuchmoreflexiblethanPorter'sprescriptiveapproachtostrategyformulation. Hooleyetal.,suggestthefollowingclassificationofcompetitivepositions:[69] Pricepositioning Qualitypositioning Innovationpositioning Servicepositioning Benefitpositioning Tailoredpositioning(one-to-onemarketing) Otherapproaches[edit] Thechoiceofcompetitivestrategyoftendependsonavarietyoffactorsincluding:thefirm'smarketpositionrelativetorivalfirms,[70]thestageoftheproductlifecycle.[71]Awell-establishedfirminamaturemarketwilllikelyhaveadifferentstrategythanastart-up. Growthstrategies[edit] Growthofabusinessiscriticalforbusinesssuccess.Afirmmaygrowbydevelopingthemarketorbydevelopingnewproducts.TheAnsoffproductandmarketgrowthmatrixillustratesthetwobroaddimensionsforachievinggrowth.TheAnsoffmatrixidentifiesfourspecificgrowthstrategies:marketpenetration,productdevelopment,marketdevelopmentanddiversification.[72] TheAnsoffProduct/marketGrowthMatrix Marketpenetrationinvolvessellingexistingproductstoexistingconsumers.Thisisaconservative,lowriskapproachsincetheproductisalreadyontheestablishedmarket.[72] Productdevelopmentistheintroductionofanewproducttoexistingcustomers.Thiscanincludemodificationstoanalreadyexistingmarketwhichcancreateaproductthathasmoreappeal.[72] Marketdevelopmentinvolvesthesellingofexistingproductstonewcustomersinordertoidentifyandbuildanewclientelebase.Thiscanincludenewgeographicalmarkets,newdistributionchannels,anddifferentpricingpoliciesthatbringtheproductpricewithinthecompetenceofnewmarketsegments. Diversificationistheriskiestareaforabusiness.Thisiswhereanewproductissoldtoanewmarket.[73]TherearetwotypeofDiversification;horizontalandvertical.'Horizontaldiversificationfocusesmoreontheproduct(s)wherethebusinessisknowledgeable,whereasverticaldiversificationfocusesmoreontheintroductionofnewproductintonewmarkets,wherethebusinesscouldhavelessknowledgeofthenewmarket.[74] HorizontalintegrationFurtherinformation:Horizontalintegration Ahorizontalintegrationstrategymaybeindicatedinfast-changingworkenvironmentsaswellasprovidingabroadknowledgebaseforthebusinessandemployees.[75]Abenefitofhorizontaldiversificationisthatitisanopenplatformforabusinesstoexpandandbuildawayfromthealreadyexistingmarket.[74] Highlevelsofhorizontalintegrationleadtohighlevelsofcommunicationwithinthebusiness.Anotherbenefitofusingthisstrategyisthatitleadstoalargermarketformergedbusinesses,anditiseasiertobuildgoodreputationsforabusinesswhenusingthisstrategy.[76]Adisadvantageofusingadiversificationstrategyisthatthebenefitscouldtakeawhiletostartshowing,whichcouldleadthebusinesstobelievethatthestrategyinineffective.[74]Anotherdisadvantageorriskis,ithasbeenshownthatusingthehorizontaldiversificationmethodhasbecomeharmfulforstockvalue,butusingtheverticaldiversificationhadthebesteffects.[77] Adisadvantageofusingthehorizontalintegrationstrategyisthatthislimitsandrestrictsthefieldofinterestthatthebusiness.[74]Horizontalintegrationcanaffectabusiness'sreputation,especiallyafteramergehashappenedbetweentwoormorebusinesses.Therearethreemainbenefitstoabusiness'sreputationafteramerge.Alargerbusinesshelpsthereputationandincreasestheseverityofthepunishment.Aswellasthemergeofinformationafteramergehashappened,thisincreasestheknowledgeofthebusinessandmarketingareatheyarefocusedon.Thelastbenefitismoreopportunitiesfordeviationtooccurinmergedbusinessesratherthanindependentbusinesses.[76] VerticalintegrationFurtherinformation:Verticalintegration Verticalintegrationiswhenbusinessisexpandedthroughtheverticalproductionlineononebusiness.AnexampleofaverticallyintegratedbusinesscouldbeApple.Appleownsalltheirownsoftware,hardware,designsandoperatingsystemsinsteadofrelyingonotherbusinessestosupplythese.[78]Byhavingahighlyverticallyintegratedbusinessthiscreatesdifferenteconomiesthereforecreatingapositiveperformanceforthebusiness.[79]Verticalintegrationisseenasabusinesscontrollingtheinputsofsuppliesandoutputsofproductsaswellasthedistributionofthefinalproduct.[79]SomebenefitsofusingaVerticalintegrationstrategyisthatcostsmaybereducedbecauseofthereducingtransactioncostswhichincludefinding,selling,monitoring,contractingandnegotiatingwithotherfirms.Alsobydecreasingoutsidebusinessesinputitwillincreasetheefficientuseofinputsintothebusiness.Anotherbenefitofverticalintegrationisthatitimprovestheexchangeofinformationthroughthedifferentstagesoftheproductionline.[79]Somecompetitiveadvantagescouldinclude;avoidingforeclosures,improvingthebusinessmarketingintelligence,andopensupopportunitiestocreatedifferentproductsforthemarket.[80]SomedisadvantagesofusingaVerticalIntegrationStrategyincludetheinternalcostsforthebusinessandtheneedforoverheadcosts.Alsoifthebusinessisnotwellorganizedandfullyequippedandpreparedthebusinesswillstruggleusingthisstrategy.Therearealsocompetitivedisadvantagesaswell,whichinclude;createsbarriersforthebusiness,andlosesaccesstoinformationfromsuppliersanddistributors.[80] Marketpositionandstrategy[edit] Intermsofmarketposition,firmsmaybeclassifiedasmarketleaders,marketchallengers,marketfollowersormarketnichers.[44][81] Marketpositionandstrategicimplications Marketleader:Themarketleaderdominatesthemarketbyobjectivemeasureofmarketshare.Theiroverallpostureisdefensivebecausetheyhavemoretolose.TheirobjectivesaretoreinforcetheirprominentpositionthroughtheuseofPRtodevelopcorporateimageandtoblockcompetitorsbrandforbrand,matchingdistributionthroughtacticssuchastheuseof“fighting”brands,pre-emptivestrikes,useofregulationtoblockcompetitorsandeventospreadrumoursaboutcompetitors.Marketleadersmayadoptunconventionalorunexpectedapproachestobuildinggrowthandtheirtacticalresponsesarelikelytoinclude:productproliferation;diversification;multi-branding;erectingbarrierstoentry;verticalandhorizontalintegrationandcorporateacquisitions. Marketchallenger:Themarketchallengerholdsthesecondhighestmarketshareinthecategory,followingcloselybehindthedominantplayer.Theirmarketpostureisgenerallyoffensivebecausetheyhavelesstoloseandmoretogainbytakingrisks.Theywillcompeteheadtoheadwiththemarketleaderinanefforttogrowmarketshare.Theiroverallstrategyistogainmarketsharethroughproduct,packagingandserviceinnovations;newmarketdevelopmentandredefinitionoftheproducttobroadenitsscopeandtheirpositionwithinit. Marketfollower:Followersaregenerallycontenttoplaysecondfiddle.TheyrarelyinvestinR&Dandtendtowaitformarketleaderstodevelopinnovativeproductsandsubsequentlyadopta“me-too”approach.Theirmarketpostureistypicallyneutral.Theirstrategyistomaintaintheirmarketpositionbymaintainingexistingcustomersandcapturingafairshareofanynewsegments.Theytendtomaintainprofitsbycontrollingcosts. Marketnicher:Themarketnicheroccupiesasmallnicheinthemarketinordertoavoidheadtoheadcompetition.Theirobjectiveistobuildstrongtieswiththecustomerbaseanddevelopstrongloyaltywithexistingcustomers.Theirmarketpostureisgenerallyneutral.Theirstrategyistodevelopandbuildthesegmentandprotectitfromerosion.Tactically,nichersarelikelytoimprovetheproductorserviceoffering,leveragecross-sellingopportunities,offervalueformoneyandbuildrelationshipsthroughsuperiorafter-directsalesservice,servicequalityandotherrelatedvalue-addingactivities. Asthespeedofchangeinthemarketingenvironmentquickens,timehorizonsarebecomingshorter.Nevertheless,mostfirmscarryoutstrategicplanningevery3–5yearsandtreattheprocessasameansofcheckingwhetherthecompanyisontracktoachieveitsvisionandmission.[44]Ideally,strategiesarebothdynamicandinteractive,partiallyplannedandpartiallyunplanned.Strategiesarebroadintheirscopeinordertoenableafirmtoreacttounforeseendevelopmentswhiletryingtokeepfocusedonaspecificpathway.Akeyaspectofmarketingstrategyistokeepmarketingconsistentwithacompany'soverarchingmissionstatement.[82] Strategiesoftenspecifyhowtoadjustthemarketingmix;firmscanusetoolssuchasMarketingMixModelingtohelpthemdecidehowtoallocatescarceresources,aswellashowtoallocatefundsacrossaportfolioofbrands.Inaddition,firmscanconductanalysesofperformance,customeranalysis,competitoranalysis,andtargetmarketanalysis. Entrystrategies[edit] Furtherinformation:Marketentrystrategy Marketingstrategiesmaydifferdependingontheuniquesituationoftheindividualbusiness.AccordingtoLiebermanandMontgomery,everyentrantintoamarket–whetheritisnewornot–isclassifiedunderaMarketPioneer,CloseFolloweroraLatefollower[83] Pioneers[edit] Marketpioneersareknowntooftenopenanewmarkettoconsumersbasedonamajorinnovation.[84]Theyemphasizetheseproductdevelopments,andinasignificantnumberofcases,studieshaveshownthatearlyentrants–orpioneers–intoamarkethaveseriousmarket-shareadvantagesaboveallthosewhoenterlater.[85]Pioneershavethefirst-moveradvantage,andinordertohavethisadvantage,business’mustensuretheyhaveatleastoneormoreofthreeprimarysources:TechnologicalLeadership,PreemptionofAssetsorBuyerSwitchingCosts.[83]TechnologicalLeadershipmeansgaininganadvantagethrougheitherResearchandDevelopmentorthe“learningcurve”.[83]Thisletsabusinessusetheresearchanddevelopmentstageasakeypointofsellingduetoprimaryresearchofanewordevelopedproduct.PreemptionofAssetscanhelpgainanadvantagethroughacquiringscarceassetswithinacertainmarket,allowingthefirst-movertobeabletohavecontrolofexistingassetsratherthanthosethatarecreatedthroughnewtechnology.[83]Thusallowingpre-existinginformationtobeusedandalowerriskwhenfirstenteringanewmarket.Bybeingafirstentrant,itiseasytoavoidhigherswitchingcostscomparedtolaterentrants.Forexample,thosewhoenterlaterwouldhavetoinvestmoreexpenditureinordertoencouragecustomersawayfromearlyentrants.[83]However,whileMarketPioneersmayhavethe“highestprobabilityofengaginginproductdevelopment”[86]andlowerswitchingcosts,tohavethefirst-moveradvantage,itcanbemoreexpensiveduetoproductinnovationbeingmorecostlythanproductimitation.IthasbeenfoundthatwhilePioneersinbothconsumergoodsandindustrialmarketshavegained“significantsalesadvantages”,[87]theyincurlargerdisadvantagescost-wise. Closefollowers[edit] BeingaMarketPioneercan,moreoftenthannot,attractentrepreneursand/orinvestorsdependingonthebenefitsofthemarket.Ifthereisanupsidepotentialandtheabilitytohaveastablemarketshare,manybusinesseswouldstarttofollowinthefootstepsofthesepioneers.ThesearemorecommonlyknownasCloseFollowers.TheseentrantsintothemarketcanalsobeseenaschallengerstotheMarketPioneersandtheLateFollowers.ThisisbecauseearlyfollowersaremorethanlikelytoinvestasignificantamountinProductResearchandDevelopmentthanlaterentrants.[86]Bydoingthis,itallowsbusinessestofindweaknessesintheproductsproducedbefore,thusleadingtoimprovementsandexpansionontheaforementionedproduct.Therefore,itcouldalsoleadtocustomerpreference,whichisessentialinmarketsuccess.[88]DuetothenatureofearlyfollowersandtheresearchtimebeinglaterthanMarketPioneers,differentdevelopmentstrategiesareusedasopposedtothosewhoenteredthemarketinthebeginning,[86]andthesameisappliedtothosewhoareLateFollowersinthemarket.Byhavingadifferentstrategy,itallowsthefollowerstocreatetheirownuniquesellingpointandperhapstargetadifferentaudienceincomparisontothatoftheMarketPioneers.Earlyfollowingintoamarketcanoftenbeencouragedbyanestablishedbusiness’productthatis“threatenedorhasindustry-specificsupportingassets”.[89] LateEntrants[edit] ThosewhofollowaftertheCloseFollowersareknownastheLateEntrants.WhilebeingaLateEntrantcanseemverydaunting,therearesomeperkstobeingalatecomer.Forexample,LateEntrantshavetheabilitytolearnfromthosewhoarealreadyinthemarketorhavepreviouslyentered.[89]LateFollowershavetheadvantageoflearningfromtheirearlycompetitorsandimprovingthebenefitsorreducingthetotalcosts.Thisallowsthemtocreateastrategythatcouldessentiallymeangainingmarketshareandmostimportantly,stayinginthemarket.Inadditiontothis,marketsevolve,leadingtoconsumerswantingimprovementsandadvancementsonproducts.[90]LateFollowershavetheadvantageofcatchingtheshiftsincustomerneedsandwantstowardstheproducts.[83]Whenbearinginmindcustomerpreference,customervaluehasasignificantinfluence.Customervaluemeanstakingintoaccounttheinvestmentofcustomersaswellasthebrandorproduct.[91]Itiscreatedthroughthe“perceptionsofbenefits”andthe“totalcostofownership”.[91]Ontheotherhand,iftheneedsandwantsofconsumershaveonlyslightlyaltered,LateFollowerscouldhaveacostadvantageoverearlyentrantsduetotheuseofproductimitation.[86]However,ifabusinessisswitchingmarkets,thiscouldtakethecostadvantageawayduetotheexpenseofchangingmarketsforthebusiness.LateEntryintoamarketdoesnotnecessarilymeanthereisadisadvantagewhenitcomestomarketshare,itdependsonhowthemarketingmixisadoptedandtheperformanceofthebusiness.[92]Ifthemarketingmixisnotusedcorrectly–despitetheentranttime–thebusinesswillgainlittletonoadvantages,potentiallymissingoutonasignificantopportunity. Thedifferentiatedstrategy Furtherinformation:MarketingMixModeling Thecustomizedtargetstrategy Furtherinformation:Strategydynamics Therequirementsofindividualcustomermarketsareunique,andtheirpurchasessufficienttomakeviablethedesignofanewmarketingmixforeachcustomer. Ifacompanyadoptsthistypeofmarketstrategy,aseparatemarketingmixistobedesignedforeachcustomer.[93] Specificmarketingmixescanbedevelopedtoappealtomostofthesegmentswhenmarketsegmentationrevealsseveralpotentialtargets.[94] Developingmarketinggoalsandobjectives[edit] Whereasthevisionandmissionprovidetheframework,the"goalsdefinetargetswithinthemission,which,whenachieved,shouldmovetheorganizationtowardtheperformanceofthatmission."[95]Goalsarebroadprimaryoutcomeswhereas,objectivesaremeasurablestepstakentoachieveagoalorstrategy.[96]Instrategicplanning,itisimportantformanagerstotranslatetheoverallstrategyintogoalsandobjectives.Goalsaredesignedtoinspireactionandfocusattentiononspecificdesiredoutcomes.Objectives,ontheotherhand,areusedtomeasureanorganization'sperformanceonspecificdimensions,therebyprovidingtheorganizationwithfeedbackonhowwellitisachievingitsgoalsandstrategies. Managerstypicallyestablishobjectivesusingthebalancedscorecardapproach.Thismeansthatobjectivesdonotincludedesiredfinancialoutcomesexclusively,butalsospecifymeasuresofperformanceforcustomers(e.g.satisfaction,loyalty,repeatpatronage),internalprocesses(e.g.,employeesatisfaction,productivity)andinnovationandimprovementactivities.[97] Aftersettingthegoalsmarketingstrategyormarketingplanshouldbedeveloped.Themarketingstrategyplanprovidesanoutlineofthespecificactionstobetakenovertimetoachievetheobjectives.Planscanbeextendedtocovermanyyears,withsub-plansforeachyear.Plansusuallyinvolvemonitoring,toassessprogress,andprepareforcontingenciesifproblemsarise.Simultaneoussuchascustomerlifetimevaluemodelscanbeusedtohelpmarketersconduct"what-if"analysestoforecastwhatpotentialscenariosarisingfrompossibleactions,andtogaugehowspecificactionsmightaffectsuchvariablesastherevenue-per-customerandthechurnrate. Strategytypologies[edit] Developingcompetitivestrategyrequiressignificantjudgementandisbasedonadeepunderstandingofthefirm'scurrentsituation,itspasthistoryanditsoperatingenvironment.Noheuristicshaveyetbeendevelopedtoassiststrategistschoosetheoptimalstrategicdirection.Nevertheless,someresearchersandscholarshavesoughttoclassifybroadgroupsofstrategyapproachesthatmightserveasbroadframeworksforthinkingaboutsuitablechoices. Strategytypes[edit] In2003,RaymondE.MilesandCharlesC.Snow,basedonanin-depthcross-industrystudyofasampleoflargecorporations,proposedadetailedschemeusingfourcategories:[98][99] Prospectors:proactivelyseektolocateandexploitnewmarketopportunities Analyzers:areveryinnovativeintheirproduct-marketchoices;tendtofollowprospectorsintonewmarkets;oftenintroduceneworimprovedproductdesigns.Thistypeoforganisationworksintwotypesofmarket,onegenerallystable,onesubjecttomorechange Defenders:arerelativelycautiousintheirinitiatives;seektosealoffaportionofthemarketwhichtheycandefendagainstcompetitiveincursions;oftenmarkethighestqualityofferingsandpositionasaqualityleader Reactors:tendtovacillateintheirresponsestoenvironmentalchangesandaregenerallytheleastprofitableorganizations Marketingstrategy[edit] Marketingwarfarestrategiesarecompetitor-centeredstrategiesdrawnfromanalogieswiththefieldofmilitaryscience.Warfarestrategieswerepopularinthe1980s,butinterestinthisapproachhaswanedintheneweraofrelationshipmarketing.Anincreasedawarenessofthedistinctionsbetweenbusinessandmilitaryculturesalsoraisesquestionsabouttheextenttowhichthistypeofanalogyisuseful.[100]Inspiteofitslimitations,thetypologyofmarketingwarfarestrategiesisusefulforpredictingandunderstandingcompetitorresponses. Inthe1980s,KotlerandSinghdevelopedatypologyofmarketingwarfarestrategies:[101] Frontalattack:whereanaggressorgoesheadtoheadforthesamemarketsegmentsonanofferbyoffer,pricebypricebasis;normallyusedbyamarketchallengeragainstamoredominantplayer Flankingattack:attackinganorganizationonitsweakestfront;usedbymarketchallengers Bypassattack:bypassingthemarketleaderbyattackingsmaller,morevulnerabletargetorganizationsinordertobroadentheaggressor'sresourcebase Encirclementattack:attackingadominantplayeronallfronts Guerillawarfare:sporadic,unexpectedattacksusingbothconventionalandunconventionalmeanstoattackarival;normallypracticedbysmallerplayersagainstthemarketleader Relationshipbetweenthemarketingstrategyandthemarketingmix[edit] 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Furtherreading[edit] Laermer,Richard;Simmons,Mark,PunkMarketing,NewYork:HarperCollins,2007ISBN 978-0-06-115110-1(ReviewofthebookbyMarilynScrizzi,inJournalofConsumerMarketing24(7),2007) Externallinks[edit] MediarelatedtoMarketingstrategyatWikimediaCommons Retrievedfrom"https://en.wikipedia.org/w/index.php?title=Marketing_strategy&oldid=1076131529" Categories:MarketingstrategyHiddencategories:CS1errors:missingperiodicalCS1maint:multiplenames:authorslistArticleswithshortdescriptionShortdescriptionisdifferentfromWikidataArticleswithhatnotetemplatestargetinganonexistentpageCommonscategorylinkfromWikidata Navigationmenu Personaltools NotloggedinTalkContributionsCreateaccountLogin Namespaces ArticleTalk English Views ReadEditViewhistory More Search Navigation MainpageContentsCurrenteventsRandomarticleAboutWikipediaContactusDonate Contribute HelpLearntoeditCommunityportalRecentchangesUploadfile Tools WhatlinkshereRelatedchangesUploadfileSpecialpagesPermanentlinkPageinformationCitethispageWikidataitem Print/export DownloadasPDFPrintableversion Inotherprojects WikimediaCommons Languages العربيةAzərbaycancaবাংলাБългарскиČeštinaDeutschΕλληνικάEspañolفارسیFrançais한국어Հայերենहिन्दीBahasaIndonesiaItalianoעבריתLatviešuМакедонски日本語PolskiPortuguêsRomânăРусскийSlovenščinaУкраїнськаTiếngViệt粵語中文 Editlinks