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Marketing Strategy £3.11   Add to cart
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Lecture notes

Marketing Strategy

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This document has summarised the nature of marketing strategy, its implementation and performance measures. It explains the meaning of strategy.

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  • January 5, 2016
  • 6
  • 2015/2016
  • Lecture notes
  • Unknown
  • Lecture 2

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(Lecture 2) Marketing Strategy

To begin with understanding the marketing strategy , it becomes necessary to
understand the meaning of business strategy –

 It is about the relationship between an entity and its environment.
 It is looking into a future that can be foreseen but is unknowable. Strategy
making is speculative. It needs a business to look into the future before planning
anything.
 It is about expectations, options, choices and instrumentality (means and
ends).
 It is about composing scenarios, forecasts and horizon scanning.
 It is about allocating resources with a view to achieve future ends.

The nature of strategic decisions --

 Entail resource commitments that are usually large and costly to reverse – This
means that strategies bound often bound the business with commitments. These
commitments can be costly to reverse.
 Commitments are made with a long term outlook under conditions of
uncertainty – Strategy making involves risk as the future in uncertain
 Entail choices, trade-offs and compromises – The decision involves making
choices from a variety of options. The decision has opportunity costs and might
involve sacrificing other choices.
 Are made in the context of other commitments and in light of the inter-
dependencies between them – The entire scenario of the existing business is
considered before making any decision. The factors that can be affected by the
decision are considered.
 Are (generally) made at higher levels in an organisation – Generally taken up
by the higher authorities in the organization.




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