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Class notes Strategic marketing (MKT4606A) Strategic Marketing, ISBN: 9780199556601
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Strategic marketing class notes
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Strategic marketing,Lecture 1 Overview and strategy blueprint
Competitive marketing strategy: A market-oriented strategy that
establishes a profitable & sustainable
market position for the firm against all
Simple version:
Marketing strategy is an approach to forces that determine industry
enable an organisation to best use it competition by continuously creating &
resources to meet the needs of its developing a competitive advantage
customers
from the potential sources that exist in
a firm’s value chain.
Key elements
Gap analysis
- To set the future direction for the organisation
Purpose of strategy:
- To state how it is to create value to customers
- To identify what product/s and in which
markets the firm will invest its resources
It helps - To describe how it is to perform better than
competition
tea.
- Define the scope of business
- Finding ‘Strategic Fit’ bet ween organisation
and its environment
- Identifying a Sustainable Competitive
Advantage (SCA)
- Guiding the allocation of resources
,Lecture 1
4 ways of approaching marketing strategy
1. Thinking first 2. SEEING FIRST
. •Importance of seeing the overall
decision is sometimes greater than
thinking about individual elements
•Insight often only comes after a
period of preparation, incubation,
illumination & verification in the
cold light of day
•The 'e ureka' moment after sleep
• Some inspirational leaders can
scan the signals in the environment
and sense what is going on.
3. Doing first 4. Simple rules
, Lecture 1 What to choose
Postmodern view:
- Tricksterism
- Entertainment
- Amplification
- Secrecy
- Exclusivity
Process and Temporality and the Four Main
Approaches to Competitive Marketing Strategy
Less successful Market Orientations
Co nc lusi on
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