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Marketing Strategy Summary (passed with an 8)
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Notes Marketing strategyLecture 1:
Marketing strategy is a crucial element in achieving business goals, serving as the bridge
between what a company aims to accomplish and the actions it takes to make those
aspirations a reality.
We can divide it into three different sections:
1. Goals
These are the envisioned future outcomes that a company aims to attain within a
defined time frame. Goals can be set at different levels of the organization, ranging
from overarching management objectives to specific business unit objectives and
targeted marketing actions. Whether expressed in absolute terms or relative to a
specific point, goals serve as the reference point for the company's strategic endeavors.
- For instance, take Netflix, whose goal is to become the leading global entertainment
distribution service. This overarching goal guides the company's strategic decisions and
actions across various business units and functional areas.
2. Strategies
Strategy: A strategic plan serves as the crucial link between a company's goals and the
concrete steps it takes to achieve those goals. This plan encompasses a range of
approaches, from strategic investments and positioning to pricing, orientation,
alliances, and outsourcing. Essentially, a strategy is akin to a flexible game plan, guiding
the company towards its long-term objectives while being adaptable to changing
market dynamics.
3. Actions/tactics
These are specific, tangible, short-term tasks that play a vital role in the execution of
the overall strategy. These tasks can be easily identified, monitored, and evaluated to
ensure that the company remains on track towards achieving its strategic objectives.
- Consider actions like adjusting product prices, forming alliances with specific retailers
for promotional activities, or implementing more efficient production techniques.
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, These actions are instrumental in translating the strategic guidelines into concrete and
measurable results
So goals are the starting point of this process. They embody the desired future a company
envisions, which can be set at various levels within an organization. These levels include:
- overall management objectives,
- SBU objectives
- marketing action objectives.
When we talk about strategies, we refer to them as flexible game plans that encompass
various aspects such as positioning, pricing, orientation, alliances, and outsourcing. Imagine
a strategy in sports; it's like a game plan aimed at achieving long-term goals. These strategies
can be implemented at different organizational levels: corporate, business, and functional.
Strategies at Different Organizational Levels:
1. Corporate Strategies:
These focus on fundamental decisions that affect the entire organization, such as
creating synergies between different business units, selecting target markets, and
fostering a culture that prioritizes market orientation. These strategies cannot be
decentralized and are critical for the overall success and growth of the company.
- For example, a corporate strategy might involve creating a diverse portfolio of
brands, ensuring the well-being of all employees, or establishing the company as a
leader in the luxury segment.
2. Business Strategies:
These are tailored to achieve a competitive advantage within specific business units, in
alignment with the broader corporate strategies. They are aimed at enhancing the
market position and performance of these units.
- In the case of Netflix, a business strategy might involve providing exclusive and
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, unique content to its subscribers, thereby distinguishing itself from its competitors.
3. Functional Strategies:
These strategies pertain to critical decisions within various functional areas of the
business, such as marketing, operations, finance, and procurement. They are essential
for the day-to-day operations and play a vital role in executing the broader business
and corporate strategies effectively.
Functional strategies could include specific plans for pricing, promotion, distribution,
production, or financial management, all of which contribute to the overall success of
the organization.
A strategy, essentially, is a flexible, medium- to long-term plan that outlines future actions,
with goals serving as its reference point rather than a part of the strategy itself. As
environmental conditions are subject to change, strategies must be adaptable to ensure their
continued relevance.
Alongside strategies, there are actions or tactics that constitute tangible, short-term tasks
which can be precisely identified, monitored, and evaluated to facilitate the execution of
the broader strategy.
By understanding these key components – goals, strategies, and actions – businesses can
develop comprehensive marketing plans that effectively drive the company toward its
desired future while remaining adaptable to the ever-changing business landscape.
Certainly, let's explore these concepts in greater detail, focusing on the intricate
connections between goals, strategies, and actions in the context of a comprehensive
marketing plan.
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, Lecture 2 (1 November)
1. What is special about strategic marketing decisions as compared to other strategic
decisions?
Strategic marketing decisions are specifically tailored to achieve long-term marketing
goals and give a competitive edge to the business.
2. What is the difference between strategic marketing decisions and operational
marketing decisions?
Strategic marketing decisions focus on long-term planning and direction, while
operational marketing decisions deal with day-to-day implementation and
management of marketing tactics.
Narrow definition: Marketing strategy refers to how to manage the marketing function
within a company.
Broad definition: Marketing strategy is an integral part of the overall corporate strategy,
focusing on customer-oriented management.
It's a common misconception that marketing is about convincing people to buy things they
don't need. However, in reality, effective marketing involves identifying and fulfilling
genuine consumer needs and desires. It is about understanding the market, consumer
behavior, and preferences to develop products or services that bring value and solve real
problems for customers. In addition it is also about what are people willing to pay.
Marketing is often understood as
“Push” to the consumer: the
engineers developed a new product,
now get rid of it with a profit. BUT:
Marketing is both, push and pull
with a clear focus on pull, i.e.,
catering to consumers (latent) needs
so that they demand the product or
service. Marketing is actually
mainly pull, because you want to know the needs and desires of the customers and based
on this you can produce product and advertise them in away that attracts the customers.
In essence, the statement suggests that while marketing has traditionally been associated
with pushing products onto consumers through advertising and promotion, a more
effective approach involves understanding and catering to consumers' underlying needs
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