Marketing strategy

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  • Created by: finleyyy
  • Created on: 31-01-20 15:39

Marketing strategy- The broad approach the company intends to adopt in the longer term to achieve its objectives. A medium to long term plan for achieving a firm’s marketing objectives. The means or game plan by which marketing objectives will be achieved. Concerns markets, positioning, direction of development and competitive advantage. A plan for future marketing activity.

A marketing strategy should:

  • Be part of the overall strategy
  • Be based on a clear understanding of the market
  • Be based on an analysis of the market
  • Be based on the firm’s strengths
  • Match opportunities to strengths
  • Address the company’s weaknesses
  • React to threats
  • Be integrated and coherent
  • Be carefully thought out

Influences on strategy:

  • Business objectives
  • The firms resources
  • The firms strengths
  • Market conditions
  • Opportunities in the market
  • Competition and market structure

Components of a strategy

  • M ission
  • O bjectives
  • S trategy
  • T actics

Stages in the development of marketing strategies:

  • Clarify objectives
  • Carry out a marketing audit
  • Conduct a SWOT analysis
  • Define marketing objectives
  • Develop marketing strategies
  • Implement marketing plans
  • Review and evaluate outcomes
  • Prepare the next plan

The marketing audit

A systematic analysis of business activities, operations, and the external environment which may affect how the business markets its products. The audit is carried out to analyse the position of the business now and explain how it arrived at that position. The purpose is to identify strategic issues in terms of SWOT.

External variables- these are outside the control of the business.

  • Political
  • Economic
  • Social/cultural
  • Technological
  • Market characteristics
  • Industry structure
  • Competition

Internal variables- matters within the control of…

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