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Strategy refers to the pattern of resource allocation

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Strategy refers to the pattern of resource allocation that enables firmsto maintain or improve their performance (Barney1996, p. 26).Conceptualization of marketing strategyRemarks• “Marketing strategy is a set of integrated decisions and actions by whicha business expects to achieve it marketing objectives and meet the valuerequirements of its customers.(Slater and Olson2001, p. 1056)While the first definition is open ended (a set of integrated decisionsand actions), the second definition explicitly specifies the principaldimensions of marketing strategy (market segmentation, targeting,positioning, product, price, promotion and distribution) . As notedearlier, a potential concern with a closed specification is whether itcomprehensively captures the scope of the focal construct.Marketing strategy is concerned with decisions relating to marketsegmentation and targeting, and the development of a positioningstrategy based on product, price, promotion and distribution decisions.(Slater and Olson2001, p. 1056)Marketing activities and decisions related to building and maintaininga sustainable competitive advantage (Day et al.1990).The section of the paper titled,Foundational Premises of MarketingStrategy,provides a discussion on the limitations of viewing achieving andmaintaining a sustainable competitive advantage asthepurpose of marketingstrategy, rather than as one of the purposes of marketing strategy.The analysis, strategy development, and implementation activitiespertaining to developing a vision about the market(s) of interest to theorganization, selecting market target strategies, setting objectives, anddeveloping, implementing, and managing the program positioningstrategies designed to meet the value requirements of customers in eachtarget market (Cravens2000, p. 31).Illustrative of a definition of marketing strategy encompassingcontent, purpose, process and implementation. The termstrategyisused to define marketing strategy (see reference to strategydevelopment, market target strategies, and positioning strategies).J. of the Acad. Mark. Sci. (2010) 38:119140129
and make appropriate mid-course changes, the question ofwhere to compete(choice markets to serve and marketsegments to target) is an issue that is addressed relativelyinfrequently. Hence, in specific reference to an existingproduct offering of an organization that is targeted atspecificmarketsandmarketsegments,theproposeddefinition can be stated as follows:Marketing strategy refers to an organizations integrat-ed pattern of decisions that specify its crucial choicesconcerning marketing activities to perform and themanner of performance of these activities, and theallocation of marketingresources amongmarkets,market segments and marketing activities toward thecreation, communication and/or delivery of a productthat offers value to customers in exchanges with theorganization and thereby enables the organization toachieve specific objectives.

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Term
Spring
Professor
Ossama Mosallam
Tags
Marketing, The Hours, Marketing Strategy Research, The Logic of Scientific Discovery, Field of Strategic Marketing

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