Strategic planning involves an analysis of the company's strategic initial situation prior to the formulation, evaluation and selection of market-oriented competitive position that contributes to the company's goals and marketing objectives.
Strategic marketing, as a distinct field of study emerged in the 1970s, and built on strategic management that preceded it. Marketing strategy highlights the role of marketing as a link between the organization and its customers.
At its most basic level, strategic marketing addresses three deceptively simple questions: Where are we now? Where are we going? and How are we going to get there? In attempting to answer these questions, strategic planners require sophisticated skills in both research and analysis.
Definitions of marketing strategy
Scholars continue to debate the precise meaning of marketing strategy. Consequently, the literature offers many different definitions. On close examination, however, these definitions appear to center around the notion that strategy refers to a broad statement of what is to be achieved.
Marketing Strategy is:
"The marketing strategy lays out target markets and the value proposition that will be offered based on an analysis of the best market opportunities." (Philip Kotler & Kevin Keller, Marketing Management, Pearson, 14th Edition)
“An over-riding directional concept that sets out the planned path.” (David Aaker and Michael K. Mills, Strategic Market Management, 2001, p. 11)
"Essentially a formula for how a business is going to compete, what its goals should be and what policies will be needed to carry out these goals." (Michael Porter, Competitive Strategy: Techniques for Analyzing Industries and Competitors , NY, Free Press, 1980)
"The pattern of major objectives, purposes and goals and essential policies and plans for achieving those goals, stated in such a way as to define what business the company is in or is to be in. (S. Jain, Marketing Planning and Strategy, 1993)
"An explicit guide to future behavior.” (Henry Mintzberg, “ Crafting Strategy,” Harvard Business Review, July–August, 1987 pp. 66–74)
Strategy is "reserved for actions aimed directly at altering the strengths of the enterprise relative to that of its competitors... Perfect strategies are not called for. What counts is... performance relative to competitors.” (Kenichi Ohmae, The Mind of the Strategist, 1982, p. 37)
Strategy formulation is built on "the match between organizational resources and skills and environmental opportunities and risks it faces and the purposes it wishes to accomplish." (Dan Schendel and Charles W. Hofer, Strategy Formulation: Analytical Concepts, South-Western, 1978, p. 11)
Scholars continue to debate the precise meaning of marketing strategy. Consequently, the literature offers many different definitions. On close examination, however, these definitions appear to center around the notion that strategy refers to a broad statement of what is to be achieved.
Marketing Strategy is:
"The marketing strategy lays out target markets and the value proposition that will be offered based on an analysis of the best market opportunities." (Philip Kotler & Kevin Keller, Marketing Management, Pearson, 14th Edition)
“An over-riding directional concept that sets out the planned path.” (David Aaker and Michael K. Mills, Strategic Market Management, 2001, p. 11)
"Essentially a formula for how a business is going to compete, what its goals should be and what policies will be needed to carry out these goals." (Michael Porter, Competitive Strategy: Techniques for Analyzing Industries and Competitors , NY, Free Press, 1980)
"The pattern of major objectives, purposes and goals and essential policies and plans for achieving those goals, stated in such a way as to define what business the company is in or is to be in. (S. Jain, Marketing Planning and Strategy, 1993)
"An explicit guide to future behavior.” (Henry Mintzberg, “ Crafting Strategy,” Harvard Business Review, July–August, 1987 pp. 66–74)
Strategy is "reserved for actions aimed directly at altering the strengths of the enterprise relative to that of its competitors... Perfect strategies are not called for. What counts is... performance relative to competitors.” (Kenichi Ohmae, The Mind of the Strategist, 1982, p. 37)
Strategy formulation is built on "the match between organizational resources and skills and environmental opportunities and risks it faces and the purposes it wishes to accomplish." (Dan Schendel and Charles W. Hofer, Strategy Formulation: Analytical Concepts, South-Western, 1978, p. 11)
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