Any marketing strategy to be worth calling as successful or effective must enjoy certain extras which can be called as essentials or requisites of it. Any strategy involves risks as uncertainty is certain; what is important is that the extent of the risk involved or associated with strategy is reasonably low as compared to its pay-off or returns. The one time planning decision the most crucial decision that determines what business the company is in and the general strategy, it will follow may be more important than has ever been realized”. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. To restate, a competitive marketing strategy should be such that will give sustainable competitive advantage. See our Privacy Policy and User Agreement for details. STRATEGIC MARKETING You can change your ad preferences anytime. It pays to differentiate the products. A strategic decision warrants commitment of right amount of resources to the opportunity and reservation of sufficient resources for an anticipated or “pass through” errors in such demands of resources. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. 1. There are certain manufactured products where speed of response as well as quick source is of top significance. This implies forbidding others from entry in the line based on very strong financial and muscle power. This book focuses on customers. Interval consistency is an essential ingredient of a good strategy as it identifies the areas where the strategic decisions are to be made imminently or in the long run. Marketing strategy is the total and unbeatable instrument or a plan shaped and designed specifically for attaining the marketing objectives of a firm. Report a Violation, Marketing Planning: Meaning and Types of Marketing Plans, Building up Competitive Marketing Strategies (8 Strategies), Marketing Strategy Types: Offensive, Defensive and Nice Strategies. One must not hesitate to differ his own product with a new to provide better value for the money paid by the customers. However, one cannot go to the extent of “any cost” unless one works according to a plan and that is competitive strategy for thumping success in marketing. Marketing is the management of the exchanges between an organization and its stakeholders — customers, employees, community groups, and others. In the words of Mr. Robertson and Yoram Wind, “there are three generic strategies for achieving success in the competitive market place. That is why a successful marketer needs to have a comprehensive strategy to tackle competition at any cost. The examples are good many but we can take toiletotries of all companies. Instead of moving in the same grow; it should more out of it. Perhaps this is the simplest way of fighting out. TOS 7. Nature and scope of strategy A strategy is a plan that integrates an organization’s major goals, policies, decisions and sequences of action into a cohesive whole. Copyright 10. Marketing strategies their formulation is the basic responsibility of top management. In fact strategic planning warrants not only the isolation of various elements of a given situation but a judicious and critical evaluation of their relative importance. This helps the marketer to distinguish his products though reduced cycle of line and reduced costs. Marketing strategies are the interpretative plans formulated to interpret and give meaning to other plans in the spot-light of a specific situation or situations. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. A marketing strategy is a very complex plan impounding in its compound other plans or firms of plans which area must to achieve the organizational goals. Clipping is a handy way to collect important slides you want to go back to later. It is not only ideal but practical. Principles of Marketing - SS2014 - University of Siegen - Paul Marx: Chapt... No public clipboards found for this slide, Assistant Professor at University of South Asia, Lahore. It is because, it is top management that spells out the missions, objectives and goals and the policies and strategies are the ways to reach them. It is the subservient of changing environment of business world.
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