Summary of Marketing Strategy

Today's business world knows the importance of marketing strategy and marketing strategic management. Generally any strategic process consists of three distinct phases: analysis, planning and implementation. Increasingly the importance of implementation is recognized as an integral part of the policy framework. Strategy aims to define core competencies, understand the external environment, and provide an integrated, coherent approach to decision-making.

Any strategy is significantly affected by environmental change. Political, economic, social and technological factors bring about change and affect the organization. This results in a volatile, fiercely competitive market. Organizations must ensure that they fully embrace the opportunities that change brings and guard against complacency and strategic diversion. A balanced scorecard approach is advocated, thus encouraging the organization to address broader strategic issues.

Marketing plays a role in the strategic process. Of course marketing can be adopted as a business philosophy. It sees business success as arising from the process of understanding and meeting customer needs.

Marketing strategy involves achieving a highly competitive position in a defined market. This includes segmentation, targeting and positioning. It must address customer, competitor and internal corporate factors. Strategic marketing management is the process of ensuring that a marketing strategy is relevant and sustainable.