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Hausman & Associates
What is Marketing
Strategy
Marketing strategy is a long-term course of
action designed to optimize allocation of the
scarce resources at the disposal of a firm in
delivering superior customer experiences and
promote the interests of other stakeholders.
Scarce resources include monetary
capital, human capital, technology, time,
Hausman & Associates
What is Marketing
Strategy?
Marketing strategy is intimately tied with
strategic planning – the process of creating a
firm’s strategy.
Marketing strategy should be linked with the
firms’ mission, and values (although these
elements are not strictly part of marketing
strategy)
Hausman & Associates
Mission
Mission
A firm’s mission should be a definition of who the
company is, what it does, and for whom.
Mission statements must provide direction without
being so restrictive they curb opportunity
Mission statements should revolve around the
needs a the target market or markets.
Hausman & Associates
Values
Organizational values not only guide members in
acceptable behaviors, but inspire them
Organizational values should be:
Clearly articulated and communicated
Timeless
Rewarded when behavior matches values and punished
when it doesn’t
Followed by everyone at all levels in the organization
Hausman & Associates
Why is Strategy Important?
Strategy is like a roadmap. It tells you:
How to get where you’re going
What you’ll need to get you there
Estimates how long it will take to get there
Where dangers lie in wait

What happens when you don’t have a clear strategy?
You make lots of mistakes
Waste time and other resources
Likely never reach where you intended to

Hausman & Associates
Elements of Marketing
Strategy
Situation analysis or environmental scan
Internal analysis of:
Resources
Current tactics related to product, price, promotion,
and distribution
Current metrics
Current markets
Hausman & Associates
Elements (continued)
Environmental scan (continued)
External analysis of:
Culture and society surrounding target market
Competitive conditions, including direct and indirect
competitors
Economic conditions, such as GDP, consumer confidence
Technological conditions, including social media, new
operational techniques, new products
Legal conditions, including regulations and laws

Hausman & Associates
Elements (continued)
Environmental scan includes current conditions
plus trends likely impacting future conditions
SWOT analysis –
strengths, weaknesses, opportunities, and
threats based on environmental scan
Objectives and goals
Hausman & Associates
Strategy Formation
Builds on environmental scan
Uses tools such as:
Perceptual maps

Portfolio analysis
Product-market grids
Competitive advantage
Diversification analysis
Hausman & Associates
From Strategy to
Implementation
Transform strategies into individual tactics
Monitor performance using Key Performance
Indicators (KPIs)

Tweak strategies and tactics based on
performance
Hausman & Associates
Where does strategy
come from?
Top down –
use executives, board of directors, and other advisors
to develop strategy
Overall strategy is transmitted to organizational units
for details

Bottom up –
Organizational units develop strategies
Executives coalesce individual strategies into cohesive
plan
Hausman & Associates
Resources for more
information
Marketing Plan instructions here
Strategic Market Management by David
Aaker, from Amazon

Strategic Marketing Management by Alexander
Chernev, from Amazon
Connect with us
@MarketingLetter
Facebook
LinkedIN

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Definition of marketing strategy

  • 2. What is Marketing Strategy Marketing strategy is a long-term course of action designed to optimize allocation of the scarce resources at the disposal of a firm in delivering superior customer experiences and promote the interests of other stakeholders. Scarce resources include monetary capital, human capital, technology, time, Hausman & Associates
  • 3. What is Marketing Strategy? Marketing strategy is intimately tied with strategic planning – the process of creating a firm’s strategy. Marketing strategy should be linked with the firms’ mission, and values (although these elements are not strictly part of marketing strategy) Hausman & Associates
  • 4. Mission Mission A firm’s mission should be a definition of who the company is, what it does, and for whom. Mission statements must provide direction without being so restrictive they curb opportunity Mission statements should revolve around the needs a the target market or markets. Hausman & Associates
  • 5. Values Organizational values not only guide members in acceptable behaviors, but inspire them Organizational values should be: Clearly articulated and communicated Timeless Rewarded when behavior matches values and punished when it doesn’t Followed by everyone at all levels in the organization Hausman & Associates
  • 6. Why is Strategy Important? Strategy is like a roadmap. It tells you: How to get where you’re going What you’ll need to get you there Estimates how long it will take to get there Where dangers lie in wait What happens when you don’t have a clear strategy? You make lots of mistakes Waste time and other resources Likely never reach where you intended to Hausman & Associates
  • 7. Elements of Marketing Strategy Situation analysis or environmental scan Internal analysis of: Resources Current tactics related to product, price, promotion, and distribution Current metrics Current markets Hausman & Associates
  • 8. Elements (continued) Environmental scan (continued) External analysis of: Culture and society surrounding target market Competitive conditions, including direct and indirect competitors Economic conditions, such as GDP, consumer confidence Technological conditions, including social media, new operational techniques, new products Legal conditions, including regulations and laws Hausman & Associates
  • 9. Elements (continued) Environmental scan includes current conditions plus trends likely impacting future conditions SWOT analysis – strengths, weaknesses, opportunities, and threats based on environmental scan Objectives and goals Hausman & Associates
  • 10. Strategy Formation Builds on environmental scan Uses tools such as: Perceptual maps Portfolio analysis Product-market grids Competitive advantage Diversification analysis Hausman & Associates
  • 11. From Strategy to Implementation Transform strategies into individual tactics Monitor performance using Key Performance Indicators (KPIs) Tweak strategies and tactics based on performance Hausman & Associates
  • 12. Where does strategy come from? Top down – use executives, board of directors, and other advisors to develop strategy Overall strategy is transmitted to organizational units for details Bottom up – Organizational units develop strategies Executives coalesce individual strategies into cohesive plan Hausman & Associates
  • 13. Resources for more information Marketing Plan instructions here Strategic Market Management by David Aaker, from Amazon Strategic Marketing Management by Alexander Chernev, from Amazon