1. Home
  2. Marketing Strategy

Marketing Strategy

Marketing Strategy

In the previous chapter we discussed the methods and procedure for developing a competitive strategy.  These same strategies can be used to develop a competitive marketing strategy.  Recall that the process is as follows:

  • •Identify potential strategies
  • •Undertake a SWOT analysis to determine your potential to execute any given strategy.
  • •Undertake a Porter’s Five Forces analysis to determine where you stand in the market.
  • •Use this information to develop or choose a strategy that fits your ability.

Part of the marketing strategy necessary deals with allocating your resources efficiently to achieve your marketing function. The most common and well-known model for strategically allocating marketing resources is known as the 5 Ps (some break the plan into as many as 8 Ps). The 5 P framework assigns market attributes into one of these five categories in order to employ them in an organized manner. You will allocate your resources consistently with your business strategy.

Was this article helpful?

Leave a Comment