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In the previous material, we discussed the methods and procedures 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.