Marketing Strategy - Overview
If you still have questions or prefer to get help directly from an agent, please submit a request.
We’ll get back to you as soon as possible.
- Marketing, Advertising, Sales & PR
- Accounting, Taxation, and Reporting
- Professionalism & Career Development
Law, Transactions, & Risk Management
Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
- Business Management & Operations
- Economics, Finance, & Analytics
What is Marketing Strategy?
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 Porters 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.
Next Article: 5 Ps - Product Back to: MARKETING