Marketing Strategy

A marketing strategy is an integrated set of choices about how we will create and capture value over long periods of time. Usually, a firm can earn sustained superior returns if it; creates value, captures value and continues to do this. A marketing strategy allows firms to find profit opportunities, create competitive advantage, challenge competitive advantage and create corporate advantage.

A good marketing strategy meets three tests, external consistency, internal consistency and dynamic consistency.

External fit

This consists of technology, suppliers, competitors, clients and end-user preferences. The environment is shaped by and also shapes the marketing strategy.

Internal fit

This consists of firm resources, competitor resources, and investment resources.

Dynamic Fit

These are new resources, new marketing strategies, new technologies, new suppliers, new needs and new customers. You create value when you do what no one else can do. There is always turbulence in the business environment thus you should always be aware of the changing needs of clients, suppliers and technology.

A good marketing strategy is key in helping you read changes better than the competitors and take advantage of the changes faster than everyone else. Sometimes this can result in acquiring new resources quickly as competitive advantages tend to be long-lived but not infinitely lived. A marketing strategy is all about identifying needs and resources designing products to create value, choosing efficient selling formats and making profits