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Monday, June 20, 2011

Marketing Planning and Strategy for global business

Marketing Planning and Strategy for a global business is often seems very advanced these days. With the help of web, SEO and internet it is now making some other way for its development. To keep your business global you must aware of these technologies.

Marketing Planning and Strategy is designed for MBA'ians in marketing strategy, business unit strategy analysis, strategic market planning, marketing planning, strategic marketing management and advanced marketing. It focuses on building the strategic skills necessary to compete in the global economy by using a variety of analytical frameworks to understand how companies formulate strategy, make strategic decisions, and how they implement strategy.To aid in our understanding of planning we introduce a key concept in marketing: the Product Life Cycle. We will see the Product Life Cycle offers valuable insight and guidance for marketing decisions.

Marketing strategies may differ depending on the unique situation of the individual business. However there are a number of ways of categorizing some generic strategies. A brief description of the most common categorizing schemes is presented below:
Strategies based on market dominance - In this scheme, firms are classified based on their market share or dominance of an industry. Typically there are four types of market dominance strategies:

  1. Leader
  2. Challenger
  3. Follower
  4. Nicher

Porter generic strategies - strategy on the dimensions of strategic scope and strategic strength. Strategic scope refers to the market penetration while strategic strength refers to the firm’s sustainable competitive advantage. The generic strategy framework (porter 1984) comprises two alternatives each with two alternative scopes. These are Differentiation and low-cost leadership each with a dimension of Focus-broad or narrow.

  1. Product differentiation (broad)
  2. Cost leadership (broad)
  3. Market segmentation (narrow)

Innovation strategies - This deals with the firm's rate of the new product development and business model innovation. It asks whether the company is on the cutting edge of technology and business innovation. There are three types:
  1. Pioneers
  2. Close followers
  3. Late followers

Growth strategies - In this scheme we ask the question, “How should the firm grow?”. There are a number of different ways of answering that question, but the most common gives four answers:
  1. Horizontal integration
  2. Vertical integration
  3. Diversification
  4. Intensification

A more detailed scheme uses the categories:
  1. Prospector
  2. Analyzer
  3. Defender
  4. Reactor

Marketing warfare strategies - This scheme draws parallels between marketing strategies and military strategies.

To put it another way, your marketing strategy is a summary of your company's products and position in relation to the competition; your sales and marketing plans are the specific actions you're going to undertake to achieve the goals of your marketing strategy.

Post by
Atishay Jain

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