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MARKETING MANAGEMENT - Marketing Process

Formulation of marketing strategy - Marketing Process

   Posted On :  17.06.2018 11:19 pm

Strategy formulation is the broadest, longest-term marketing activity.

Formulation of marketing strategy
 
 
Strategy formulation is the broadest, longest-term marketing activity. At this stage, complex and subtle integration with other corporate functions is required. All of the functional strategies must fit together into a business strategy. Because marketing deals with customers and the competitive environment, it is an early part of the total strategy formulation process. When done well, it is impossible to separate the marketing strategy from the corporate strategy. The two meld into a unified whole.
 
 
 
The strategic process is one of working with market dynamics (a particular segment or selection of the market) to achieve a solid positioning of the product/service offering that contains a clear ‘benefit promise’ to the consumer which is differentiable from the offers of the competition and which thus positions the firm well for potential competitive responses to its actions.
 
For instance, a going company may choose strategies like diversification or expansion to achieve growth. It implies that marketers go either for product development or market development strategies.

 

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