This document discusses marketing strategy and its importance. It defines marketing strategy as a long-term plan to optimize resources to deliver superior customer experiences. Key points made include: - Marketing strategy is tied to a firm's strategic planning and should align with its mission and values. - Developing a strategy helps a company establish goals and a roadmap to achieve them efficiently while avoiding mistakes. - Elements of an effective marketing strategy include analyzing internal resources, external competitors and conditions, and identifying strengths, weaknesses, opportunities and threats. - Strategies are formed using tools like SWOT analysis and then implemented through individual tactics which are monitored with KPIs.

1. Hausman & Associates

2. What is Marketing
Strategy
Marketing strategy is a long-term course of
action designed to optimize allocation of the
scarce resources at the disposal of a firm in
delivering superior customer experiences and
promote the interests of other stakeholders.
Scarce resources include monetary
capital, human capital, technology, time,
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3. What is Marketing
Strategy?
Marketing strategy is intimately tied with
strategic planning – the process of creating a
firm’s strategy.
Marketing strategy should be linked with the
firms’ mission, and values (although these
elements are not strictly part of marketing
strategy)
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4. Mission
Mission
A firm’s mission should be a definition of who the
company is, what it does, and for whom.
Mission statements must provide direction without
being so restrictive they curb opportunity
Mission statements should revolve around the
needs a the target market or markets.
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5. Values
Organizational values not only guide members in
acceptable behaviors, but inspire them
Organizational values should be:
Clearly articulated and communicated
Timeless
Rewarded when behavior matches values and punished
when it doesn’t
Followed by everyone at all levels in the organization
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6. Why is Strategy Important?
Strategy is like a roadmap. It tells you:
How to get where you’re going
What you’ll need to get you there
Estimates how long it will take to get there
Where dangers lie in wait
What happens when you don’t have a clear strategy?
You make lots of mistakes
Waste time and other resources
Likely never reach where you intended to
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7. Elements of Marketing
Strategy
Situation analysis or environmental scan
Internal analysis of:
Resources
Current tactics related to product, price, promotion,
and distribution
Current metrics
Current markets
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8. Elements (continued)
Environmental scan (continued)
External analysis of:
Culture and society surrounding target market
Competitive conditions, including direct and indirect
competitors
Economic conditions, such as GDP, consumer confidence
Technological conditions, including social media, new
operational techniques, new products
Legal conditions, including regulations and laws
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9. Elements (continued)
Environmental scan includes current conditions
plus trends likely impacting future conditions
SWOT analysis –
strengths, weaknesses, opportunities, and
threats based on environmental scan
Objectives and goals
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10. Strategy Formation
Builds on environmental scan
Uses tools such as:
Perceptual maps
Portfolio analysis
Product-market grids
Competitive advantage
Diversification analysis
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11. From Strategy to
Implementation
Transform strategies into individual tactics
Monitor performance using Key Performance
Indicators (KPIs)
Tweak strategies and tactics based on
performance
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12. Where does strategy
come from?
Top down –
use executives, board of directors, and other advisors
to develop strategy
Overall strategy is transmitted to organizational units
for details
Bottom up –
Organizational units develop strategies
Executives coalesce individual strategies into cohesive
plan
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13. Resources for more
information
Marketing Plan instructions here
Strategic Market Management by David
Aaker, from Amazon
Strategic Marketing Management by Alexander
Chernev, from Amazon

14. Connect with us
@MarketingLetter
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