New Business Marketing Essay

3770 Words Jan 23rd, 2014 16 Pages
Marketing strategy and planning

This learning guide was written by Sara Panter, an associate tutor at Ashridge. It is one of a series produced by the Learning Resource Centre. Each guide sets out to give you a quick summary of the main theories on a particular topic backed up by a practical commentary based on Ashridge's long experience of consulting on and teaching management issues. We hope that it whets your appetite for more information. The guide points you in the direction of other sources such as key books, articles and videos.

Introduction Stage one: Defining strategic marketing objectives Stage two: Determining strategic focus Stage three: Defining customer targets Stage four: Competitor analysis Stage
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If you are specifically interested in relationship marketing, there is a further learning guide specifically on this topic. This overview will introduce a framework for the steps to be followed in a comprehensive marketing strategy process, the information and analysis required at each stage and the decisions to be taken at each stage. There are of course other possible frameworks and approaches which would be equally acceptable, provided all the key steps are included. What is crucial is to see each stage, and the whole process, as dynamic and iterative.

Fig.1 : Components of marketing strategy

Source: Doyle, P. et al. Japanese Marketing Strategies in the UK: A Comparative study, Journal of International Business Studies Vol. 17(1) Spring 1986. Reprinted with permission from Butterworth Heinemann.

Stage one: Defining strategic marketing objectives
These will to a large extent be determined by corporate strategy, and will answer such questions as: which markets should we compete in? what should be our targets, in terms of market share and profitability, in these markets? The answer to the first question will be determined by the inherent attractiveness of the market and our ability to compete in it. A market may be attractive for a number of reasons: because there are high profits to be made in

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