Please discuss the term strategy and the importance of the “4p´s” for marketing strategy.
Generally strategy comes from the Greek word “strategos” (general), a person who used to be the military general of a city-state and who used to be responsible for creating a plan and put it into action (xxxxxx). Due to the fact that terms and expressions were consequently changing over centuries, it can be really hard to find in the current climate a ?proper? definition, which describes exactly the term strategy.
According to Warnock Davies strategy is imbedded in a so called “Troika”, an old expression for a formation existing of three equal components. As a matter of fact strategy also colludes with the elements policy and resources. However to determine a simplified definition it is common to say that “In business strategy is a design or a plan for achieving a company´s goals or objectives.” (xxxxx) Beyond that, strategy can be divided into two different groups: corporate-strategy and unit strategy which is simple a division of strategies for those ones which achieve corporate goals or those ones of an operating unit. (xxxx) Porter´s division of strategies are probably the most known. These are: Cost leadership: whereby a company tries to keep all cost low to get rid of competitors. Differentiation : a company focuses on specific target market to fulfill their desires in order to be different to any other company Focus strategy: a company specializes on a narrow segment of the market to achieve cost leadership or differentiation in it.(yyyyy) Depending on the goals, objectives but also on the company itself there are many ways how a strategy can look like. There is never one right solution existing, since many factors can get involved. But the overall aim is to realize these goals and objectives. Marketing strategy however is one specialized strategy in the domain of marketing. An implementation of a marketing strategy goes through the so called marketing-mix,...
Please join StudyMode to read the full document