Marketing strategy: A Great Tool For Achieving Competitive Advantage Through Marketing

Definition of marketing strategy

Marketing strategy is defined as the aim of increasing sales and further attaining a competitive advantage for the firm that can be sustainable by marketers. A marketing strategy can include all activities of short-term and long-term basis that can deal with the analysis of a firm’s initial situation and the formulation, selection and evaluation of plans that are market oriented.

Such a strategy can contribute to the marketing objectives as well as the aims of the company. Marketing strategies are, usually, tested for measurable inferences and are designed to fill marketing objectives. These strategies are designed as multi-year plans and each year particular actions are accomplished as per the marketing strategy.

Textbooks on Marketing strategy

Every marketer needs to refer to a textbook written on the topic of Marketing strategy to gain ample knowledge regarding this basic technique of marketing. Hence, marketers can refer to details of some of the best textbooks on Marketing strategy as follows:

• Handbook of Marketing Strategy edited by Venkatesh Shankar,Gregory S. Carpenter and James Farley/Booz Allen Hamilton (Published by Edward Elgar Publishing – Year 2012).
• Marketing Strategy by Steven P. Schnaars (Published by Simon and Schuster – Year 1998).

Examples of Marketing strategy

Example 1: An interesting example of a marketing strategy can be a strategy based on market dominance. As per this scheme, companies are classified upon their market share or even dominance of a particular industry. There are four categories of dominance oriented marketing strategies, and they are Leader, Challenger, Follower and Nicher.

Example 2: Another interesting example of a marketing strategy can be a strategy based on Porter Generic dimension. As per this scheme, the strategy is designed on strategic scope and strategic strength. By strategic scope, we are referring to market penetration. By strategic strength, we are referring to the company’s competitive advantage on a sustainable basis.

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