SMU Marketing Project - Marketing Strategy

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SMU Marketing Project
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FORMULATION OF
MARKETING
STRATEGIES TO
IMPROVE MARKET
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CHAP
TER -
1INT
ROD
UCTI
ON



FORMULATION OF
MARKETING
STRATEGIES TO
IMPROVE MARKET
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LGMICROWAVE OVENS
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1.1 What
is
strategy?
"Strategy is the
direction
and
scope
of an organization
over the
long-term:
whichachieves
advantage
for the
organization
through its
configuration of
resources
within a
challenging
environment
, to meet the needs
of
markets
and to fulfill
stakeholder
expectations".
Strategy is about:

Where is the
business trying to
get to in the long-
term (direction)

Which markets
should a business
compete in and
what kinds of
activities
areinvolved in such
markets?
(markets; scope)

How can the
business perform
better than the
competition in
those
markets?(Advanta
ge)?

What resources
(skills, assets,
finance,
relationships,
technical
competence,faciliti
es) are required in
order to be able to
compete?
(Resources)?

What external,
environmental
factors affect the
businesses' ability
tocompete?
(Environment)?

What are the
values and
expectations of
those who have
power in
andaround the
business?
(stakeholders)



FORMULATION OF
MARKETING
STRATEGIES TO
IMPROVE MARKET
SHARE OF
LGMICROWAVE OVENS
N o v
e m b
e r
1 0 ,
2 0 1
0 P a
g e
3
Strategy at
Different Levels
of a Business
Strategies exist at
several levels in
any organization -
ranging from the
overallbusiness (or
group of
businesses)
through to
individuals
working in it.

Corporate Strategy
-is concerned with
the overall
purpose and
scope of
thebusiness to
meet stakeholder
expectations. This
is a crucial level
since it isheavily
influenced by
investors in the
business and acts
to guide
strategicdecision-
making
throughout the
business.
Corporate strategy
is often
statedexplicitly in a
"mission
statement".

Business Unit
Strategy
-is concerned
more with how a
business
competessuccessf
ully in a particular
market. It
concerns strategic
decisions
aboutchoice of
products, meeting
needs of
customers, gaining
advantage
overcompetitors,
exploiting or
creating new
opportunities etc.

Operational
Strategy
-is concerned with
how each part of
the business
isorganized to
deliver the
corporate and
business-unit level
strategic
direction.Operatio
nal strategy
therefore focuses
on issues of
resources,
processes,people
etc.Strategy is the
process of
planning &
executing various
maneuvers or
actions inan
attempt to reach a
goal. Strategy is
often associated
with
business,politics,&
military planning,
but individuals can
also strategized
towardsachieving
their career, health
. Strategy is
essentially akin to
planning
butimplies a
maximization of
resources with
logical thinking,
intelligence(acquir
ed knowledge) &
leverage.

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