1. Strategic Marketing

2. Strategic Marketing Defined Marketing strategy is an endeavor by a corporation to differentiate itself positively from its competitors, using its relative corporate strengths to better satisfy customer needs in a given environmental setting. Three key decisions are required: –Where to compete (e.g., compete in a particular market segment) –How to compete (e.g., introduce a new product) –When to compete (e.g., be first to enter market)

3. Characteristics of Strategic Marketing Long-Term Orientation (e.g., Goodyear stays focused on tires) Affected by Corporate Inputs (corporate culture, publics and resources affect marketing strategy) Determines Roles for Different Product/Market Combinations (BCG matrix--market share and growth rate) Generally Conducted at the Business Unit Level (must fit with corporate strategy) Closely Related to the Finance Function (but related to all functions)

4. Strategic Marketing Implementation Place focus on “how” to compete rather than “where” to compete. Marketing strategy should be unique. Place more emphasis on “when” to compete.

5. Operating vs Strategic Decisions Operating Decisions - those dealing with current operations of the business Strategic Decisions - determination of the proper markets and the products that best suit the needs of those markets.