Marketing strategy
Searched over 200M research papers for "marketing strategy"
Summary
10 papers analyzed
These studies suggest that marketing strategy research faces challenges but offers opportunities for new knowledge, and an integrated strategic planning approach can address current limitations and guide future advancements.
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Introduction
Marketing strategy is a critical component of strategic marketing, central to both academic research and practical application. It encompasses the planning and execution of marketing activities to achieve specific business objectives, often involving the creation, communication, and delivery of value to customers. This synthesis examines the current state of marketing strategy research, highlighting key insights and emerging trends.
Key Insights
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Conceptualization and Frameworks:
- Marketing strategy is often defined as an integrated pattern of decisions regarding products, markets, marketing activities, and resources aimed at creating value for customers and achieving organizational objectives .
- Effective marketing strategy requires a clear strategic planning framework, which includes overall strategic planning, a derived marketing strategy framework, and the actual marketing strategy.
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Challenges and Opportunities:
- There is a noted decline in the use of theory and primary research designs in marketing strategy studies, presenting both a challenge and an opportunity for future research to develop new theories and improve practical relevance.
- The field has made significant strides in conceptual development and empirical research, but there is still a need for more theoretical contributions to the academic dialogue on strategy.
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Strategic Fit and Environment:
- Successful marketing strategies often depend on finding an optimal fit between the firm and its environment. Different strategic environments require different marketing objectives and strategic focuses.
- Competitive advantages are often company-specific rather than environment-specific, suggesting that internal capabilities play a crucial role in strategy success.
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Emerging Trends and Future Directions:
- Recent business developments, such as deconglomeration and a focus on managing market-based assets like brand equity and customer equity, indicate that marketing will play a more significant role in strategic direction.
- There is a growing emphasis on integrating strategic marketing planning approaches to overcome current limitations in marketing theory.
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Educational Implications:
- There is an imbalance in marketing education, with a focus on controllable marketing mix elements (product, price, distribution, promotion) over less controllable but equally important strategic elements like customer and competitor analysis. This needs to be addressed to meet contemporary business needs.
Conclusion
The research on marketing strategy highlights the importance of a well-defined strategic planning framework and the need for a strong fit between the firm and its environment. While significant progress has been made in conceptual and empirical research, there are still opportunities to develop new theories and improve practical relevance. Emerging trends suggest a more prominent role for marketing in strategic decision-making, and there is a call for better integration of strategic elements in marketing education.
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