Marketing strategy
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Marketing Strategy: Insights and Future Directions
Conceptual Foundations of Marketing Strategy
Marketing strategy is a central construct in strategic marketing, encompassing the integrated pattern of decisions that specify an organization's crucial choices concerning products, markets, marketing activities, and resources to create, communicate, and deliver value to customers3. This strategic approach is essential for achieving specific organizational objectives and navigating the complex interactions with consumers, competitors, and other external entities3.
Current Challenges in Marketing Strategy Research
Recent assessments of marketing strategy research highlight several pressing challenges. One significant issue is the limited number and focus of studies, coupled with a declining use of theory and primary research designs1. Despite these challenges, there are numerous opportunities for developing new and relevant marketing strategy knowledge, particularly in addressing unanswered questions and impacting practice1.
New Directions and Integrated Approaches
To overcome current limitations in marketing theory, new directions for marketing strategy have been proposed. These include an integrated strategic marketing planning approach that aligns with the broader corporate strategy and addresses emerging trends and issues2 6. This approach emphasizes the importance of strategic planning frameworks in defining and implementing effective marketing strategies5.
Fundamental Issues and Foundational Premises
The domain of strategic marketing involves understanding how organizational behavior in the marketplace is influenced by both demand-side and supply-side factors3. Foundational premises of marketing strategy include the assumptions that all customers differ, all customers change, all competitors react, and all resources are limited7. These principles guide the formation and execution of marketing strategies, ensuring they are grounded in practical and theoretical insights7.
The Role of Marketing in Strategic Direction
Recent developments in the business world, such as deconglomeration and the increased focus on managing market-based assets like brand equity and customer equity, suggest that marketing is likely to play a more significant role in shaping the strategic direction of firms4. However, the theoretical contributions of marketing strategy to the broader academic dialogue on strategy remain an area for further development4.
Taxonomy and Frameworks for Marketing Strategy
A comprehensive taxonomy of marketing strategy concepts and integrative frameworks helps differentiate and integrate the formulation and implementation processes9. These frameworks are crucial for achieving corporate financial objectives through the strategic planning and execution of product, pricing, promotion, and distribution programs9.
Future Research Directions
Future research in marketing strategy should focus on addressing emerging issues, leveraging new data, and exploring alternative approaches to generating sustainable competitive advantage8. This includes examining the role of marketing accountability and its influence within the firm, as well as exploring new theoretical foundations and empirical research opportunities8.
Conclusion
Marketing strategy remains a vital area of study and practice, with significant opportunities for advancing knowledge and improving practice. By addressing current challenges, embracing new directions, and leveraging integrated frameworks, researchers and practitioners can develop more effective and impactful marketing strategies. The future of marketing strategy research holds promise for deeper insights and greater contributions to both theory and practice.
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Most relevant research papers on this topic
Research in marketing strategy
Marketing strategy research faces challenges, but there are opportunities for developing new knowledge and impacting practice.
Highly CitedMarketing Strategy: New Directions for Theory and Research
An integrated strategic marketing planning approach can overcome current limitations in marketing theory and provide a research agenda for future advancements.
Highly CitedStrategic marketing and marketing strategy: domain, definition, fundamental issues and foundational premises
Strategic marketing encompasses the study of organizational, inter-organizational, and environmental phenomena related to the creation, communication, and delivery of value-added products.
Highly CitedMarketing strategy: An assessment of the state of the field and outlook
Marketing strategy research has made significant strides in conceptual development and empirical research, but its theoretical contributions to the academic dialogue on strategy remain underdeveloped.
Literature ReviewHighly CitedAn Understanding of Marketing Strategy
A firm's marketing strategy should be developed using a strategic planning framework, as ineffective definition, implementation, and effectiveness can result from failing to do so.
Literature ReviewReview: An overview of marketing strategy and planning
This paper provides an overview of marketing strategy and planning, highlighting key concepts, functional areas, and emerging trends, while examining the firm's role in marketing activities.
Literature ReviewThe “first principles” of marketing strategy
This paper proposes a four-principle framework for marketing strategy decisions, guiding decisions based on customer differences, customer changes, competitor reactions, and limited resources.
The past, present, and future of marketing strategy
This paper highlights the importance of fundamental concepts in marketing strategy research, explores marketing accountability, influence within the firm, and suggests areas for future research.
Marketing strategy: taxonomy and frameworks
This paper presents a taxonomy of marketing strategy concepts and integrative frameworks that differentiate and integrate its formulation and implementation processes.
Literature ReviewHighly Cited