Overview of the marketing environment

Marketing Environment / By

The three components of the marketing environmentThe most appropriate marketing strategy for an organization will depend upon the marketing environment in which it operates. There are three broad categories of the marketing environment, which are:The internal environment,The micro environment, andThe macro environmentThe internal environmentThe internal environment refers to the organization/the firm itself. Using the strategic […]

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Understanding core competencies in marketing

Marketing Strategy, SWOT / By

Marketing strategy and core competenciesOne of the very common analytical approaches in strategic planning is SWOT analysis. The first letter stands for “strengths” and the first letter stands for “opportunities”. These two letters, or parts of the SWOT analysis, are designed to work together.In other words, we identify the corporate strengths and then try to

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How marketing strategy guides marketing decisions

Marketing Mix, Marketing Strategy / By

Any organization/brand is faced with an almost unlimited selection of choices and opportunities in the marketplace. For example, there are literally thousands of different ways that firms can choose to promote their activities. There are millions of different products available in the marketplace that firms can choose to produce and market.So how does a firm/brand

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Difference between marketing strategy and tactics

Marketing Plans, Marketing Strategy / By

 It is sometimes confusing distinguishing between strategies and tactics as they refer to interdependent aspects of marketing activities. Basically, strategy refers to major decisions that impact the competitive position of a firm, whereas tactics are the activities that support and deliver the strategy.As an example, one aspect of a firm’s strategy could be to build

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Difference between Marketing and Financial Goals

Marketing Plans, Marketing Strategy, Metrics / By

 Marketing strategy is designed to deliver short-term financial and marketing goals and to build and strengthen the firm’s competitive advantages over time. A firm that has significant competitive advantages will enjoy greater profitability and stability of performance.Difference between short and long-term marketing goalsMarketing strategy is expected to deliver short-term (usually within one year) results and

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Why under-promising and over-delivering is a poor strategy

Customer Satisfaction, Introductory Concepts, Services Marketing / By

 Don’t Under-promise and Over-deliver!It’s a common cliché to under-promise and over-deliver, which even some marketing consultants and professional speakers have tended to suggest. The problem with this approach is that it is based on a very simplistic understanding of the customer satisfaction model and is a very poor strategic choice for a firm.Let’s start at

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