Once you gain a clear understanding of the concept of marketing strategy, take the next step of exploring business case studies. You learn from competitors' stories how their approach to market strategy has worked or failed. You may be able to avoid some serious mistakes or emulate the winning strategies of others. Either way, you win by learning from business studies.
Marketing Strategy 101
The Times 100 website defines a marketing strategy as "...a marketing plan designed to achieve marketing objectives." This Times 100 article explains the critial importance of developing clear business objectives. Your marketing strategies must reflect your business objectives. With your marketing strategy in place, develop a day-to-day action plan that utilizes whatever tools and tactics you believe will best help you meet your objectives. Examine the following case studies, and learn the secrets of each corporation's unique marketing strategy.
International Marketing Study
Cavusgil & Zou authored a business study entitled "Marketing Strategy-Performance Relationship: An Investigation of the Empirical Link in Export Market Ventures" for the University of Missouri. In it, their research suggests three key determinants of export performance. One of the three key determinants is market strategy. The other two elements have to do with the firm's international competence and managerial commitment. Originally published by the Journal of Marketing, it is now available online at the University of Missouri website.
The Marketing Strategy of Diesel
Diesel, a popular clothing company around since the 1970s, was the subject of a business case study. It asks why Diesel's marketing strategy works so well. The study, entitled "Live, breathe and wear passion, " is posted on The Times 100. It suggests that the reason Diesel's marketing strategy works so well is because they have the right people and passion in place which makes the other four Ps of marketing -- product, promotion, place and price -- work to its best advantage.
The Marketing Strategy of North Face
North Face strives to be the "Nike of outdoors" states a Guardian study. The December 2010 study shows the North Face's previous quarter's sales rose 17 percent with annual sales of $1.4 billion, the clear leader in its category. Timo Schmidt-Eisenhart, who heads the European division of North Face, suggests the company's investment in creating new fabrics and the cultivation of relationships with extreme athletes play into its success. In addition, the company carefully carves its distribution channels worldwide, fine-tuning its marketing strategy.
Tags: marketing strategy, North Face, Marketing Strategy, business case, business objectives, case studies