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Absolute Essentials of Strategic Marketing

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Absolute Essentials of Strategic
Marketing

Strategic marketing is a complex topic, and this short-form textbook


illuminates its fundamental elements to provide a bird’s-eye view of the
field for students of marketing strategy.
Focused on the marketing of goods and services, the book highlights how
incremental changes in the market environment drive changes to marketing
strategies. The author, an experienced marketing expert, uses the concept
of ‘strategic windows’ to facilitate student understanding, looking at how
firms can best anticipate and react to opportunities and threats.
Enhanced by text features such as essential summaries, focused references
and additional online supplements, this very short introduction enables the
reader to zero in on the core priorities for strategic marketers. The result is
a volume that is valuable reading for marketing students around the world.

Tony Proctor is Emeritus Professor in Marketing at the University of


Chester, UK.
Absolute Essentials of Business and Economics

Textbooks are an extraordinarily useful tool for students and teachers, as is


demonstrated by their continued use in the classroom and online. Success-
ful textbooks run into multiple editions, and in endeavouring to keep up
with developments in the field, it can be difficult to avoid increasing length
and complexity.
This series of shortform textbooks offers a range of books which zero-in
on the absolute essentials. In focusing on only the core elements of each
sub-discipline, the books provide a useful alternative or supplement to tra-
ditional textbooks.

Titles in this series include:


Absolute Essentials of Operations Management
Andrew Greasley

Absolute Essentials of Strategic Management


Barry J. Witcher

Absolute Essentials of Green Business


Alan Sitkin

Absolute Essentials of Entrepreneurship


Nerys Fuller-Love

Absolute Essentials of Strategic Marketing


Tony Proctor

For more information about this series, please visit: www.routledge.com/


Absolute-Essentials-of-Business-and-Economics/book-series/ABSOLUTE
Absolute Essentials
of Strategic Marketing

Tony Proctor
First published 2021
by Routledge
2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN
and by Routledge
52 Vanderbilt Avenue, New York, NY 10017
Routledge is an imprint of the Taylor & Francis Group, an informa business
© 2021 Tony Proctor
The right of Tony Proctor to be identified as author of this work has been
asserted by him in accordance with sections 77 and 78 of the Copyright,
Designs and Patents Act 1988.
All rights reserved. No part of this book may be reprinted or reproduced or
utilised in any form or by any electronic, mechanical, or other means, now
known or hereafter invented, including photocopying and recording, or in
any information storage or retrieval system, without permission in writing
from the publishers.
Trademark notice: Product or corporate names may be trademarks or
registered trademarks, and are used only for identification and explanation
without intent to infringe.
British Library Cataloguing-in-Publication Data
A catalogue record for this book is available from the British Library
Library of Congress Cataloging-in-Publication Data
A catalog record for this book has been requested

ISBN: 978-0-367-43775-6 (hbk)


ISBN: 978-1-003-00570-4 (ebk)

Typeset in Times New Roman


by Apex CoVantage, LLC

Visit the eResources: http://www.routledge.com/9780367437756


Contents

Preface vi

Introduction 1

1 Marketing strategy 3

2 Product portfolio and marketing capabilities 11

3 Industry and competition 21

4 The marketing environment 31

5 Customer and market analysis 40

6 Sustainable competitive advantage 51

7 Growth strategies 60

8 Segmentation, targeting and positioning 71

9 Marketing mix strategy 80

10 International marketing 91

11 Marketing planning and implementing marketing


strategy 100

Index 112
Preface

There are many definitions of strategy, but in business it refers to how a


firm sets about both setting and achieving organizational objectives. In this
book we look specifically at marketing strategy, and in particular the strat-
egy concerning the formulation and implementation of the marketing mix.
The successful implementation of the marketing mix leads to satisfaction
of customer wants and needs and increases the likelihood of achieving an
organization’s objectives in the marketplace. In recent years, relationship
marketing has come to the fore as strategic alliances and networks involving
firms working together towards shared goals has become more fashionable.
The strategic management of such relationships is at the core of relationship
marketing. The argument put forward in this book is that when changes in
the market and the marketing environment are incremental in nature, firms
can successfully adapt themselves to the new situation by modifying current
marketing and other functional programmes.
However, if the cumulative changes in the economic, technological, social,
political and cultural environments remain unnoticed by a company’s manag-
ers until it is too late to respond, the problems which they create for the firm
may be overwhelmingly difficult to overcome. Similarly, when the degree of
market change is of such magnitude that the competence of a firm to continue
to compete effectively is questioned, then the firm may be experiencing the
closure of an important strategic window. Where change, leading eventually
to the closure of a strategic window, is either very rapid or very slow the con-
sequences may well be disastrous. In the first case, the window closes before
an organization can respond and, in the second instance, it does not even
notice that the window is about to close until it is too late to respond.
It is important to examine not only where the firm is today but how well
equipped it is to deal with tomorrow. In particular, the task of predicting
non-incremental changes in the market is of critical importance. Existing
firms and their competitors can sometimes be replaced in a comparatively
short space of time by a whole new range of competitors. Firms which are
Preface vii
oblivious to the opening and closing of strategic window, firms which fail
to utilize overlapping strategic windows to best advantage or firms which
are unable to divest when a window closes risk disaster.
The book looks at many of the issues indicated above. It sets out a frame-
work for organizations to follow in order to meet any threats they may
encounter and make the best of opportunities that may occur in the market-
ing environment.

Tony Proctor
2020
Introduction

This is a very short introduction to strategic marketing. It is comprehen-


sive in nature and provides pointers to key aspects of the subject. You
will be provided with an overview of an important aspect of business
strategy. In practice strategy may be formally planned and implemented or
evolve and develop over time. This has to be borne in mind when reading
about the subject. However, to make the subject matter clearer and readily
understandable the subject has to be presented in a logical and structured
manner. The pedagogical features of the book include essential summa-
ries, focused references/readings and online supplements to help achieve
this objective.
There are many definitions of strategy, but in business it refers to how a
firm sets about both setting and achieving organizational objectives. In this
book we look specifically at strategies relating to the marketing of goods
and services. The argument put forward in this book is that when changes in
the market and the marketing environment are incremental in nature, firms
can successfully adapt themselves to the new situation by modifying current
marketing and other functional programmes.
Such changes in the environment can be introduced through technologi-
cal innovations, changes in customer tastes, changes in legal regulations,
economic and financial constraints or any changes in environmental condi-
tions. In addition the nature of competition may also change, and in par-
ticular the elements which make up the five forces of Porter’s competition
model. New entrants to the industry may appear; substitute products may
become more attractive propositions to customers; both suppliers and cus-
tomers may find their bargaining powers strengthened; and the balance of
competition power between the incumbent firms in the industry may change
as one firm develops a competitive advantage. However, if all these changes
remain unnoticed until it is too late to respond, the problems which they cre-
ate for the firm may be overwhelmingly difficult to overcome.
2 Introduction
Organizations need to:

1 Identify the opportunities and threats posed by the opening and closing
of strategic windows.
2 Analyze all the relevant internal and external environmental factors
acting upon the firm in the context of the strategic windows.
3 Determine the best strategy or set of strategies that are likely to enable
the firm to take best advantage of the strategic window while it is open.
4 Ensure that adequate resources are available to implement the chosen
strategies.
5 Implement the chosen strategy to take best advantage of the opportuni-
ties presented by the strategic window and to minimize the risks posed
by the threats.

In this book we will be systematically working through the process. It is the


opening and shutting of strategic windows and how the firm might react to
this that is the topic of interest. We discuss the nature and formulation of
business and marketing strategy and point to the need for strategic market-
ing management in order to carry it out. We also outline the nature of the
marketing management process that is involved.
The organization has to keep abreast of developments in its external and
internal environments. It also has to ensure that a matching process between
skills and resources is available to take best advantage of developments and
opportunities in the environment and to avoid any threats that are posed.
We look at the resources that the firm has available and at the developments
in the environment that can take place that lead to opportunities and threats
with which the firm has to get to grips. An analysis of the relevant factors
which impinge on the opening and shutting of strategic windows needs to
be undertaken by an organization prior to making strategic decisions.
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