Strategic scope refers to market penetration while strategic strength refers to the firm’s sustainable competitive advantage.
Porter generic strategies – strategy on the dimensions of strategic scope and strategic strength.Typically there are four types of market dominance strategies: Strategies based on market dominance – In this scheme, firms are classified based on their market share or dominance of an industry.However, there are a number of ways of categorizing some generic strategies.Ī brief description of the most common categorizing schemes is presented below: Marketing strategies may differ depending on the unique situation of the individual business. Once a thorough environmental scan is complete, a strategic plan can be constructed to identify business alternatives, establish challenging goals, determine the optimal marketing mix to attain these goals, and detail implementation.Ī final step in developing a marketing strategy is to create a plan to monitor progress and a set of contingencies if problems arise in the implementation of the plan.
Internal environmental factors include the marketing mix, plus performance analysis and strategic constraints.Įxternal environmental factors include customer analysis, competitor analysis, target market analysis, as well as evaluation of any elements of the technological, economic, cultural or political/legal environment likely to impact success.Ī key component of marketing strategy is often to keep marketing in line with a company’s overarching mission statement.īesides SWOT analysis, portfolio analyses such as the GE/McKinsey matrix or COPE analysis can be performed to determine the strategic focus.
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