When I hear the phrase marketing strategy, I instantly think about the 5 P's of the marketing mix: product, price, place, promotion, and performance. The marketing strategy should create the marketing mix which will lead to the results; the marketing objectives. Strategy is the means to the end, the push to get the ball rolling, and the 10,000 foot view. Simply put, a marketing strategy is the means to which marketing objectives are obtained. What are some of the academic views of marketing strategy? I was amazed that there are so many references to the term and that the list of explanations is nearly limitless. I included some of the more interesting ones in this paper but almost all came to same conclusion as I have above.
In an article by Scott Clark in the Washington Business Journal, Clark compares a marketing strategy to an "equilateral triangle with Quality at one corner, Service at the second and Price at the third." Clark states that this basic approach will allow you to establish your customer base and allow you to expand the triangle to "a hexagon with the following labels at each corner: customer needs (what does the customer want), customer service (keeping customers satisfied during and after the sale), quality (in the minds of customers), convenience (how easy is it for customers to deal with you), innovation (making it difficult for competition to keep up), and speed (how fast you can serve and satisfy a customer)." Clark also admits that any marketing strategy cannot be static, that change must be considered. Rapid change, in Clark's opinion, is the only constant. Clark focuses on the basics of the strategy, so that a course may be created. Focusing on the three main corners of the triangle can begin the dialogue and establish a plan. I like his idea of expanding the triangle to a hexagon. The hexagon is more complex, with more detail, but it is still based inside the foundation of the triangle.
