User:Zebraflower/Marketing strategy

Article Draft

References

https://www.jstor.org/stable/25074697?seq=1

Key points I could introduce:

add ons:

Ethics-- is this okay?

marketing strategies have 2 goals--- to, keeping with company values and aspirations, benefit or better individual level and then secondly, society as a whole

what is good?

international marketing practices and how different cultures' defintions of "is this okay?" affect marketing strategies' landing on consumers minds/ choices

multicultural marketing good, ethnic marketing bad??

global code of ethics

generalized set of rules that can police what is considered socially as the overall "good"

consequences of predatory marketing strategies that unfairly single out minority groups:

• wasted materials in the event the group has no need of the specially curated advertised products
• isolating minorities further to keep them separate
• minutia advertised in a non accessible way
• discrepancies in prices for minority groups vs general population
• purposefully upcharging because of advanced knowledge and assumed difference in language and advertisement comprehension

mangerial concern-- because those multicultural minority groups will get pushed to isolated market zones

Revised Text:

Original Text:

Porter's approach was the dominant paradigm throughout the 1980s. However, the approach has attracted considerable criticism. One important criticism is that it is possible to identify successful companies that pursue a hybrid strategy – such as low-cost positions and differentiated positions simultaneously. Toyota is a classic example of this hybrid approach. Other scholars point to the simplistic nature of the analysis and the overly prescriptive nature of the strategic choices which limits strategies to just three options. Yet others point to research showing that many practitioners find the approach to be overly theoretical and not applicable to their business.

Changes:

Porter's approach was the dominant paradigm throughout the 1980s, allowing others who sought to formulate strategy within their business model to follow his (at the time) best division of the ways in which to target the market. This only lasted a little while though, as Porter's approach began receiving a good amount of criticism mainly due to its simplicity; which is part of what made his approach so popular. One important criticism is that it is possible to identify successful companies that pursue a hybrid strategy – such as low-cost positions and differentiated positions simultaneously. Toyota is a classic example of this hybrid approach. Other scholars point to the simplistic nature of the analysis and the overly prescriptive nature of the strategic choices which limits strategies to just three options.

(I changed this text because I think it could expound more on short-cut sentences.)

Original Text:

Barney uses the term "causally ambiguous" which he describes as a situation when "the link between the resources controlled by the firm and the firm's sustained competitive advantage is not understood or understood only very imperfectly". Thus, a great deal of managerial effort must be invested in identifying, understanding, and classifying core competencies. In addition, management must invest in organizational learning to develop and maintain key resources and competencies.

Changes:

Barney calls the situation where there is a connection to a firm's organized materials and when their continued competitive advantage is only partially comprehended as "casually ambiguous".

(I cannot find where these words are stated, however according to the Wikipedia training there should not be quoted material like this)

Original Text:

The choice of competitive strategy often depends on a variety of factors including: the firm's market position relative to rival firms, the stage of the product life cycle. A well-established firm in a mature market will likely have a different strategy than a start-up.

Changes:

When choosing a particular competitive strategy, there are a couple of constituents to consider, two of which include: the firm's market position relative to rival firms, the stage of the product life cycle. A well-established firm in a mature market will likely have a different strategy than a start-up.

(The sentence syntax was off, the way it says a variety of factors but then only includes two things)

Original Text:

A disadvantage of using a diversification strategy is that the benefits could take a while to start showing, which could lead the business to believe that the strategy in ineffective. Another disadvantage or risk is, it has been shown that using the horizontal diversification method has become harmful for stock value, but using the vertical diversification had the best effects.

Plans to change:

One con of this diversification strategy is the potential for businesses to come to the conclusion that this strategy yields no results due to delayed appearance of any gains. The horizontal diversification method, according to data, has displayed negative results for value of stock, contrary to the vertical, which has shown profitable outcomes.

(The term diversification strategy is repeated unnecessarily)

Original Text:

Market follower: Followers are generally content to play second fiddle. They rarely invest in R & D and tend to wait for market leaders to develop innovative products and subsequently adopt a “me-too” approach. Their market posture is typically neutral. Their strategy is to maintain their market position by maintaining existing customers and capturing a fair share of any new segments. They tend to maintain profits by controlling costs.

Market nicher: The market nicher occupies a small niche in the market in order to avoid head to head competition. Their objective is to build strong ties with the customer base and develop strong loyalty with existing customers. Their market posture is generally neutral. Their strategy is to develop and build the segment and protect it from erosion. Tactically, nichers are likely to improve the product or service offering, leverage cross-selling opportunities, offer value for money and build relationships through superior after-direct sales service, service quality and other related value-adding activities.

Plans to change:

Is this and the entire aside in the article necessary for comprehension and readability.

Original Text:

The 4P's of marketing should in tune with brand's core message.

Changes:

The 4P's of this marketing mix, ceteris paribus, should line up with the heart of the company.

Original Text:

Strategies often specify how to adjust the marketing mix; firms can use tools such as Marketing Mix Modeling to help them decide how to allocate scarce resources, as well as how to allocate funds across a portfolio of brands. In addition, firms can conduct analyses of performance, customer analysis, competitor analysis, and target market analysis

Changes:

Add in the needed citation, it is a citation already included, 96

Original Text:

Those who follow after the Close Followers are known as the Late Entrants. While being a Late Entrant can seem very daunting, there are some perks to being a latecomer. For example, Late Entrants have the ability to learn from those who are already in the market or have previously entered

Changes:

Following the so called, "Close Followers" are the "Late Entrants". They get their name from their delayed arrival into the market. Despite the thought process that late entry into the market will lead to absolute failure, there are actually a few pros for those classified as late entrants. One such pro is the ability to view how others who previously joined the market have acted and strategize market planning around their mistakes and/or successes.

Developing marketing goals and objectives

[edit] Whereas the vision and mission provide the framework, the "goals define targets within the mission, which, when achieved, should move the organization toward the performance of that mission." Goals are broad primary outcomes whereas, objectives are measurable steps taken to achieve a goal or strategy. In strategic planning, it is important for managers to translate the overall strategy into goals and objectives. Goals are designed to inspire action and focus attention on specific desired outcomes. Objectives, on the other hand, are used to measure an organization's performance on specific dimensions, thereby providing the organization with feedback on how well it is achieving its goals and strategies.

Plans to change:

I need to revise the opening to this new topic as it is confusing, contains a long quoted sentence, and needs another citation.

Strategy typologies

[edit] Developing competitive strategy requires significant judgement and is based on a deep understanding of the firm's current situation, its past history and its operating environment. No heuristics have yet been developed to assist strategists choose the optimal strategic direction. Nevertheless, some researchers and scholars have sought to classify broad groups of strategy approaches that might serve as broad frameworks for thinking about suitable choices.