Soumya Sarkar, our Subject Matter Expert, proposes a framework that virtually encompasses all the strategic marketing issues of a business’ marketing strategy. Marketing strategy refers to an organization’s integrated pattern of decisions that specify its crucial choices concerning products, markets, marketing activities, and marketing resources in the creation, communication, and/or delivery of products that offer value to customers in exchanges with the organization and thereby enables the organization to achieve specific objectives. The framework that follows virtually encompasses all the strategic marketing issues mentioned above. This framework provides an overview of representative constituent elements of a business’ marketing strategy grouped into two broad categories:
The phrase “customer interfacing layer of marketing strategy” is used here to refer to an organization’s marketing actions such as brand name, product attributes, price, distribution intensity, advertising, and sales promotion that have the potential to engender affective, cognitive, and/or behavioral responses from customers. The phrase “precursor to the customer interfacing layer of marketing strategy” is used to refer to an organization’s marketing decisions that are the antecedents to the constituent elements of the customer interfacing layer of marketing strategy. They include marketing decisions such as an organization’s choice of markets and market segments to serve, order of entry into a market, and mode of entry into a market.