Marketing Strategy
Marketing strategy questions
- Describe Porter’s three generic strategies (differentiation, focus and cost leadership). Make sure that you compare and contrast each strategy to the others. Discuss under which circumstances each strategy should be used, and give examples of brands or companies that use these strategies.
- Which of these strategies relate to the marketing concept and the production concept? Explain.
- What is the difference between a marketing strategy and a marketing tactic? Give examples.
- What are marketing metrics and marketing dashboards? What is their purpose in marketing strategy?
- What is the purpose of a Strategic Business Unit (SBU)? How are SBUs identified in a corporation?
- What is meant by portfolio analysis in strategic marketing?
Answer preview
- Porter’s three generic strategies
Differentiation strategy
According to Wensley, (2016), differentiation strategy involves an organization making its products different those of the rival business to make them unique to the customers. Like the other strategies, the organization focus on improving its market its competitive edge. In this strategy, the organization focuses on the premium price. The organization can use this strategy when it innovates new products in the market. An example of the organization which uses this strategy is Apple.
Focus strategy
In the focus strategy, the organization concentrates on a specific market niche. Through understanding specific market dynamics as well as unique customers’ needs in the specific market, it develops well-specified and low-cost products. In this method, the organization focuses on improving its competitive edge…
(850 words)