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Strategy in Marketing Professor Lawrence Feick University of Pittsburgh Outline What is marketing strategy? Framework for marketing strategy External analysis: environmental scanning Internal analysis: core skills of the firm SWOT: matching the external and internal Portfolio models

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strategy in marketing

Strategy in Marketing

Professor Lawrence Feick

University of Pittsburgh

  • What is marketing strategy?
  • Framework for marketing strategy
  • External analysis: environmental scanning
  • Internal analysis: core skills of the firm
  • SWOT: matching the external and internal
  • Portfolio models
marketing strategy
Marketing strategy
  • Answers basic questions:
    • to whom will we sell?
    • what will we sell, how will we sell it?
  • Focus on:
    • target market selection
    • marketing mix design
marketing strategy formulation
Marketing strategy formulation
  • External analysis (looking outside the firm)
    • environmental scanning
    • environmental management
    • identifying opportunities and threats
  • Internal analysis (looking inside the firm)
    • mission and objectives
    • key skills, resources of the firm
    • identifying strengths and weaknesses
external analysis the key environments
External analysis:The key environments
  • Socio-cultural environment
  • Economic environment
  • Technological environment
  • Political-legal environment
  • Competitive environment
external analysis the socio cultural environment
External analysis:The socio-cultural environment
  • Demographics
    • age, education, marital status, race, etc.
  • Culture
    • US culture, subcultures, foreign cultures
    • pop culture, style, fashion, conventional wisdom
    • ideas, movements, causes
  • How is this environment changing?
external analysis the economic environment
External analysis:The economic environment
  • GDP and business cycles
  • Personal income
  • Inflation
  • Unemployment
external analysis the technological environment
External analysis:The technological environment
  • Creation of substitutes for the product category (e.g., marketing myopia examples)
  • Changes in the product or product usage
  • Changes in the production, service, or support process
  • Changes in distribution channels
  • Changes in promotion, media
external analysis the political legal environment
External analysis:The political-legal environment
  • Government laws and regulations
    • Maintaining a competitive market
    • Protecting consumers
  • Industry self-regulation
  • Litigation
external analysis the competitive environment
External analysis:The competitive environment
  • Who is our competitor?
    • brand-level competition
    • product category-level competition
    • want-level competition
  • Open markets and increased competition
    • global connections
    • emphasis on exports
    • virtual marketing
external analysis recap
External analysis: recap










and Products





external analysis recap15
External analysis: recap
  • Five external environments change continually
  • Changes create opportunities and challenges in new and existing markets
  • Marketers’ key jobs:
    • environmental scanning, forecasting, adaptation
    • environmental management (if possible)
internal analysis
Internal analysis
  • Motivation: how does the firm choose from among all of the opportunities in the environment?
  • Examples
    • Microsoft
    • Federal Express
internal analysis mission
Internal analysis:Mission
  • The self-defined description of the business the firm is in; why the firm exists
  • Usually includes mention of
    • customer groups served
    • customer needs met
    • technology employed
  • Constrains marketing strategy choices
mission statement example
Mission statement example
  • Intel: Do a great job for our customers, employees, and stockholders by being the preeminent building block supplier to the computing industry.
internal analysis organizational objectives
Internal analysis:Organizational objectives
  • Define sought after benchmarks
  • Usually specific about time and quantity
  • Often involve sales, profits, numbers of customers, customer satisfaction, etc. or hoped for changes in these
  • Constrains marketing strategy choices
internal analysis strengths and weaknesses
Internal analysis:Strengths and weaknesses
  • Assessment of skills, resources, competencies of the firm
  • What do we do exceptionally well, what not so well?
  • What assets (e.g., patents, image, brands, people) do we have that give us an advantage?
  • How do we compare to competition on these?
  • Combining the results of internal analysis (SW) with external (OT)
  • Build on strengths to take advantage of environmental changes
  • Manage weakness that are made greater by environmental changes
recap marketing strategy
Recap: marketing strategy
  • Outcome of SWOT analysis:
    • a focus on who: which target markets?
    • a focus on how: what marketing mix will move them?
  • Key to success: consistency
    • with the target market and mix
    • among elements of the mix
aside portfolio models
Aside: Portfolio models
  • Purpose: assess each of the firms businesses using internal and external criteria
  • Two examples:
    • Boston Consulting Group Growth/Share Matrix
    • GE Business Screen
bcg growth share matrix
BCG Growth/Share Matrix

Fast Growth


Slow Growth

High Relative Share


Low Relative Share

bcg growth share matrix25
BCG Growth/Share Matrix

Fast Growth



Slow Growth



High Relative Share


Low Relative Share

ge business screen
GE Business Screen


Industry Attractiveness









Business Strength

portfolio models summary
Portfolio models: Summary
  • Assumptions
  • Uses
  • Limitations