It is sometimes confusing distinguishing between strategies and tactics as they refer to interdependent aspects of marketing activities. Basically, strategy refers to major decisions that impact the competitive position of a firm, whereas tactics are the activities that support and deliver the strategy.As an example, one aspect of a firm’s strategy could be to build […]
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The strategic hierarchy relates to large firms only. They own multiple businesses and will structure their strategic decisions accordingly. Below is a list of examples of strategic hierarchy decisions. This is important to understand as different types of marketing and strategic decisions are made at different levels in the organization. In other words: strategy means
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When you study a marketing textbook, often the concept of the strategic hierarchy is discussed in the chapter covering marketing strategy. This model is designed to demonstrate that different strategic decisions are made at different levels in large corporations. (Please note the that strategic hierarchy concept is only applicable to large firms.)So what is the
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Marketing strategy is designed to deliver short-term financial and marketing goals and to build and strengthen the firm’s competitive advantages over time. A firm that has significant competitive advantages will enjoy greater profitability and stability of performance.Difference between short and long-term marketing goalsMarketing strategy is expected to deliver short-term (usually within one year) results and
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Marketing strategy is designed to deliver short-term financial and marketing goals and to build and strengthen the firm’s competitive advantages over time. A firm that has significant competitive advantages will enjoy greater profitability and stability of performance. An excellent way to understand this concept is through the GLAD model of Marketing Strategy. This is an
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What is a customer journey?As the name implies, a customer journey is the series of steps undertaken by a consumer (that is, a non-customer of a brand) in their journey to becoming a customer of the brand. A consumer’s journey will include gathering information, reviewing marketing communications, visiting stores, reviewing product information, looking at competitor
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The following is a list of possible brand touchpoints for Apple. Brand touchpoints are a key aspect of understanding the customer journey and creating a customer journey map. In recent years, Apple has become one of the strongest brands in the world.Understanding brand touch points and customer journey mapping a helpful techniques to understand how
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Brand touchpoints can be defined as the interactions and exposures that a consumer can have with a brand. Brand touchpoints are very broadly defined and include both deliberate communications from a firm/brand and communications and interactions that the consumer will have with the brand as part of their everyday life. They are often used in
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Making a bubble chart in Excel is ideal for making perceptual maps to demonstrate positioning.There are three ways to make a bubble chart in Excel, as shown the below video “How to make a bubble chart in Excel”.Alternatively, I have set up a free Excel template that automatically makes perceptual maps (using bubble charts) at
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When considering the goal of trying to increase a customer’s lifetime value, one of the main levers is to attempt to increase loyalty/retention which will increase the length of time a customer remains a customer.In the customer lifetime value calculation, the customer’s lifetime in years is multiplied by their annual profit. However, this assumes that
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