Dacko S.G. The Advanced Dictionary of Marketing Putting Theory to Use
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strategic asset 500
of problems arising as a result of the firm ultimately reacting too slowly
or too quickly to environmental change.
APPLICATION AREAS AND FURTHER READINGS
Marketing Strategy
McDaniel, Stephen W., and Kolari, James W. (1987). ‘Marketing Strategy Impli-
cations of the Miles and Snow Strategic Typology,’ Journal of Marketing, 51(4),
October, 19–30.
Menon, Ajay, and Menon, Anil (1997). ‘Enviropreneurial Marketing Strategy: The
Emergence of Corporate Environmentalism as Market Strategy,’ Journal of Mar-
keting, 61(1), January, 51–67.
Boeker, Warren (1989). ‘Strategic Change: The Effects of Founding and History,’
Academy of Management Journal, 32(3), September, 489–515.
Marketing Management
Deshpande, Rohit, and Webster, Frederick E., Jr. (1989). ‘Organizational Culture
and Marketing: Defining the Research Agenda,’ Journal of Marketing, 53(1), Janu-
ary, 3–15.
Moorman, Christine, and Rust, Roland T. (1999). ‘The Role of Marketing,’ Journal of
Marketing, 63, Fundamental Issues and Directions for Marketing, 180–197.
Marketing Research
Day, George S., and Montgomery, David B. (1999). ‘Charting New Directions for
Marketing,’ Journal of Marketing, 63, Fundamental Issues and Directions for Mar-
keting, 3–13.
BIBLIOGRAPHY
Aaker, David A. (2005). Strategic Market Management. New York: John Wiley & Sons,
Inc.
strategic asset
DESCRIPTION
A resource of the firm that is strong relative to competitors.
KEY INSIGHTS
In a marketing strategy context, strategic assets, such as a firm’s brand or
its installed customer base, provide the firm with resources with which
to pursue a sustainable competitive advantage.
KEY WORDS Firm resource
IMPLICATIONS
In formulating marketing strategies, marketers should consider the cost
and feasibility of the firm creating or maintaining strategic assets, in addi-
tion to any strategic competencies, to achieve sustainable competitive
advantages. When a firm chooses to not use its well-known and highly
regarded brand in support of a new product introduction, for example,
it is losing a resource on which to draw in pursuing and achieving a
sustainable competitive advantage.
APPLICATION AREAS AND FURTHER READINGS
Marketing Strategy
Glazer, Rashi (1991). ‘Marketing in an Information-Intensive Environment: Stra-
tegic Implications of Knowledge as an Asset,’ Journal of Marketing, 55(4), October,
1–19.
501 strategic competency
Piercy, N. (1986a). ‘Marketing Asset Accounting: Scope and Rationale,’ European
Journal of Marketing, 20(1), 5–15.
Piercy, N. (1986b). ‘Marketing Asset Accounting: The Way Forward?’ European Jour-
nal of Marketing, 20(1), 104–106.
BIBLIOGRAPHY
Srivastava, Rajendra K., Shervani, Tasadduq A., and Fahey, Liam (1998). ‘Market-
Based Assets and Shareholder Value: A Framework for Analysis,’ Journal of Mar-
keting, 62(1), January, 2–18.
strategic competency
DESCRIPTION
A combination of distinctive capabilities that assists the firm in obtaining a
sustainable competitive advantage.
KEY INSIGHTS
Strategic competencies involve combined intellectual abilities in skills,
processes, and knowledge bases, in addition to the provision of sig-
nificant customer value. It is not just about a unique product, cur-
rent market strength, or asset but rather a sustained ability that dif-
ferentiates it from the competition. Examples include a production
process that allows the development of creative products or partner-
ships with other firms that allow for a capability gap that endures over
time.
KEY WORDS Distinctive capabilities, sustainable competitive advantage
IMPLICATIONS
An in-depth identification of the key strategic competencies of a firm is
essential, ensuring that these are not mixed with basic competencies or
strengths. Effectively formulating a company’s overall marketing strategy
relies on determining those strategic competencies as well as those of
competitors.
APPLICATION AREAS AND FURTHER READINGS
Marketing Strategy
Black, J. A., and Boal, K. B. (1994). ‘Strategic Resources: Traits, Configurations and
Paths to Sustainable Competitive Advantage,’ Strategic Management Journal, 15,
131–148.
Marketing Management
Thompson, J., and Cole, M. (1997). ‘Strategic Competency: The Learning Challenge,’
Journal of Workplace Learning, 9(4–5), 153–162.
BIBLIOGRAPHY
Zingheim, P. K., Ledford G. E., Jr., and Schuster, J. R. (1996). ‘Competencies and
Competency Models: Does One Size Fit All,’ ACA Journal, 5(1), 56–65.
Aaker, David A. (2005). Strategic Market Management. New York: John Wiley & Sons,
Inc.
strategic group 502
strategic group
DESCRIPTION
A set of firms within an industry that follow the same basic strategy or business
model and have similar reactions to environmental changes.
KEY INSIGHTS
The number of groups within an industry and their composition depend
on what dimensions are used to define the groups. Strategic groups
are influenced by market entry barriers that deter a firm’s mobility in
shifting its strategic position to diversification in new products, segments,
or distribution channels. Mobility barriers define the strategic groups in
that they reinforce patterns of rivalry among group members (Day and
Wensley 1983). Strategic groups are influenced by the stability of mobility
barriers and the ability of the firms in the group to resist the pressure on
profits from direct competitors.
KEY WORDS Competitive analysis, industry structure
IMPLICATIONS
The membership and classification of strategic groups are not stable over
time (Hatten and Hatten 1985). As such, in using the strategic group
concept in evaluations of a firm’s strategic options, it is important to be
clear about the theoretical and methodological grounds for the common
strategies and mobility barriers in one’s industry.
APPLICATION AREAS AND FURTHER READINGS
Marketing Strategy
Dess, G. D., and Davis, P. S. (1984). ‘Porter’s (1980) Generic Strategies as Determi-
nants of Strategic Group Membership and Organizational Performance,’ Academy
of Management Studies, 27(3), 467–488.
Cool, K., and Schendel, D. (1988). ‘Performance Differences among Strategic Group
Members,’ Strategic Management Journal, 9(3), 207–223.
Conant, Jeffrey S., Mokwa, Michael P., and Varadarajan, P. Rajan (1990). ‘Strategic
Types, Distinctive Marketing Competencies and Organizational Performance: A
Multiple Measures-Based Study,’ Strategic Management Journal, 11(5), September,
365–383.
Marketing Research
Harrigan, K. R. (1985). ‘An Application of Clustering for Strategic Group Analysis,’
Strategic Management Journal, 6(1), 55–73.
Fiegenbaum, A., Sudharsan, D., and Thomas, H. (1987). ‘The Concept of Strategic
Time Periods in Strategic Group Research,’ Managerial and Decision Economics,8,
139–148.
Fiegenbaum, A., and Thomas, H. (1995). ‘Strategic Groups as Reference Groups:
Theory, Modeling and Empirical Examination of Industry and Competitive Strat-
egy,’ Strategic Management Journal, 13, 461–476.
BIBLIOGRAPHY
Day, George S., and Wensley, Robin (1983). ‘Marketing Theory with a Strategic
Orientation,’ Journal of Marketing, 47(4), Autumn, 79–89.
Hatten, K. J., and Hatten, M. L. (1985). ‘Some Empirical Insights for Strategic
Marketers: The Case of Beer,’ in H. Thomas and D. M. Gardner (eds.), Strategic
Marketing and Management. New York: John Wiley & Sons, Inc.
503 strategic marketing
strategic marketing
DESCRIPTION
Marketing with an emphasis on achieving important long-term marketing
aims and objectives that further provide a basis for competitive advantage.
KEY INSIGHTS
Strategic marketing emphasizes decisions and actions that have a major
impact on an organization over a long-term time horizon. More specifi-
cally, it is a marketing approach that involves setting the strategic direc-
tion for the firm with a long-term vision to guide investments in mar-
keting assets and competencies, which can be leveraged within business
processes towards providing sustainable competitive advantages. Actual
time horizons associated with strategic marketing initiatives are broad,
however, and might range anywhere from six months to one year in the
future, to three to five years or beyond. Firms engaged in strategic mar-
keting are concerned with the development and implementation of mar-
keting strategies (see marketing strategy) that are focused on particular
future timeframes having important competitive advantage implications.
Models, frameworks, concepts, and analytical tools used in strategic mar-
keting help the analysis of marketing decisions from an organizational
perspective. Along with competencies of the firm, strategic marketing
deals with long-term assets such as brand equity and customer equity
(Rust et al. 2004), out of which marketing actions are derived. Firms
can make decisions about which strategic marketing orientations to
take based on developing competitive benchmarking and investigating
the business environment. An integrative strategic marketing-planning
framework enables the company to formulate effective marketing poli-
cies. For example, such a framework enables the firm to take into account
total quality management issues using feedback from the major forces
that impact the company such as customers, employees, and competitors
(Lu et al. 1994).
KEY WORDS Competitive advantage, long-term horizon, planning
IMPLICATIONS
While the scope of marketing is sufficiently broad as to encompass day-to-
day marketing initiatives as well as the very long term, marketers should
recognize the importance of planning and implementing marketing ini-
tiatives concerning any timeframe in such a way that they provide the
marketer’s organization with a possible source of competitive advantage.
Such a focus can assist the marketer with efforts aimed at not only achiev-
ing appropriate short-term objectives (e.g. reducing inventory) but also
ensuring such efforts give sufficient consideration to the evolutionary
dynamics of competition and customer wants and needs.
APPLICATION AREAS AND FURTHER READINGS
Marketing Strategy
Cravens, David W. (1982). Strategic Marketing. Homewood, Ill.: R. D. Irwin.
strategic options 504
Marketing Management
Wilson, R. M. S., Gilligan, Colin, and Pearson, David J. (1992). Strategic Mar-
keting Management: Planning, Implementation, and Control. Boston: Butterworth-
Heinemann.
Business-to-Business Marketing
Bowersox, Donald J., and Cooper, M. Bixby (1992). Strategic Marketing Channel Man-
agement. New York: McGraw-Hill.
Services Marketing
Lovelock, C. H. (1983). ‘Classifying Services to Gain Strategic Marketing Insights,’
Journal of Marketing, 47, Summer, 9–20.
Non-profit Marketing
Kotler, Philip, and Andreasen, Alan R. (1987). Strategic Marketing for Nonprofit Organ-
izations. Englewood Cliffs, NJ: Prentice-Hall.
Online Marketing
Bishop, Bill (1997). Strategic Marketing for the Digital Age. New York: HarperBusiness.
International Marketing
Naumann, Earl, and Lincoln, Douglas J. (1991). ‘Non-Tariff Barriers and Entry
Strategy Alternatives: Strategic Marketing Implications,’ Journal of Small Business
Management, 29(2), 60–70.
BIBLIOGRAPHY
Aaker, David A. (2004). Strategic Market Management, 7th edn. New York: John Wiley
& Sons.
Rust, R. T., Ambler, T., Carpenter, G. S., Kumar, V., and Srivastava, R. K. (2004).
‘Measuring Marketing Productivity: Current Knowledge and Future Directions,’
Journal of Marketing, 68(4), 76–89.
Lu, Min Hua, Madu, Christian N., Kuei, Chu-hua, and Winokur, Dena (1994). ‘Inte-
grating QFD, AHP and Benchmarking in Strategic Marketing,’ Journal of Business
& Industrial Marketing, 9(1), 41–50.
strategic options
DESCRIPTION
Theoptions availabletoa firmatanylevel thatassistit withachievingimportant
long-term marketing aims and objectives that further provide a basis for
competitive advantage.
KEY INSIGHTS
In support of a firm’s business and marketing strategies, strategic options
are any of a set of particular value propositions for a specific prod-
uct market along with supporting assets, competencies, and functional
area strategies and programs. Firms may pursue any number of stra-
tegic options as part of their broader business and marketing strategies.
Examples of strategic options include an emphasis on: quality, value,
innovation, a particular product attribute (e.g. safety), product design (e.g.
aesthetics), product line breadth (e.g. an array of home entertainment
products), corporate social responsibility, brand familiarity, customer inti-
macy. Ultimately, the strategies of most firms involve a combination of
strategic options.
KEY WORDS Value propositions, competitive advantage, product markets
505 strategic options
IMPLICATIONS
In identifying and characterizing its strategic options, a firm is able to
more clearly evaluate them as part of marketing strategy formulation.
When they become part of the firm’s strategy, the particular strategic
options pursued can then be articulated more clearly to all of the firm’s
key stakeholders (e.g. employees, investors, customers).
APPLICATION AREAS AND FURTHER READINGS
Marketing Strategy
Doyle, P. (1989). ‘Building Successful Brands: The Strategic Options,’ Journal of
Marketing Management, 5(1), 77–95.
Anderson, Paul F. (1982). ‘Marketing, Strategic Planning and the Theory of the
Firm,’ Journal of Marketing, 46, Spring, 15–26.
Schoemaker, P. (1997). ‘Disciplined Imagination: From Scenarios to Strategic
Options,’ International Studies of Management and Organization, 27(2), 43–70.
Abell, Derek F. (1978). ‘Strategic Windows,’ Journal of Marketing, 42(3), July, 21–26.
Glazer, Rashi (1991). ‘Marketing in an Information-Intensive Environment: Stra-
tegic Implications of Knowledge as an Asset,’ Journal of Marketing, 55(4), October,
1–19.
Marketing Management
Day, George S. (1984). Strategic Market Planning: The Pursuit of Competitive Advantage.
St Paul, Minn.: West Publishing Company.
Wheelen, Thomas L., and Hunger, J. David (1983). Strategic Management and
Business Policy. Reading, Mass.: Addison-Wesley Publishing Company.
Online Marketing
Stroud, D. (1998). Internet Strategies: A Corporate Guide to Exploiting the Internet.
Basingstoke: Macmillan.
Retail Marketing
Nicholls, Alexander J. (2002). ‘Strategic Options in Fair Trade Retailing,’ International
Journal of Retail and Distribution Management, 30(1), 6–17.
International Marketing
Ayal, Igal, and Zif, Jehiel (1979). ‘Market Expansion Strategies in Multinational
Marketing,’ Journal of Marketing, Spring, 84–94.
Cavusgil, S. Tamer, and Zou, Shaoming (1994). ‘Marketing Strategy Performance
Relationship: An Investigation of the Empirical Link in Export Market Ventures,’
Journal of Marketing, 58(1), January, 1–21.
Coviello, Nicole E., and Munro, Hugh J. (1995). ‘Growing the Entrepreneurial Firm:
Networking for International Market Development,’ European Journal of Marketing,
29(7), 49–61.
Marketing Modeling
Menon, Anil, Bharadwaj, Sundar G., Adidam, Phani Tej, and Edison, Steven W.
(1999). ‘Antecedents and Consequences of Marketing Strategy Making: A Model
and a Test,’ Journal of Marketing, 63(2), April, 18–40.
Business-to-Business Marketing
Webster, Frederick E. (1979). Industrial Marketing Strategy. New York: Wiley.
BIBLIOGRAPHY
Aaker, David A. (2005). Strategic Market Management. New York: John Wiley & Sons,
Inc.
strategic window 506
strategic window
DESCRIPTION
Also called a window of opportunity, the period of time where propitious or
desirable conditions exist for a firm to implement a strategic action aimed at
taking advantage of a particular marketing opportunity.
KEY INSIGHTS
The strategic window concept provides a basis for anticipating and
responding to changes in the marketplace. The classic journal article on
the subject by Abell (1978), for example, advocates that firms should time
their investments in products or markets when such strategic windows
are open. In this sense, the concept captures the notion that there are
only limited periods of time when there is a good fit between market
conditions and a firm’s capabilities and competencies relative to a partic-
ular strategic marketing objective.
KEY WORDS Window of opportunity, timing, strategic action
IMPLICATIONS
Marketers engaged in planning processes aimed at anticipating and
responding to changes in the marketing environment may benefit from
a greater appreciation and understanding of the strategic windows con-
cept. For example, the timing and size of commitments of marketing
funds to new marketing initiatives and the phasing out of funding to
current initiatives are just some of the issues that marketing strate-
gists must address. Identifying and evaluating strategic windows in such
contexts can be of major importance to the long-term viability of a
firm.
APPLICATION AREAS AND FURTHER READINGS
Marketing Strategy
Lilien, Gary L., and Yoon, Eunsang (1990). ‘The Timing of Competitive Market
Entry: An Exploratory Study of New Industrial Products,’ Management Science,
36(5), May, 568–585.
Dickson, Peter R., and Giglierano, Joseph J. (1986). ‘Missing the Boat and Sinking
the Boat: A Conceptual Model of Entrepreneurial Risk,’ Journal of Marketing, 50(3),
July, 58–70.
BIBLIOGRAPHY
Abell, Derek F. (1978). ‘Strategic Windows,’ Journal of Marketing, 42(3), July, 21–26.
strategies, generic
DESCRIPTION
Logical frameworks endorsed by firms which are definable according to
dimensions of strategic scope and strategic strength.
KEY INSIGHTS
Put forth by Porter (1980), strategic scope looks at the size and com-
position of the market the firm intends to target from a demand-side
perspective, whereas strategic strength looks at the strengths or core
competencies of the firm from a supply-side perspective. Types of generic
507 strategies, generic
strategies in marketing can be said to include a product differentiation
strategy, a cost leadership strategy, and a focus/market segmentation
strategy, where the first two are broad in market scope and where the
focus strategy has a narrow target market focus. Each strategy has its own
direction, conditions, and implications for an organization’s objectives.
For example, a product differentiation strategy would focus on producing
a product that is unique and providing superior value to customers. As
customers perceive its uniqueness and value, it is unrivaled by competi-
tors and creates brand loyalty, unaffected by the price. A cost leadership
strategy would focus on large-volume production of a standardized prod-
uct, relying on economies of scale to achieve efficiency. The product is
usually basic, addressing a large customer base, and the firm’s reduced
cost results in a lower price that differentiates it in the market. It requires
heavy investments to produce large volume and good relationships with
suppliers. A market segmentation strategy, also called a focus or niche
strategy, would require the firm to focus on only a few selected target
markets. It seeks to identify and meet the specific needs of one or two
market segments, tailoring appropriate marketing mix plans for each,
focusing on effectiveness rather than efficiency.
KEY WORDS Strategic frameworks, cost leadership, focus, product differen-
tiation
IMPLICATIONS
Each of the generic strategies entails different costs, skills, and resources.
Differentiation strategy may dictate a premium pricing approach due
to the high R&D costs involved, and it requires skills, creativity and a
strong R&D department in the firm. To maintain cost leadership strategy,
the firm has to seek all possible cost reductions in all business aspects,
with a considerable market share advantage and preferential access to
resources, such as material, labour, and other process inputs. Losing on
such advantages can subject it to being copied by competitors. Market
segmentation strategy entails finding target segments least approached
by competitors and, as such, is often suitable for smaller firms, although
it can be used by any firm. Generic strategies have received criticism
on the basis of their lack of specificity, flexibility, and having a limiting
approach. Some firms move between strategies along their growth and
development.
APPLICATION AREAS AND FURTHER READINGS
Marketing Strategy
Zajac, E., and Shortell, S. M. (1989). ‘Changing Generic Strategies: Likelihood,
Direction, and Performance,’ Strategic Management Journal, 10, 413–430.
Murray, A. (1988). ‘A Contingency View of Porter’s “Generic strategies,” ’ Academy
of Management Review, 13(3), 390–400.
Karnani, A. (1984). ‘Generic Competitive Strategies: An Analytical Approach,’ Stra-
tegic Management Journal, 5, 367–380.
Dess, Gregory G., and Davis, Peter S. (1980). ‘Porter’s (1980) Generic Strategies as
Determinants of Strategic Group Membership and Organizational Performance,’
Academy of Management Journal, 27(3), September, 467–488.
strategy 508
Glazer, Rashi (1991). ‘Marketing in an Information-Intensive Environment: Stra-
tegic Implications of Knowledge as an Asset,’ Journal of Marketing, 55(4), October,
1–19.
International Marketing
Kim, Linsu, and Lim, Y. (1988). ‘Environment, Generic Strategies, and Performance
in a Rapidly Developing Country,’ Academy of Management Journal, 31, 802–827.
Szymanski, David M., Bharadwaj, Sundar G., and Varadarajan, P. Rajan (1993). ‘Stan-
dardization versus Adaptation of International Marketing Strategy: An Empirical
Investigation,’ Journal of Marketing, 57(4), October, 1–17.
Marketing Research
Wind, Yoram, and Robertson, Thomas S. (1983). ‘Marketing Strategy: New Direc-
tions for Theory and Research,’ Journal of Marketing, 47(2), Spring, 12–25.
Small Businesses
Lee, K. S., Lim, G. H., and Tan, S. J. (1999). ‘Dealing with Resource Disadvantage:
Generic Strategies for SMEs,’ Small Business Economics, 12(4), 299–311.
BIBLIOGRAPHY
Porter, M. E. (1980). Competitive Strategy. New York: Free Press.
strategy
DESCRIPTION
Along-termapproachorlogicalframeworkadvancingaplanofactiondesigned
to achieve a particular goal.
KEY INSIGHTS
Strategies, as reflected in marketing strategies, are the foundations set
before any marketing plans or actions are undertaken. They provide long-
term direction in achieving marketing goals and objectives. The viability
of any strategy is enhanced to the extent that it is aligned with the overall
business strategy of the organization.
KEY WORDS Plans, long-term plans
IMPLICATIONS
Among other elements, developing strategies requires careful considera-
tion of the main players in a market environment (sometimes referred
to as the ‘three Cs’)—the company, customers, and competitors. Market-
ing strategies are usually consciously adapted to improve performance
through constant monitoring of the market in terms of market trends,
competitive reactions, and buying behavior. Ideally, every individual in
an organization, and not just within the marketing function, should
understand the overall marketing strategy driving any tactical market-
ing programs undertaken. This is also the essence of a total integrated
marketing approach (see total integrated marketing).
APPLICATION AREAS AND FURTHER READINGS
Marketing Strategy
Cavusgil, S. Tamer, and Zou, Shaoming (1994). ‘Marketing Strategy–Performance
Relationship: An Investigation of the Empirical Link in Export Market Ventures,’
Journal of Marketing, 58(1), January, 1–21.
509 subcultural theory
Arnould, Eric J., and Wallendorf, Melanie (1994). ‘Market-Oriented Ethnography:
Interpretation Building and Marketing Strategy Formulation,’ Journal of Marketing
Research, 31(4), November, 484–504.
Smith, Wendell R. (1956). ‘Product Differentiation and Market Segmentation as
Alternative Marketing Strategies,’ Journal of Marketing, 21(1), July, 3–8.
Services Marketing
Zeithaml, Valarie A., Parasuraman, A., and Berry, Leonard L. (1985). ‘Problems and
Strategies in Services Marketing,’ Journal of Marketing, 49(2), Spring, 33–46.
Buisness-to-Business Marketing
Boyle, Brett, Dwyer, F. Robert, Robicheaux, Robert A., and Simpson, James T. (1992).
‘Influence Strategies in Marketing Channels: Measures and Use in Different
Relationship Structures,’ Journal of Marketing Research, 29(4), November, 462–473.
Marketing Research
Gupta, Ashok K., Raj, S. P., and Wilemon, David (1986). ‘A Model for Studying R&D.
Marketing Interface in the Product Innovation Process,’ Journal of Marketing, 50(2),
April, 7–17.
BIBLIOGRAPHY
Aaker, David A. (2005). Strategic Market Management. New York: John Wiley & Sons,
Inc.
Walker, Orville C., Jr., and Ruekert, Robert W. (1987). ‘Marketing’s Role in the
Implementation of Business Strategies: A Critical Review and Conceptual Frame-
work,’ Journal of Marketing, 51(3), July, 15–33.
subcultural theory
DESCRIPTION
Atheory that certain groups orsubculturesinsocietysharevalues and attitudes
that influence them in assimilating dominant cultural consumption patterns.
KEY INSIGHTS
While subcultural theory receives considerable attention in anthropol-
ogy and psychology, it also provides a basis for marketing research. For
example, groups of people forming subcultures may share demographic
and social characteristics and values, but they may also share common
motivations, consumption attitudes, and consumption behaviors.
KEY WORDS Values, attitudes, culture
IMPLICATIONS
Consumer typologies which are based on subcultural theory can help
enhance an understanding of subcultures’ common needs and motives
and assist in predicting consumption behavior. This can help target com-
munication strategies and marketing mix plans towards specific subcul-
tures more effectively.
APPLICATION AREAS AND FURTHER READINGS
Marketing Strategy
Cova, Bernard, and Cova, Véronique (2002). ‘Tribal Marketing: The Tribalisation of
Society and its Impact on the Conduct of Marketing,’ European Journal of Marketing,
36(5–6), June, 595–620.