Read the article Corporate Strategy vs. Marketing Strategy, then explain how the two strategies will intersect to produce a successful plan for your chosen project idea.
Corporate Strategy Vs. Marketing Strategy
Corporate Strategy vs. Marketing Strategy
Integrating Corporate Strategy and Marketing Strategy
A strategy is very important in the management of any business operation. there are some differences between corporate strategy and marketing strategy. The objective of a corporate strategy is to increase profitability through activities such as improving sales, reducing production cost, and product diversification. The corporate strategy focuses on the long-term direction of an organization (Thompson, 2019). The main objective of a marketing strategy is to make and sell products. Marketing strategies involve activities such as the marketing mix – product, price, place, and promotion (4Ps), pricing models, branding, advertising, and other forms of sales promotion activities. Marketing strategies focus on the short-term and deal with the targets and goals that need to be achieved in the short run. Even though the two strategies are different, they should align in order to achieve success. The corporate strategy provides a platform on which the marketing strategy is established (Thompson, 2019). The proper alignment of the two results in the creation of competitive advantage.
The product I have selected for my project, the Chrono App, provides a great example of a case where the corporate strategy intersects with the marketing strategy. DrChrono’s corporate strategy includes product line diversification and raising the revenues made by the company. In order to raise revenue, there is a need to innovate and come up with new products. The new product aligns with the diversification strategy used by the company. In order to support the corporate strategy of differentiation, the marketing strategy will ensure that the new product is unique and that it is differentiated. The marketing strategy of the product will also include branding, advertising, and public relations in an attempt to contribute to the company’s next generation of solutions and products.
Thompson, J. (2019, February 04). Corporate Strategy Vs. Marketing Strategy. Retrieved February 15, 2019, from https://smallbusiness.chron.com/corporate-strategy-vs-marketing-strategy-63753.html