Marketing strategy (MS) was originally defined by employing various terms by numerous authors. Borden, Frame, Gordon, and Smith (1954) and Borden (1986) were among the first to coin the phrase “marketing mix.” Smith (1956) identified alternative marketing methods as “product differentiation” and “market segmentation.” Dean (1951) introduced the concepts of “skimming” and “penetration” to denote different pricing, etc. Wind and Lilien (1993) established the “6C model” in 1993, which includes a broad six-factor MS, comprising “Customers,” “Channels of Distribution,” “Competitors,” “Company,” and “Culture,” and “Candidates for Cooperation.” This six-factor model replaced the preceding 2C (Company – Customers) and 3C (Company – Customers – Competitors) models.
Shaoming Zou and Cavusgil (2002) discovered main standardizations of global marketing strategy comprising product, promotion, channel structure, pricing, marketing activity concentration, marketing activity coordination, worldwide market involvement, and competitive move integration in a later research. According to Corey (2003), MS is a distinct and valuable position covering a variety of duties, but the Business Dictionary describes it as a comprehensive strategy encompassing all marketing objectives. 1
According to Craven, Piercy, and Prentice (2000), marketing strategy gives a competitive edge for the firm by boosting value-added to the business’s clients.
Similarly, Özsomer and Prussia (2000) established a marketing strategy based on three aspects, including target market similarity, standardised marketing strategy, and centralised market structure, in which the authors demonstrated that the MS is favourably connected with business success. Furthermore, the MS’s long-term business structure and goals bring value (Hong, P., & Nguyen, T.-T., 2020).
References
Borden, N. H., Frame, S., Gordon, W. C., & Smith, C. W. (1954, April). An appraisal of
census programs for marketing uses. Journal of Marketing, 18(4), 331–360.
Borden, N. H. (1986). Marketing management: Analysis, planning and control (sec-
ond edition). Journal of Marketing (pre-1986), Jan 1973, 37(000001), 110.
Smith, W. R. (1956). Product differentiation and market segmentation as alternative
marketing strategies. Journal of Marketing, 21(1), 3–8.
Craven, D., Piercy, N., & Prentice, A. (2000). Developing market-driven productstrategies. Journal of Product & Brand Management, 9(6), 369–388.
Shaoming Zou, S., & Cavusgil, T. (2002). The GMS: A broad conceptualization of globalmarketing strategy and its effect on firm performance. Journal of Marketing,66(4), 44–56.
Özsomer, A., & Prussia, G. E. (2000). Competing perspectives in international market-ing strategy: Contingency and process models. Journal of International Marketing,8(1), 27–50.
Corey, R. (2003). Marketing strategy – An overview. pp. 9500–9505. Harvard BusinessReview.
Hong, P., & Nguyen, T.-T. ( 2020). Factors affecting marketing strategy of logistics business – Case of Vietnam. The Asian Journal of Shipping and Logistics, 224-234.
