Question description
Respond to two discussions and offer a critique of their
posts and any suggestions to enhance their plans or issues to avoid. The
response of their discussion is regarding the following question 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.
Discussions are below.
250 words each, include references.
Discussion 1
There are a number of differences between corporate
strategies and marketing strategies. The main objective for corporate strategy
is profitability, so plans focus on such things as improving the balance sheet,
increasing profits, diversifying dependency on a single revenue stream, or
reducing cost to improve margin. Corporate strategy comes from a long-term perspective
with an eye on the overall organization and its direction.
In contrast, the primary objective of a marketing strategy
is to make or sell products, so activities focus on the marketing mix (product,
price, place, and promotion). They may include creating a product with a strong
differentiator, creating pricing models that support profit goals, or using
promotions and advertising that support branding. Marketing strategy comes from
a daily or more short-term perspective with targeted goals and immediate
evidence of results.
While there are differences between the two strategies,
there should also be some overlap and alignment. In fact, corporate strategy
provides the structure or basis upon which marketing strategy should be built,
and both strategies can be used to formulate the marketing mix and create a
competitive strategy (Your Article Library, n.d.).
My new product, AccelRN, provides a good example of where
corporate strategy and marketing strategy intersect. HealthStream’s corporate strategy includes
diversifying its clinical development product line and increasing revenue per
clinician. We need more products to do this, but they must meet a unique and
timely need for clinicians and have compelling benefits that resonate with
decision makers or they’ll dismiss the product as “not critical” and “critical”
is the only kind of product that makes it into hospitals when margins are paper
thin. To support this corporate strategy, the marketing strategy was to create
a unique product with strong differentiators (AccelRN) and target a specific
demographic (new nurses – they have the highest attrition rate and represent
the highest turnover costs to hospitals) within the clinical market. The
marketing strategy will also include the use of advertising, social media, and
public relations (thought-leadership articles and papers) to underscore
AccelRN’s differentiators and its contribution to the HealthStream brand as the
next generation clinical development solutions.
Ashe-Edmunds, S. (2016) Corporate strategy vs. marketing
strategy. Chron. Retrieved from http://smallbusiness.chron.com/corporate-strategy-vs-marketing-strategy-63753.html
Your Article Library (n.d.) Corporate Strategy vs. Marketing
Strategy. Your Article Library. Retrieved from:
http://www.yourarticlelibrary.com/marketing/corporate-strategy-vs-marketing-strategy/43327/
Discussion 2
Companies formulate
strategies to plan and set goals to work toward long-term financial success
(Edmunds, n.d.). The corporate strategy
provides direction and structure for the entire organization (Marzec, 2013).
Part of the overall corporate strategy is the organizations marketing strategy.
The marketing strategy refers to the way in which the organization positions
their product to the market place(Ashe-Edmunds, n.d.).
The Breakfast Ball
(“TBB”) began operations recently and is a new company to the market. They
currently operate only in the New England market covering courses that are
close to the company headquarters. The corporate strategy for TBB is to
generate strong revenues in order to expand the company to different regions in
the United States. As revenues and profits increase TBB will be able add
additional golf courses currently not covered, as well as develop new version
of the application to enhance the user experience. To increase revenues the
company has to onboard new users, who pay a fee to download the application and
a monthly membership. To target customers the company’s marketing strategy is
to position the application as a cost effective, high quality application, that
can improve everything golfers game. The biggest differentiators for TBB is the
pricing compared to the competition and the patented technology the company
uses to compute the effects weather has on the golfers round. By positioning
the application as a quality low cost alternative to products that are
currently on the market the company will grow their user base and be able to
expand their coverage to different regions of the United States. The products
marketing strategy highlights the strengths of the company and is in line with
the corporate strategy to expand the company into different regions to grow
future revenues.
References
Marzec, M. (2013, August 29). Marketing strategy vs.
business strategy. SBN Interactive. Retrieved from
http://sbninteractive.com/2013/08/29/marketing-strategy-vs-business-strategy/
Ashe-Edmunds, Sam (n.d.). Corporate Strategy Vs. Marketing
Strategy. Small Business.
Retreived from
http://smallbusiness.chron.com/corporate-strategy-vs-marketing-strategy-63753.html
Any questions regarding post please feel free to ask.
