IntroductionDistinctive competence being the potential cornerstone of a strategy is characterized by three things: The consumers' need for the product or service, the rarity and inimitability of the product or service, and manageability of the product for the company and its employees. Without a need in the market, the product is worthless and a strategy would be of no significance. It is also important that other companies will not easily be able to produce and market the same kind of product or service in the same quality and standard that an operational firm has established. Less or no competition matched with market value equals profit. However, the longevity of the product in the market will also depend on whether the production can be reasonably sustained by the company in terms of availability of resources and manpower. The strategies surrounding the product market value must be founded on the organization's strength, with considerable consideration to its weaknesses.
Market Street
English: Supermercado de Wal-Mart in Spring Branch...
Wal-Mart checkoutThe company must be given enough room to troubleshoot should marketing problems surface, and it is imperative that other budget allocations are not to be affected.
Marketing, in fact, has a various roles in a firm or business; firstly, it connects the business with its target market, it provides the major link between the business and its customers. Secondly, as marketing focuses on the needs and wants of customers, it gives a business direction and help it to manage in a changing environment. Thirdly, it provides the information the business needs in order to change direction or adjust its tactics by providing new products or changing existing products.
AssessmentsI believe that all strategies in marketing should be formalized as much as possible. Henry Mitzberg's suggested crafting tactics in strategic marketing can be helpful but not for all huge companies especially the multi-nationals. In doing...