Marketing strategy: taxonomy and frameworks

Purpose – The purpose of this paper is to present taxonomy of marketing strategy concepts and integrative frameworks that differentiate and integrate its formulation and implementation processes. Design/methodology/approach – The paper is conceptual based on a review of academic literature on marketing strategy chronicled in major marketing journals January 1990-April 2006. We present selected references classified by key marketing strategy topics for further pursuit by interested readers. Also, the paper reflects our experience and views based on practices chronicled in corporate case studies and trade journals. Findings – The literature casts marketing strategy formulation and implementation in the context of strategic planning and marketing strategy process models. The focus of the strategic planning model is on achieving corporate financial objectives through the implementation of product, pricing, promotion, and place (distribution) programs. The focus of the marketing strategy process model is on the formulation of segmentation, targeting, differentiation, and positioning strategies to create, communicate, and deliver the value to the customer resulting in gaining customer satisfaction and loyalty; i.e. marketing objectives. Practical implications – The propositions and frameworks constitute guidelines useful in the process of marketing strategy formulations and implementation by practitioners and establish bases for academic researchers to test concept validity, examine concept differences, and explore concept relationships. Originality/value – This paper advances propositions that clearly differentiate, but interrelate, marketing strategy formulation and implementation processes and recast the strategic planning financial-oriented model and the marketing strategy process models into a set of frameworks to demonstrate that: the road to healthy financial results must first be paved by sound marketing strategies; explicitly state and underscore the role of branding and organizational strategies in mediating formulated marketing strategy into actionable marketing programs; and broaden the concept of firm orientation to reflect its role in mediating corporate strategy into a set of functional strategies including marketing.