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 1There
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.htmlYour 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.ReferencesMarzec, 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.htmlAny questions regarding post please feel free to ask.
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