Strategy+Business just posted an interesting article that pertains to one of my favorite topics of marketing strategy. It points out that strategy is “the result of choices executives make, on where to play and how to win, to maximize long-term value.”. It breaks down the article into a few sections that most marketers will recognize, which I’ve outlined here with quotes from the article.
Where to play:
The best way to define a target market is highly situational. It can be defined in any number of ways, such as by where the target customers are (for example, in certain parts of the world or in particular parts of town), how they buy (perhaps through specific channels), who they are (their particular demographics and other innate characteristics), when they buy (for example, on particular occasions), what they buy (for instance, are they price buyers or service hounds?), or for whom they buy (themselves, friends, family, their company, or their customers).
How to win:
The target market, value proposition, and capabilities must hang together in a coherent way. And good strategies call for the right amount of “capabilities stretch”: not too much or too little change from the capabilities a business already has.
See the full article here: http://www.strategy-business.com/article/cs00002