Summary: Many people, excited to start their planning effort, simply begin at the wrong point. Our definition of strategy calls for “understanding a firm’s position within a competitive environment.” Marketing 101 provides a perfect guide to structure efforts in developing strategy. These are based on the four P’s — Product/Service, Price (or cost), Placement (or Channel — how do the firm go to market?), and Promotion (or advertising, web presence, etc.) relative to a given market. We offer this tool as guideline to (1) understand a firm’s markets, and (2) understand the competitive position of the product and/or service, price (cost), placement (channel), and promotion.
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Emerald Publishing Limited
Copyright © 2018 Steve Fairbanks and Aaron Buchko