Marketing Strategy as a Part of Corporate Strategy - Essay Example

Corporate strategy makers should focus on identifying the synergies existing between different operating units. For this purpose, most successful organizations develop their marketing strategy in tune with the corporate strategy for the whole company. Different companies accomplish this goal in a multitude of ways and there exists considerable debate regarding the method in which the strategies for functional activities of the firm might be coherently developed with the corporate strategy of the firm (Furrer, 2010).

However, one action is found to be common among most companies around the globe. Their executive board, which is responsible for framing the organizational corporate strategy, consists of representative members from all the functional areas within the firm (Raynor, 2007). The fact that is implied in this context is that the importance of marketing in corporate decision-making goes unchallenged. Marketing activities make one of the largest contributions among other functional activities.

In this section of the paper, the importance of marketing in corporate strategy is explored. . Such synchronization might be made and mismatches between the product development strategy and marketing strategy might be minimized if the basic marketing framework is chalked out centrally by the executive board of the organization (Collis, n.d.). Evidence brief (organize the evidence) Corporate strategy making is an important function for any growth-oriented firm. Often, marketers and critics make a fine distinction between the ‘business strategy’ and ‘corporate strategy of an organization.

Commonly, in business terms, business strategy is the set of strategies developed by strategists in an organization in order to ensure that none of the different business ventures of organizations become successful as individual business units. The strategy adopted by a single strategic business unit (SBU) within a diversified organization is known as the business strategy. But, corporate strategy deals with the operations of the organization as a whole. Therefore, the business strategy might be considered as a part of the corporate strategy.

Discussions regarding corporate strategy are always made parallel to the mechanisms that run within the entire organization (Ignatiuk, 2009). This implies that all functions within the organization have to be considered while making the firm’s corporate strategy. Distinctive components within the corporate strategy link the different parts of the organization and act as the driving force behind enhancing corporate interaction. Various pieces of evidence show that a successful corporate strategy is a compilation of seven different strategic fields.