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Theories of Strategic Marketing - Coursework Example

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This coursework "Theories of Strategic Marketing" focuses on some of the commonly used approaches to acquire a workable marketing strategy that includes blue ocean strategy, porters five force model, resource-based theory, cost leadership, and SWOT analysis among others. …
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Theories of Strategic Marketing
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Download file to see previous pages The blue ocean strategy basically targets new untouched fields. Blue oceans are marked by “untapped market space, demand creation, and the opportunity for a highly profitable growth” (Kim and Mauborgne 2005, p.4). Therefore, the blue ocean strategy is deeply dependent on innovation and discovery of new consumer demands that are not yet explored. The blue ocean strategy is focused on improving the current market, for instance, by combining two or more closely related demands. In addition, it is highly dependent on the quality while still maintaining low costs of the products and services offered. The less valued products and services are replaced by the highly valued and demanded ones thereby raising the standards of the market and making it stronger. For example, in the case of Cirque du Soleil that redefined the art of circus thereby crippling its competitors. Cirque found a way of combining both theatre and circus thereby establishing its own customers. In addition, it did away with the animals hence reducing the operational cost and consequently the cost of its services (Kim and Mauborgne 2004, p.2-8). Since the blue ocean strategy creates a new market, there is limited or in most cases no competitors. Therefore, the rules of the market are solely left to the firm in the blue ocean. The adoption of a blue ocean strategy gives a firm a competitive advantage over the others.
There have been arguments on whether the resource-based view has yet established itself into a theory or it is still just a view. Whether a view or a theory it surely has greatly impacted the marketing field. The resource-based theory is based on “the principle that the source of firms' competitive advantage lies in their internal resources, as opposed to their positioning in the external environment” (Raduan, Jegak, Haslinda, and Alimin 2009, p.5).  ...Download file to see next pagesRead More
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