Marketing Reading: Framework for Marketing Strategy Formation

The latest revision (December 2019) builds on new examples that explore key concepts in creating a customer-focused marketing strategy, from setting an initial strategy to implementation. The case of fitness startup Peloton and its launch is now the focus of the reading and forms the basis of discussion of the 5Cs. Additional content around a basic framework for thinking through the key decisions in the marketing process and learning best-practice approaches and models is woven throughout the reading. Learn more: bit.ly/marketingcc-guideCore Curriculum Readings in Marketing cover fundamental concepts, theories, and frameworks in marketing. For classroom use in higher education, this Reading is accompanied by a Teaching Note, test bank, and exhibit slides. This reading provides an introduction to the framework for marketing strategy: how a business creates and retains a customer, as well as the growing importance of making customers active ambassadors for its brands. The reading begins with a description of the 5Cs analysis for developing a marketing strategy (customer, company, collaborators, competitors, and context). It then discusses two sets of decisions every organization needs to make: the Aspiration Decision (what the company hopes to achieve in the market) and the Action Plan Decision (or marketing mix of the 4Ps-product, promotion, placement, and price). Finally, it considers the different kinds of actions required for customer acquisition vs. customer retention.This reading can serve as an overview reading for the Core Curriculum in Marketing series.