The four key elements of Core Strategy

 

Core strategy is the glue that holds your marketing together. It is a statement of your business’ objectives and how you plan to achieve them. However, it is not an easy thing to write or develop, as it must be based on a lot of thinking and analysis.

Your Core Strategy is literally the pillar of your business. It gives you focused direction and helps you make informed decisions for the future.

The four key elements of Core Strategy can be broken down like this:

Objectives

Your “top-level” business objectives and your marketing objectives, ie. where you want your business to be over a period of time, and what you need to do to get there.

Product(s) or service(s)

The things you sell. Each product, or product group, should have its own very specific proposition.

Market(s)

What market are you operating in? The market is not just all about your customers, it also describes your competitors and where you sit among them, also known as “positioning.”

Resources

These are the resources you need to deliver your strategies. For many businesses, resources are scarce. So, it is really important to understand what you have at your disposal internally versus what resources you need to seek out.

The four elements of Core Strategy should not be taken lightly. For each, there must be some deep diving into your business, your customers, your competitors, and your resources and competences.

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