Often (well, not often, but a couple of times) in class, the question was raised about what exactly is the difference between strategy management and marketing management. I guess the question does come up in many marketing and strategy classes not because the answer is difficult, but because it takes us a while to warm up to the two concepts :)
I was unsure as well. After all, both courses talk about uniqueness in value proposition (UVP which is another buzz word I’m only just beginning to understand fully) and about segmentation (who to serve), targeting (more in marketing than strategy course) and positioning.
Now that we have a good 15 hours of lectures in both courses and we have had the chance to read more material, it turns out that the answer is quite simple. Marketing is outward looking and Strategy is inward looking.
Marketing is about identifying the customer/ market needs, how these needs differ across time and space, which are the best customer segments to serve and how best to communicate the unique value proposition to the segment.
Strategy on the other hand is more inward looking about how to choose the activities to perform, and those not to perform and to create a strategic fit in the configuration of these activities in a way that it creates a unique value chain – a sustainable competitive advantage – which produces the unique value proposition to the customer.