Marketing and Retailing Strategy

Citation

Thrassou, A. (2007), "Marketing and Retailing Strategy", EuroMed Journal of Business, Vol. 2 No. 2, pp. 223-224. https://doi.org/10.1108/14502190710826077

In a globalised and fast‐changing world the fundamental principles of strategy and marketing still dominate academic and professional thoughts and actions. In changing circumstances though, a dynamic approach to classical theory is essential for organisational achievement. This is often taken to mean that existing theories and models are inapplicable to modern conditions. In reality, the key lies in the successful adaptation and implementation of these models by managers to their organisation's specific marketing environment. Unfortunately, basic and time‐tested managerial tools, models and techniques are not correctly applied in practice frequently enough.

This book effectively separates strategic thinking from tactical thinking and operational acting. This is achieved through the use of the Stratics model, developed by the authors. The Stratics model is on the surface a complex and accurate set of elements, forces and tools geared more towards the strategic level of management. In reality the process is conceptually simple and intuitive. It follows the tenet of the marketing business philosophy that states that marketing orientation has to provide an appropriate financial result over time, which is a prerequisite of an organisation's long‐term success.

The approach and structure of the book is such as to allow a gradual and in‐depth understanding of the various subjects covered. At the same time the reader is continuously provided with a good sense of direction through the book's ability to sustain a spherical and comprehensive perspective while focusing on individual subjects. The first part of the book is “Marketing deliberation” and includes the philosophy underlying this work as well the fundamental principles of situation analysis (internal and external audit), strategy and its related elements, forces and processes. The second part is “Marketing decisions” and covers the topics of marketing research and information systems, as well as those of segmentation, targeting, branding and positioning. The third and final part, the “Marketing mix”, naturally includes the four “Ps” of the marketing mix (product, price, place and promotion) and includes also a chapter that concentrates on the subject of “Services marketing” and its differentiating marketing characteristics. The work ends with an extended case study that incorporates and applies all the elements and concepts of the book in practice.

The book is serious, robust and well‐written. It brings together the cumulative knowledge, experience and ideas of its authors, while also being influenced by numerous experts whose work was critically examined, combined and included. The work has direct practical application to modern organisations and contributes a realistic context within which theory and practice are bridged. It is not infrequent for similar books that attempt the difficult task of balancing theory and practice to do so at the expense of the one or the other. Possibly, the strongest quality of the book is its ability to utilise theories and models to build a platform for professional action. Even more importantly though, the authors achieve this without even slightly compromising academic standards and without resorting to convenient simplifications and “how to” approaches.

It is a book that adds great value to the subject of marketing strategy both through its academic contribution and the direction it provides to professionals and practitioners. It is an excellent book and a constructively beneficial tool for academics, managers, consultants and business students.