Strategic Capability and Direction

This chapter deliberates strategic capabilities and direction toward developing long-term marketing strategies by strengthening the organizational capabilities and competencies. Developing organizational vision and mission with employee engagement and deriving sustainable advantages of continuous improvement efforts involving employees form the core of discussions in this chapter. This chapter discusses the role of growing technology with artificial intelligence (AI), augmented reality (AR), virtual reality (VR), machine learning (ML), large language modeling (LLM), and Metaverse in developing competitive marketing strategy and creating consumer value. It is proposed to confine the intensive discussion of technology in marketing which include AI, ML, AR, VR, MR, LLM, and Metaverse to this chapter which focuses on the discussion of strategic capabilities and competencies. As the book has various perspectives on consumer behavior and marketing strategies, technology cannot be a part of discussion in all chapters. However, the core marketing-mix product, price, place, and promotion strategies will be discussed contextually to the technology in marketing. In addition, the role of sustainability in developing marketing strategies, impact of digital transformation (AI, ML, AR, VR, LLM, and Metaverse), and consumer privacy, ethical dilemmas, and data analytics will be discussed briefly in this chapter on Building Capabilities and Competencies. In addition, market leadership, technology used in marketing, and digital visualization topics have been covered in this chapter. The brief case studies discussed in this chapter include the downfall of Blackberry and IndiGo Airlines with the low-cost business model.