Marketing Platform Strategy

Platforms have revolutionized the way we think about marketing and strategy. Further, the platform strategy is a growing area that has provided the business firms with multiple opportunities for generating value. Many firms are employing noticeably different tactics depending on whether they see a platform as a way to improve performance (by focusing on what they do best), grow their footprint (by leveraging capabilities that in the past they would have had to own), innovate (drawing on that vast majority of smart people who aren't strictly in their employ), or capture more value. Platform thinking has thus revolutionized the way value is created and transferred. The business, which will survive in the modern era, should place a platform strategy as one of the key priority areas. It is not just enough to prioritize the platforms, but understanding that they can be integrated within a marketing strategy is very essential. Even though the study on platform strategy only focuses on digital platforms, this chapter provides a comprehensive overview of both digital and non-digital platforms and the strategic implications of both.