Marketing strategy is the analysis, strategy development and implementation activities in selecting target market strategies in line with the interests of the organization. Strategic marketing is an important concept that gives focus to overall group performance rather than the traditional concern of increasing sales. It is solely a market-driven process of strategy development and thus builds competitive advantage by combining the customer influencing strategies of the Organization into an integrated array of market focused activities (Cravens & Piercy, 2013).
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Role of Strategic Marketing in an Organization
Strategic marketing plays a number of roles in the organization including setting marketing objectives, developing, implementing and managing the marketing programs. Setting marketing objectives is accomplished by positioning the marketing strategies designed to meet the needs of customers in each target group. It also ensures that the organizations management chooses the right outputs to bring about desired results. A marketing strategy helps create products and services with the best chances of making profit.
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The process of market research takes into consideration of what competition is doing and the analysis emerging trends. Setting right price for products or services based on market research data is an effective marketing strategy. The pricing strategy requires selling at or below the competition’s price and establishing an efficient distribution network. Conducting Market research helps to create an excellent business brand. When an organization has a concrete marketing strategy, departments work efficiently, since they are all working on the same plan.
Processes Involved In Strategic Marketing
Strategic marketing is the process establishes clear direction and a unified purpose for the organizations marketing strategies. The conclusions are reviewed in a robust marketing plan which is regularly updated. There are five steps in strategic marketing; the first one is identifying the mission and organization; situational analysis and the objective setting this leads to developing a marketing strategy and finally planning and evaluation. Strategic marketing articulates the organizational role and its goal to be dynamic to consumer needs over the long term. The vision and mission of the organizations help the organizations to identify effective marketing solutions.
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The Organizations also conducts an SWOT analysis that helps evaluate, prioritize cooperative group strengths. The SWOT analysis identifies weaknesses and opportunities while analyzing the threats. Strengths and weaknesses form part of the internal factors in the organizations control. Setting marketing objectives forms the third step in strategic marketing. These goals are measurable goals that provide decision makers a tool for assessing progress. Objectives are usually expressed using quantitative targets like markers share, sales volume and revenue. It is important that each objective is achievable within the fixed period. Strategy development forms the fourth part of strategic marketing, and it involves target market selection. Planners must identify adequate implementation tactics such as efficient use of the marketing tools. It should encompass the right price and promotion with an effective distribution to reach and target prospective buyers. The final step involves evaluation that specifies when, how and by whom tactics will be monitored over time (Cravens & Piercy, 2013).
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