Strategic marketing process involves the planning, implementation and control of the products to meet the needs of consumers in the market place. Now days, marketers have struggled to come up with was of making their products to flow faster in the market place. In the competitive market, corporate and business have strategize to come up with the services or products that addresses a specific consumer need(Daft, 2014). For example, financial institutions findings the safest means of sending money through mobile devices, or food industries findings methods of producing health food that are environmental friendly, or airliners improving their customer service and at the same time reducing the ticket prices or pharmaceutical companies coming up with drugs that are affordable and more effective. All these process involves three phases such as planning, implementing and control. It is important to note that strategic marketing process revolves around carrying out market research to determine specific needs of the consumers. Thereafter, the organization, corporations and business should deliver these products and services to the consumers in a more affordable means.
Before the organizations or corporates identify the potentials needs of the consumers, they have toevaluate their strength in terms of capabilities and resources. These include human resources, times and financial resources. In addition, the corporation needs to factor in aspects of competition, technology, economic, social and political dynamics that operates within the market place. These aspects influences the productivity, provision of services and movement of products from the factory to the market place. Before entering into planning phase, it important for the marketing team to considers all these market dynamics because it contributes greatly to what consumers needs and the ability of the corporations or business to deliver these needs.
Once the marketers have understood the environment they operate which include needs of the customers and examining the needs that are unlikely to fulfilled, it is time to enter planning phase. It is important for business and marketers to pull resources together in order to fulfill the needs of the consumers. Planning phase involves the process of carrying out market and marketing research as well as coming up with products for testing. The corporations may make use of planning stage to come up with decisions about promoting, pricing and distributing their products or services in the market place. This first phase is very important because it determine the successes or failures of the strategic marketing. Therefore, planners should considers all the factors and aspects operating in the market environment. Planning phase involves four key components that guides the businesses this stage: SWOT analysis, marketing program, set marketing and product goals, and marketing-product focus and goal setting.
Read also Strategic Marketing
Implementation phase is the process of executing the plan. It involves placing services and product developed by the business into the market for consumption. It include using the promotion and distribution plan to reach the targeted market such as reminding and persuading customers the existence of your product. Implementation phase involve four components:
- Obtaining resources: involves the process of summing the resources such as financial and human resource to come up and market the new products.
- Designing marketing organization: Marketers needs to come up with a marketing hierarchy that ensures the plan is implemented to completions.
- Developing planning schedules:In order to ensure that evaluation process carried out effectively, the marketers need to allocate each task a specific time for accomplishment.
- Executing the marketing plan: This involves the process of executing marketing plan in detail. These include focusing on tactics and strategy as stated in the marketing plan.
This can be described as an evaluation phase which involves the process of checking to ensures that the outcome of the task is in line with goals set. The marketing manager should ensure that the schedule is followed as planned, any deviations should be correctly quickly in order to ensure that strategic marketing process stay in in course. For example, the fluctuations in dollar may be taken care by enter injecting more dollars to guard against these fluctuations.
Marketing Mix generally involves the use of 7Ps variables anchored on product, promotion, price and place, whereas marketing Mix strategy refers to adopting and implementing the appropriate course of action needed to help company to achieve long-term objectives and gain competitive edge.
- Product: The design and features included in the new products that satisfies the needs and wants of the consumers.
- Promotion: For example, the canon industry to effective promote introduction of the new camera, the corporation needs to actively advertise, enhance public relations and convince customers to buy the new camera through sales promotion.
- Price: The price of the new product should be affordable to the consumers. This ensures the product translates to the value of benefits provided.
- Place: The products should be distributed conveniently to reach customers in consistent with their purchasing patterns.
Liked this paper? Hire one of our writers to write a unique hiqh quality for you! Order Unique Answer Now