Marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. ...
STRATEGIC MARKETING CONCEPT IS A PHILOSOPHY, FOCUS, ORIENTATION
WHICH EMPHAISES THE PROPER IDNETIFICATION OF MARKETING OPPORTUNITIES
AS THE BASIS FOR MARKETING PLANNING AND CORPORATE GROWTH.
Scope of strategic marketing
Marketing is a philosophy that leads to the process by which organizations,
groups and individuals obtain what they need and want by identifying value,
providing it, communicating it and delivering it to others. The core concepts
of marketing are customers' needs, wants and values; products, exchange,
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communications and relationships. Marketing is strategically concerned with
the direction and scope of the long-term activities performed by the organization
to obtain a competitive advantage. The organization applies its resources
within a changing environment to satisfy customer needs while meeting
Implied in this view of strategic marketing is the requirement to develop
a strategy to cope with competitors, identify market opportunities, develop
and commercialize new products and services, allocate resources among
marketing activities and design an appropriate organizational structure to
ensure the performance desired is achieved.
There is no unique strategy that succeeds for all organizations in all
situations. In thinking strategically about marketing many factors must be
-the extent of product diversity and geographic coverage in the
-the number of market segments served,
-the role of branding,
-the level of marketing effort,
-and the role of quality.
It is also necessary to consider the organization's approach to new
product development, in particular, its position as a technology leader or
follower, the extent of innovation, the organization's cost position and
pricing policy, and its relationship to customers, competitors, suppliers
The challenge of strategic marketing is, therefore, to manage marketing
complexity, customer and stakeholder expectations and to reconcile the
influences of a changing environment in the context of a set of resource capabilities.
It is also necessary to create strategic opportunities and to manage
the concomitant changes required within the organization. In this world of
marketing, organizations seek to maximize returns to shareholders by creating
a competitive advantage in identifying, providing, communicating and
delivering value to customers, broadly defined, and in the process developing
long-term mutually satisfying relationships with those customers.
A strategic marketing approach attempts to determine ways of offering superior
value to the more profitable segments without damaging individual customer
relationships. A strategic marketing approach reflects an integrated approach based on
research and feedback. Customer needs are first evaluated through market
research, an integrated marketing effort is developed to satisfy customers so
that the organization achieves its goals, especially those affecting shareholders.
This is a customer orientation and contrasts very bluntly with a narrow
competitor orientation based on sales in which the organization by capitalizing
on the weaknesses of vulnerable competitors or by removing its own
competitive weaknesses attempts to obtain high sales and long-run profits
Strategic marketing concept
Strategic Marketing has been defined as the management function responsible for
identifying, anticipating and satisfying customer requirements profitably.
Strategic Marketing is, therefore, both a philosophy and a set of techniques which
address such matters as research, product design and development, pricing,
packaging, sales and sales promotion, advertising, public relations, distribution
and after-sales service. These activities define the broad scope of
marketing and their balanced integration within a marketing plan is known
as the marketing mix. A modification of a definition of strategic marketing
suggests that marketing is the management process that seeks to
maximize returns to shareholders by creating a competitive advantage in
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providing, communicating and delivering value to customers thereby developing
a long-term relationship with them. This definition clearly defines the
objectives of marketing and how its performance should be evaluated. The
specific contribution of marketing in the organization lies in the formulation
of strategies to choose the right customer, build relationships of trust with
them and create a competitive advantage .
A marketing strategy consists of an internally integrated but externally focused set of
choices about how the organization addresses its customers in the context of
a competitive environment. A strategy has five elements: it deals with where
the organization plans to be active; how it will get there; how it will succeed
in the marketplace; what the speed and sequence of moves will be; and how
the organization will obtain profits .
Processes Involved in Making Strategic Marketing Plan. (L.O-1.2)
Links to Corporate Strategy (L.O-1.3)
Task - 2:
Value of Models used in Strategic Marketing Planning (L.O-2.1)
Links between Strategic Positioning of Disneyland resort and Marketing Tactics (L.O-2.2)
Merits of Relationship Marketing (L.O-2.3)