Strategic Marketing is that which takes to the process by which organizations, groups and individuals get what their desire and want by identifying value and delivering the thing to others. The nucleus concepts of marketing are customers desires related to products, exchanging things, communications and relationships. Marketing is strategically referred with the way and scope of the long-term activities executed by the company to gain a competitive benefits.
Organizational Strategic Planning
Strategic planning for multi business happens at every organizational level. Strategic planning of higher organizational levels provide direction for strategic plans at lower levels. We can say, lower-level plans are evolved to fulfil higher-level plans. Strategic planning necessary to integrate and consistent throughout in levels, because of this relationship.
Organization plan about their product and price also plan about their business as their business need. Mostly, firms prepare formal strategic plans at the corporate, different functional managers participate in planning process like, sales managers, product managers, marketing researchers, production managers, and financial managers. Companies have to plan about activities and customer desires.
The Strategic Planning Process
Every organisations have a different ways and their approach of strategic
Planning. This planning process implement at every level. It easy to understand strategic planning if we show it step by step. In the business world, in many organizations lot of stages so they do not to follow such a step-by-step approach.
Marketing functions are also very important component of business strategies and approach of marketing should be communicated in planning of marketing. Strategic mix that supply the enterprise market.
Competitive advantage concerns to the way that how organisations get consumers to buy their products than those which are offered by competitors. There are two basic strategies which are possible. Mostly, business can find a way to compete by offering same products and services as competitors. Business can also compete by offering something different to the customers better than competitors’ products. If it is successful in achieving the target with the help of this strategy then the business can charge higher prices than its competitors do.
1. Explain the term marketing strategy in terms of how such a strategy helps a business unit achieve its marketing objectives.
Marketing strategy is a procedure that can grant to organization to focus its resources on the possibilities to incline the sales and get a competitive benefits. Managers should establish main objectives for the organisation, business and marketing. The objectives should base on the analysis of the situation which is current and the environment of marketing.
Strategic Market Objectives
The main motive of marketing is to build goals and functions of the organisation and examine the strategies of competitors in the markets. The objectives focus on the company’s desire to improve the organization’s competitive strength and long-term market position through the customer value.
It mainly focus on winning market share, customer service or product innovation, achieving lower costs, increasing the company’s reputation with customers and capturing attractive growth opportunities.
The following are the examples of strategic market objectives:
‘ Higher product quality
‘ Quicker design-to-market times than rivals
‘ A bigger market share
‘ Strong reputation with customers than rivals
‘ customer service
‘ customer satisfaction at higher level
2. Explain, identify and describe the sixstages of the strategic marketing planning process.
An actual marketing plan is strategic mixtures of actions that should valuable for decisions. The following steps are beneficial for effective marketing strategy that will permit the marketing team to emphasis on the purpose and objectives of the organization.
Analyse target market:
Market research is the efficient plan to make a analysis of rental aid to known opportunities to gain market share and a gap that may survive in the product and services which organisation provide, equate to those sought for membership base.
Set marketing objectives:
If an organisation need to increase market share around a branch and particular rise its share of the bill market then setting goals is the 1st step should be in the area.
Tactics: Classify and complete by target market and setting goals, designing a specific tactic to do tasks theses. For example, if the market search exposed that a-was-a small percentage of the portfolio or loans from current members in a demographic ambitious by credit, a loan re-conquest movement would be appropriate tactics years to assistance surge penetration in the loan process.
Selecting appropriate markets:
Suitable marketing channels are obligatory for each target market. With marketing materials essential to explore ways to ensure the usage of new and non-traditional marketing. These days the Internet and communicating Web-based Web sites and social media pages are lists longer used. Consumers who have substantial amounts accept new Internet technologies and smart phones. Requires effectual market to find new ways to involve and interact with communications marketing consumers.
Planners should make sure they exist to analyse the results of the marketing exertion. In particular, keep track recommendation sources, social networks are authoritative and reasonable tool for marketing know about the appraisals or in other words, we can say that they are happy from our products and services. Then social media marketing plan for customer comment steps, they can yield the preferred results.
3. Define and evaluate with examples the links between strategic marketing and corporate strategy.
Links to corporate strategy are:
a) Mission statement
b) Organisational structure
c) Corporate responsibility and ethics
d) Dynamic strategy (carpenter and sanders)
e) Knowledge management systems
A strategy is a basic archetype of the current object and planned placement of resources, and communication of an organization of markets, competitors and other environmental factors. According to Mullins, JW & Walker, OC, it stated strategic functions First (1) What (goal), (2) where (is all industries and product-market and development), and (3) How (All resources and activities assigned to each market products to meet environmental and terrorist threats and opportunities for competitive advantage).
a) Mission statement:
A mission statement is a statement of the determination of a company, organization or person, its cause for existing. The mission statement should be guided the actions of the association, spell out its overall goal, offer a path, and guide decision-making. It delivers the framework or setting within which the company’s strategies are expressed. It is like a goal for what the company needs to do for the world.
b) This is the policy framework of whole lines of communication everything strong-minded and authority, and the distribution of roles within an organization (Hamermesh, 2013). There are basically two types of organizational structure, namely centralized and decentralized structures. Authority and decision making in the centralized structure is focussed in the chain of upper management levels. Decentralized structure permits the distribution of energy under management. Structure and role of the collective marketing strategy to assistance the organization attaining the objective ICT organization.
c) Corporate responsibility and ethics:
Corporate responsibility is to classify and explain the problems of society in a cost effective manner. The usage of business ethics: honesty and quality of services in the result assistances build the status of the company. Businesses work in a broader social environment in which they have a duty to a range of stakeholders including the wider community. The term states to the responsibility that modern business organisations have to creating a healthy and wealthy society. Responsible businesses are responsible citizens. This accountability is reflected through moral practice.
d) Dynamic strategy:
It seems regularly in discussions and writing about strategy and is used in two separate. The dynamics strategy and presentation concerns the ‘content’ of strategy-initiatives, selections and decisions assumed in an attempt to recover performance and the result that ascend from these managerial behaviours. The dynamic model of the strategy procedure is a way of understanding how strategy actions happen. It identify that strategy planning is dynamic that is strategy-making involves a complex design of movements and replies. It is incompletely planned and partially unplanned. A literature search demonstrations the first of these senses to be both the earliest and most extensively used meaning of ‘ strategy dynamics’, though that is not to reduce the position of the dynamics view of the strategy process. In current scenario organizations are using dynamic strategy. The dynamic strategy that can make a change because of the weather. At some point the market demand is fluctuating due to certain necessities which make it easy to make a dynamic business strategy. Company should attention on productivity, efficient, energetic and aggressive forms. Organization must grow your product so far.
d) Knowledge management systems:
e) Knowledge management is the process of capturing, developing, sharing and effectively using organisational knowledge. It also states to a multidiscipline approach to attaining organisational objectives by making the best usage of knowledge. Knowledge management includes courses trained in the arenas of business administration, information systems, management, library and information sciences. Knowledge management efforts typically attention on organisational objectives such as upgraded performance, competitive benefit, innovation, the sharing of lesson learned, mixing and continuous improvement of the organisation. It overlay with organisational knowledge and may be illustrious from that by a greater focus on the management of knowledge as a strategic asset and a focus on encouraging the sharing of knowledge. Knowledge management system provides new tackles to better follow the activity of the usage and allocation of the knowledge. The development of knowledge management on the success, innovation, up to date developments and mixing. It also states to the multi-disciplined to reach the target organization approach, making best use of knowledge. It is the procedure of capturing, sharing, development and effective use of organizational knowledge. It also focuses on organizational presentation to succeed their goals. Knowledge management is based on the knowledge of tacit and explicit knowledge. Organization should rise their connective network between internal and external individuals.
Hamermesh, R. G. (2003). Strategic management. New York: Wiley.
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