The meaning of strategic marketing review
Marketing strategy definition by kotler
TL;DR Too Long; Didn't Read A strategic marketing plan helps businesses to identify their marketing goals and develop tactical strategies to achieve them. A company wanting to secure a certain share of the market, should ensure they clearly identify their mission, survey the industry situation, define specific objectives and develop, implement and evaluate a plan to guarantee they can provide their customers with the products they need, when they need them. By having a different strategy, it allows the followers to create their own unique selling point and perhaps target a different audience in comparison to that of the Market Pioneers. Their market posture is typically neutral. Hence, decision makers responsible for the marketing strategy must select which available resources the firm should deploy, where to deploy them appropriately, and set and signal priorities in terms of achieving the various goals and objectives of the firm Slater This marketing program is the how aspect of the planning phase, which focuses on the 4Ps and the budget needed for each element of the mix. By effectively integrating emotions into the marketing strategy, the brand recognizes positive results, such as customers spending nights lined up to be the first to own the newest product. In the example of a new product introduction in the domestic market, the adapted marketing strategy must be articulated in terms of the marketing strategy elements namely product, price, distribution and promotional aspects, all coordinated to achieve specific objectives within the new market. Promotion Strategy : this element of the program should focus on direct marketing, advertising, public relations and sales promotions that create brand awareness.
At this stage, the input from experts familiar with the new market is crucial in developing an effective strategy. Preemption of Assets can help gain an advantage through acquiring scarce assets within a certain market, allowing the first-mover to be able to have control of existing assets rather than those that are created through new technology.
Literature review on marketing strategy pdf
For example, if you run a mobile tire-changing shop, you ensure your customers can get new tires without having to drive to a mechanic. The assignment involves 7 consultancy days which includes 4 client meetings over the course of months. Hence, decision makers responsible for the marketing strategy must select which available resources the firm should deploy, where to deploy them appropriately, and set and signal priorities in terms of achieving the various goals and objectives of the firm Slater This accessibility helps to build customer trust and helps make the decision process much easier when choosing a brand. This way, the impact your marketing activities make can be maximized. Through emotional and mental marketing customers will associate your brand with their solution and eliminate choice. Designing marketing organization — there should be put in place a marketing hierarchy to properly see the plans to fruition. These marketing strategies toward firm performance may be either formal, top-down strategies Varadarajan and Clark or emergent or improvisational strategies Moorman and Miner The three points that constitute this philosophy include empathy-authentic understanding of customer need, focus-eliminate all unimportant opportunities and impute— ensuring creative, professional presentation of products. Customer value means taking into account the investment of customers as well as the brand or product. These entrants into the market can also be seen as challengers to the Market Pioneers and the Late Followers. And while most companies do great marketing, only a few have created brand attachment and customer loyalty through their marketing practices and tactics. Here are a few possible issues to be prepared to face: Organizational Issues such as Poor Assumptions: — assuming customer needs without validation, lack of skilled workforce to implement the plans once they are arrived at, loss of sight of customer needs during the planning phase and changing demographic of consumers. A SWOT analysis that reviews strengths, weaknesses, opportunities and threats ensures the business has a clear vision for where it stands in the present and where it needs to go in the future in order to remain successful. Evaluation or Control Phase The evaluation phase is the checking phase.
This is because early followers are more than likely to invest a significant amount in Product Research and Development than later entrants. This allows them to create a strategy that could essentially mean gaining market share and most importantly, staying in the market.
This deals with the segmentation and targeting decisions of the classic STP framework of marketing strategy, which revolves on market segmentation, target and positioning.
This marketing program is the how aspect of the planning phase, which focuses on the 4Ps and the budget needed for each element of the mix. Executing the marketing plan — effectively executing the marketing plan will take attention to detail, and focus on the strategy and tactics defined in your marketing plan.
This framework has been developed by Enterprise Ireland from over 60 years of collective marketplace experience and is based on proven best practice. Adaptation happens when any element of the marketing strategy is modified to achieve a competitive advantage when entering a foreign market and thus attain firm performance.
TL;DR Too Long; Didn't Read A strategic marketing plan helps businesses to identify their marketing goals and develop tactical strategies to achieve them. Market-Product focus and Goal Setting — Once the questions of where the company stands and what it wants to achieve are answered, the next step in the planning process is determining where the resources will be allocated, and how to turn plans into focused action.
The meaning of strategic marketing review
A company wanting to secure a certain share of the market, should ensure they clearly identify their mission, survey the industry situation, define specific objectives and develop, implement and evaluate a plan to guarantee they can provide their customers with the products they need, when they need them. The proponents in this approach argue that trade barriers are getting lower and that technological capability advances and firms are presenting a global orientation in their marketing strategy. Specifically, this marketing strategy content decision determines where the firm will seek to compete in order to meet the strategic marketing objectives stipulated. Their overall strategy is to gain market share through product, packaging and service innovations; new market development and redefinition of the to broaden its scope and their position within it. Issues in the Marketing Department such as: inflexibility, performance assessment problems, coordination problems, poor information management and human relations issues. Political — this analyzes how legal issues and government regulations affect profit and consumer behavior. The following five steps are essential to accomplishing a simple, effective strategic plan. This competitive advantage is due to a thirty-five year old, 3-point philosophy employed by the Apple brand. Nevertheless, most firms carry out strategic planning every 3— 5 years and treat the process as a means of checking whether the company is on track to achieve its vision and mission. Be sure to establish timelines for your metrics.
Customer value means taking into account the investment of customers as well as the brand or product. Because making new advertisements, packages and product lines is expensive, standardization requires less investment compared to adaptation approach of marketing.
Base plans on facts and validated assumptions through market research. This can include new geographical markets, new distribution channels, and different pricing policies that bring the product price within the competence of new market segments.
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