STRATEGIC MARKETING

Strategic Marketing Assignment

Strategic Marketing Assignment

Task 1

Strategic marketing plays a very important role in an organization (Lovelock, 1983). With the help of the strategic marketing an organization can differentiate itself from other competitors by using its strengths. Similarly, a firm can act in a different way as compared with their competitors by providing quality value to their competitors (Lovelock, 1983). The strategic marketing helps an organization to know its strengths, weaknesses and opportunities and strengths. Similarly, it helps an organization to satisfy its customers using their strengths and differentiating themselves from the competitors (Fahy, & Smithee, 1999). Furthermore, the role of strategic marketing is to take over the competitors by creating positive image in the eyes of the target market.

This is done by answering the three key questions which are when, how and where the business should the business compete. Moreover, the role of the strategic marketing in an organization defines what the business needs to “be and become” in order to beat the customers consistently by providing them better value. At Tesco strategic marketing is given pivotal importance. Tesco has differentiated itself from its competitors by following a capitalizing over its strengths and by providing quality value to the customers.

Strategic marketing is actually is a planning process that establishes a unified purpose and clear direction for all the efforts of marketing (Fahy, & Smithee, 1999).The strategic marketing process involves analyzing the situation, identifying a mission, developing a marketing strategy, planning for evaluation and setting objectives.

Mission

In the strategic marketing the first step is to define the reason for the existence of the enterprise and by what ways it will prove to beneficial for the target market in the long period of time.

Situation analysis

Most of the organizations utilize the situation analysis also known as the SWOT analysis in order to determine their strengths, weaknesses, opportunities and threats (Weihrich, 1982). This second process in the strategic marketing helps the managers to know their potential and resources and the challenges they will face (Weihrich, 1982).

Objectives

The third process in the strategic marketing is to make marketing objectives. These objectives are very clear and measurable (Porter, 1996). Similarly, these objectives help the decision makers in making choices and evaluating their progress.

Strategy and Evaluation

The fourth step in the strategic marketing involves the development of strategy. In this step the target market is selected which the company management thinks that will buy their products (Porter, 1996).

The corporate strategy can be defined as overall direction and scope of a corporation. There is a strong link between the strategic marketing and the corporate strategy (Porter, 1996). The corporate strategy is actually made in the light of the strategic marketing. All the essential features of the strategic marketing are taken into account before finalizing the corporate strategy (Porter, 1996). The firm first does an extensive strategic analysis which becomes the part of its corporate strategy. It tries to find out its strengths, weaknesses, threats and opportunities and finally devises a corporate ...