Strategic Marketing Management

Abstract

The purpose of this assignment is to talk about strategic marketing management and its role in the success of organizations. The aim here is to identify the major strategic marketing techniques and tools used by the company Wm Morrison Supermarket PLC in order to achieve their long term goals. Moreover, with the help of using PESTEL analysis, the market environment and the internal context of the organization is also discussed for highlighting the areas of operations of the company and its target market. In addition to this, Wm Morrison Supermarket PLC has taken an initiative in entering into new market that is the online market of the United Kingdom. Thus, the marketing strategies related to this initiative, marketing and promotional mixes, positioning and re-positioning strategies of the company are also discussed in this study.

Introduction

The processes, activities, and set of instructions that are used for creating, exchanging, communicating, and delivering offerings that are valuable for clients, partners, customers, and society as a whole, come under the definition of marketing. It is the process which is used by companies to create value for their customers and build long term and strong relationships with them, in order to get value from customers in return. There are certain core concepts that come under the broader concept of marketing. These core concepts include the needs, wants and values of customers, as well as, products, communications, exchanges, and relationships. Moreover, the strategic concern of marketing is to give a direction and scope to the long term goals and activities of an organization and making it possible for an organization to obtain a competitive advantage over its competitors. Further, organizations make use of their resources and apply them within the changing environment in order to satisfy needs and wants of customers and meet expectations of stakeholders.

Moreover, the strategic view of marketing requires organizations to develop appropriate strategies that will help them in dealing with their rivals and competitors, commercialize new and innovative products, provide new services, and identify the opportunities of market. This view of strategic marketing also requires companies to allocate resources among all the marketing initiatives and to design the relevant organizational structure that ensures achievement of the desired goals and targets.

Discussion

Almost all of the big firms and industry leading organizations have identified the importance of strategic marketing management in achieving the long term goal of their businesses. The secret of success of all companies lies in the practice of understanding the need of strategic management in all areas of an organization such as marketing, human resources, quality, and financial management. Wm Morrison Supermarket PLC is one of the industry leaders in the area of food retailing. The company has achieved its fourth largest position in the market because of the proactive strategic planning of its long term goals, and successful implementation of those goals to achieve success both in qualitative, as well as, in quantitative terms. This piece of study focuses on the efforts done by Wm Morrison Supermarkets PLC in order to ...