STRATEGIC MARKETING MANAGEMENT

Strategic Marketing Management

Strategic Marketing Management

Introduction

This study is related to strategic marketing management which is an important aspect to study as it guides in having effective strategies within the organization. In this context, strategic planning is one of the functions of strategic marketing management, which is the process of selecting the organization's goals and ways to achieve them. Strategic planning provides the basis for all managerial decisions, functions of the organization, motivation and strategic plans. For managers, it is important and imperative to understand that not taking advantage of strategic planning, the organization as a whole and the individuals will be deprived of a clear way to assess the goals and direction of the corporate enterprise. Besides it, this study particularly focuses on the strategic marketing planning tools that entail Porter competitive forces model, the Ansoff matrix and Boston Consulting Group matrix. Moreover, the strategic planning related to marketing management process provides a framework for managing marketing environment where the company operates.

Strategic Marketing Management

Planning in marketing is an ongoing cyclical process that aims to bring an organization towards its desired target market with market requirements. Planning of marketing activities in many companies is carried out in different ways, depending on their objectives and goals, organization planning, the duration of the planning period etc. In relation to this, small businesses may not have a marketing plan as a separate document. Single planning document for them may be the business plan drawn up for the company as a whole or for individual areas of development. The strategic marketing plan provides information on market segments; helps in formulating marketing strategies; give help in forecasting of sales. However, medium and large organizations plan to specify their marketing activities and develop long term strategies (Drummond & Ensor, 2001).

To conduct successful strategic policies by an organization, it is important to ensure that the development of the company remain stable and minimizes the risks of crises by specific marketing programs. The marketing program by a company should be developed based on the comprehensive market research and plan their own resource capabilities of scientific and technical, production and sales of the company for a planned period of time, which determines the best option for its development (Gilligan & Wilson, 2003). The process of developing a marketing program is not a trivial task, so if an organization need to apply the methods of implementation of systems analysis, and in particular the method of structuring then it apply these policies through strategic marketing planning tools that include Porter competitive forces model, the Ansoff matrix and Boston Consulting Group matrix.

Porter's Competitive Forces Model

The model of Porter's five competitive forces is a tool of strategic perspective of marketing management. Competitive strength analysis of a company is carried out using the identification of the five basic competitive forces that includes the following:

Entry of new competitors; how easy or difficult is it for new establishers to start up and compete.

Rivalry among the existing players; is there a strong competition among the existing parties is ...