Strategic Marketing Process

Strategic Marketing Process

Strategic Marketing Process

Strategic marketing process seeks to set up unified principles, functions and clear direction for entire marketing efforts. It is a process of study and reflection with the aim of getting as close to matching supply and demand. This fits within the strategy of the company to focus on increasing sales, market share and customers constantly differentiating preferences, motivation or adjustment of supply solvent and increasing economies of scale. The Strategic marketing process provides an extensive map & framework identifying planned operational actions describing the target customer referred, means to implement the operations to be conducted, the activity data to achieve and the corresponding deadlines. It is the process of planning and executing the concept, pricing, promotion and distribution of ideas, goods, and services to create an exchange which satisfy individual and organizational objectives. It is an organizational function and a set of processes for creating; communicating and delivering value to customer, clients, partners, and society at large.The contributions and conclusion of Strategic marketing process are documented and updated regularly in marketing plan (Daft, 2013).

Key Phases

The five major steps in Strategic marketing process include mission identification, situation analysis, setting goals and objectives, developing and planning marketing strategy & implementing and controlling the process. The process requires continuous evaluation and up gradation in order to maintain sustainability, marketability and competitiveness. From strategic perspective it is mainly divided into three key phases i.e. Planning, Implementation and Control.

Planning

This phase focuses on choosing the appropriate marketing strategy for implementation. A successful marketing strategy is considered to be the one that appears appropriate from A (current state) to B (target state) to enter, i.e. to achieve goals.

Planning phase defines the implementation of the marketing strategy at the various units of the company from production to marketing within a given period. It serves as benchmarks for responsible formalize planning of marketing department, specifying the marketing objectives and contribute to coordinate and monitor the implementation (Daft, 2013).

Marketing plan document consisting of the analysis of the current marketing situation of threats and market opportunities, strengths and weaknesses of the company, objectives, strategy and quantitative marketing actions, planned, budgeted and empowered is prepared. For simplicity, it is generally divided into four parts separable from each other. These are the tactics for the price, distribution, product and promotion. Planning strategies are mainly classified into four major groups which include positioning, competition, innovation and portfolio strategies (McDonald, 2011). Implementation

The strategy implementation usually has a need of significant financial & human resources and these are designed and organized as a component of the marketing financial plan & budget. It deals with fundamental subject of how the budget of marketing must be split on the marketing tools & the input & contribution, which these instruments are expected to make (price, product and distribution & communication policy) for well-organized, competent and efficient goal achievement. An essential task of pricing and product policy is the ratio of price-performance, with the intention that the product appears attractive in the ...