Strategic Marketing is the use of marketing disciplines to achieve organizational goals by developing and maintaining a sustainable competitive advantage . It addresses high-level considerations such as what markets to target, which services to offer and how to price and promote them.
What is strategic marketing planning and what is its purpose?
Strategic marketing planning is the process of creating a marketing strategy that outlines what your objectives are , what programs you’ll use to achieve those objectives, who is responsible for those metrics, and by when you’ll be achieving those goals.
What is the purpose of a marketing strategy?
The purpose of your marketing strategy should be to identify and then communicate the benefits of your business offering to your target market . Once you have created and implemented your strategy, monitor its effectiveness and make any adjustments required to maintain its success.
What is strategic marketing and why is it so important?
Streamlines product development: Strategic marketing helps in creating products and services that provide the organisation with high profits . This is because strategic marketing starts off by conducting a SWOT analysis of the organisation, a market analysis of the consumers and the existing trends in the market.
What is the importance of strategic marketing management?
Strategic marketing helps a company use minimum resources with maximum output . Boost sales: for any organisation, everything boils down to generating profits and getting ahead of the competition. This is exactly what strategic marketing does by increasing prospective buyers.
What are the 7 marketing strategies?
The 7 P’s of marketing include product, price, promotion, place, people, process, and physical evidence . Moreover, these seven elements comprise the marketing mix. This mix strategically places a business in the market and can be used with varying levels of force.
What are the 5 marketing strategies?
The 5 P’s of Marketing – Product, Price, Promotion, Place, and People – are key marketing elements used to position a business strategically.
What are the characteristics of strategic marketing?
- Knowing your target audience.
- Strategic with a definite purpose.
- Think outside the box.
- Competition and credibility.
- Performance friendly and measurable.
What are the four types of marketing control?
There are four types of marketing control: the annual plan control, profitability control, efficiency control and strategic control .
What are the three main components of a strategic marketing plan?
Great marketing plans are based on three key components: diagnosis, strategy, and communication .
What is the example of strategic marketing?
Examples of strategic marketing management
Remember, strategic marketing management involves making strategic decisions within your current marketing plan in order to maximize your plan. A good example of this would be Apple and how they market themselves .
What are the four basic marketing strategies?
The 4 Ps of marketing are place, price, product, and promotion . By carefully integrating all of these marketing strategies into a marketing mix, companies can ensure they have a visible, in-demand product or service that is competitively priced and promoted to their customers.
What is a good marketing strategy?
A good marketing strategy helps you define clear, realistic and measurable marketing objectives for your business . ... describes your business and its products and services. explains the position and role of your products and services in the market. profiles your customers and your competition.
What is the essence of strategic marketing?
The essence of an effective marketing strategy is a clearly defined set of goals and a method to prove that those goals are met or occurring . How do you know you’ve accomplished what you set out to do without defining it beforehand?
What are the 3 phases of the marketing process?
The strategic marketing process involves an organization allocating its marketing mix resources to reach its target markets using three phases: planning, implementation, and evaluation .
What are the 7 elements of a marketing plan?
- Market research. Research is the backbone of the marketing plan. ...
- Target market. A well-designed target market description identifies your most likely buyers. ...
- Positioning. ...
- Competitive analysis. ...
- Market strategy. ...
- Budget. ...
- Metrics.
