A SAMPLE REPORT ON STRATEGIC MARKETING
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Table of Contents Strategic marketing ........................................................... Introduction .................................................................. Activity 1 .................................................................... Role of strategic marketing ................................................. Relationship between corporate strategy ad marketing strategy ............... Development of marketing strategies ......................................... Decision and choices made at corporate level ................................ Impact of decisions on influencing marketing at business unit and functional level ....................................................................... Approaches to competitive positioning ....................................... Activity 2 .................................................................... Approaches to internal environmental analysis: .............................. Approaches to external environmental analysis ............................... Integration of external and internal analysis ............................... Activity 3 .................................................................... Range of strategies contribute to their business competitive advantage ...... Marketing communication strategies .......................................... Marketing strategies and how they can be implemented ........................ Conclusion ................................................................... REFERENCES ....................................................................
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INTRODUCTION Strategic marketing refers to designing marketing plans according to needs and demands of customer. It helps an organization to achieve their goals with more consumer satisfaction (De Massis and et.al., 2015). Apart from all this it also increase performance of company which results in increasing profits. In his report, the entire case is based on marketing consultancy business Total Marketing Solutions Ltd. Which was founded in 2004 for providing high quality marketing plans to their customer which can help them to improve their organizational performance (About us, 2016). The report highlights principles of strategic marketing under which plans and ideas are developed. Apart from this, a detailed explanation of role of strategic marketing and its relationship with corporate strategy is elaborated which helps in assessing its use in developing marketing plans. In addition to this, analysis of external and internal environmental are evaluated which affects decision making capacity of managers. Other than this, the report explains a range of strategies which helps to manage competitive advantage within the organization. Apart from this various plans are highlighted in the report through which marketing strategies are implemented on an organization.
ACTIVITY 1 Role of strategic marketing Developing marketing plans: Marketing plans gives an idea to accomplish the task effectively. Apart from this, starting a work with planning will give better results than doing it without any specific plan. It includes identifying marketing tools through which the customers are targeted and also analyse sources of advertisement which help customer to know about the features of services or product (West, Ford and Ibrahim, 2015). Total Marketing solutions should develop marketing plans that will help them to make good strategic marketing plans. Developing financial goals: Financial goals can be anything, it may be related to budgets or earning profits. Specific plans are developed to control their cost of introducing services or product which will results in getting more profit within the predetermined time period (Mena and Chabowski, 2015.). Forecasting: Apart from this, strategic marketing helps to forecast needs and demands of costumer which helps in developing marketing plan accordingly. It has the tools and techniques through which proper analyses is done to identify all the future conditions of market. Finance department helps to find needs of funds for creating budgets while human resource management looks go forecast sales to make appropriate plans for employees (Kortmann, 2015). Relationship between corporate strategy ad marketing strategy Corporate strategy helps to create value of organization across different business while Get top quality marketing assignment writing services in UK. Hurry Up! Order to avail best discount on marketing assignments.
Marketing strategy deals with combining all then plans which are used in achieving marketing goals of the company. Corporate strategy evaluate plans to aid an organization in carrying out visions and missions of company while achieving its organizational goals and Marketing strategy helps to attract the customers which are targeted in their visions and missions. Corporate strategies identifies competitor analysis through using SWOT and Five force model across the market and Marketing strategies find effective ways and tools which help to face the market competition and gain competitive advantage (Ashley and Tuten, 2015). Corporate strategy has main focus on profitability of business and Marketing strategy develop plans how to achieve the profits from the market. Corporate strategies identifies the market and people who have to be targeted and Marketing strategies develop plans on how to attract the targeted market for consuming the services (GonzalezBrambila, Jenkins and Lloret, 2016). Both Corporate strategy and Marketing strategies are important for Total Marketing Solutions. Development of marketing strategies Success of marketing strategies are always depends on reaction of customer. Marketing strategies should be build according to attitude, culture and environment under which the services and products are introduced. Develop unique selling point: Some unique prepositions should be identified which helps in convincing targeted customer (Hollensen, 2015). This prepositions help Total Marketing Solutions to make company different from all other. Different features, uses and benefits of the product should be clearly stated to customer that help them understand benefits of the product for them. Target the customers: After finding unique prepositions, Total Marketing Solutions should focus on deciding the customer which should be targeted for the product. Ways of attracting customer are depends upon targeted market. Define the benefits of product or services: Benefits of product should be described on the targeted market through which product can be introduced (Grรถnroos, 2016). Customers are attracted towards the services after identifying its benefits for them. This will help Total Marketing Solutions to convince people more effectively. Create pricing strategies: Pricing of the product should be according to type of targeted customer. Appropriate prices should be identified which the target market can afford. A proper market research should be conducted in market which help Total Marketing Solution to evaluate buying capacity of people.Costanzo, L. A. and Di Domenico, M., 2015 Positioning of the product: After identifying all the above factors, Total Marketing Solutions should work on deciding positioning strategy for the chosen product and services. For this, company should choose a place where the product can be easily reachable by the customer Get top quality marketing assignment writing services in UK. Hurry Up! Order to avail best discount on marketing assignments.
(West, Ford and Ibrahim, 2015.). Identifying promotional techniques: Total Marketing Solutions should work on identifying promotional techniques through which an organization can better introduce their product to targeted customers. It includes advertising, sales techniques and public relation campaigns through which a product can be promoted in the market. Decision and choices made at corporate level Decisions of all levels management are taken on the behalf of the company. All decision which are taken at corporate level directly or indirectly related to functions of management which includes planing, organizing, leading, staffing and controlling. Decisions and choices made at corporate level are as follows: Strategic decisions: This are basically refers to long term and difficult decisions which are taken by senior level managers. This decision has the capabilities to affect direction of whole organization. This decisions are multi-dimensional and has an impact long term decisions of the organization. Large amount of money is involved in these type of decisions (Costanzo and Di Domenico, 2015). Corporate level managers of Total Marketing solutions work on taking decisions on expansion of product and services that involve high amount of money. Apart from this, new technologies and sources are developed which help to make services more efficient. Tactical decisions: These are included in medium term decisions of a company. A single wrong step of taking decisions can make the whole organization into wrong direction. These decisions are taken by senior level and middle level managers (Hammond, Keeney and Raiffa, 2015). Impact of decisions on influencing marketing at business unit and functional level Impact of strategic and tactic decision at business unit and functional level: As, strategic decisions are taken on long term basis, this will affect the profits of entire organization (Krush, Sohi and Saini, 2015). For multi-dimensional organization it helps in finding ways that how staffing, capital and other resources are allocated that form benefits for the organization. It also affect at functional level as strategic decisions also affects integrating activities operating in functional area. As, functional strategy links with business strategy and overall corporate strategy so any corporate decision will make effect on functional level of business. Approaches to competitive positioning Total Marketing Solutions can use different positioning approaches to make the product more competitive in the market. This approaches are as follows: Use of characteristics of product: Total Marketing Solutions can use characteristics and benefits of a product to make competitive positioning in market. It includes introducing new Get top quality marketing assignment writing services in UK. Hurry Up! Order to avail best discount on marketing assignments.
product with an explanation of its uses and benefits to the targeted group (West, Ford and Ibrahim, 2015.). Using price as positioning tool: Total Marketing Solutions also position the organization's product through using their prices as a tool (BĂśttcher and MĂźller, 2015). Offering affordable prices with good quality of product will always attracts customer towards the company. Using product-user approach: In this approach product is positioned in the market with focusing on a particular user group. Total Marketing Solutions can use this approaches for their customer to make competitive positioning.
ACTIVITY 2 Approaches to internal environmental analysis: SWOT analysis: It helps Total Marketing Solutions to evaluate internal strength of the business and helps managers to take quick overview of the firm. Strength refers to that attributes of business which are helpful in achieving organizational goals. Using strength of the company as a tool organizational objectives can be achieved more quickly. Apart from this, weaknesses of the company includes low morale of employees, lack of proper management and absence of cooperativeness among staff (Bennett and Chorley, 2015). For this Total Marketing Solutions should make an detailed study on organizational weaknesses because this will reduce working efficiency and productivity of the company. This factors will helps to determine opportunities and threats for the organization and also evaluate the sources which can be used while facing competitors. Approaches to external environmental analysis External environmental analysis helps to evaluate the factors which can affect business in terms of their profit and expansion of business. It includes political, economical, social, technological, environmental and legal factors. This factors are generally not in control of a single business entity. It helps to understand risk factors which are responsible for growth and decline of market. It is basically a framework used for scanning external macro environment which affects both domestic and international business of the company. Political approach of business helps to deal with political issues related to business which helps to understand the political and legal environment of business across the country (De Massis and et.al., 2015). Apart from this economical factors of the country deal with employment rate, rate of inflation and consumer confidence. Change in any of the economical condition will impact overall business of the company. Other than this, change in technology will also impact business. Social factors also have a great impact on the profitability of company. Total marketing Solutions should make an effective research to analyse all the external factors of a business which can impact Get top quality marketing assignment writing services in UK. Hurry Up! Order to avail best discount on marketing assignments.
profitability of business. Integration of external and internal analysis Integration basically refers to the adding all the internal and external factors to find out the best possible results. Focusing on external analysis will help to identify their effects on the profitability of the business. Total Marketing Solutions can provide best working environment to their client by introducing them through external and internal factors of business. While paying attention on internal factors company can find out their own strengths and weaknesses. It shows how to use their strengths as a tool for making business plan successful (Melnikas, 2015). As, it deals with functional assessment of financial, human resources and information system of the organization. Apart from this, Swot analysis helps in matching the firm resources with the capabilities of the competitive environment in which the business operate. By understanding internal and external factors company can differentiate themselves from their competitors. Both internal and external factors are integrated with each other as they both are responsible for measuring the factors which can affect the productivity of the business. Internal factors deals with internal environment of the company while external deals with all the external factors.
ACTIVITY 3 Range of strategies contribute to their business competitive advantage Competitive advantage basically refers to an environment where a business can gain profit over its competitors. It can be done through offering a range of services to their customers according to their needs and demands. Cost leadership strategy: This strategy deals with establishing competitive advantages across marketplace. Its main aim is to create low cost operations for the business. Total Marketing Solutions can use this strategy for their clients by reducing their operational cost below the other competitors (Morris and et.al., 2015). Product differentiation: Total Marketing Solutions can use this strategy for their clients which help them to gain competitive advantages by introducing a range of products in market (Luxton, Reid and Mavondo, 2015). This product and services should be unique in their nature which attracts more customers. Focus strategy: Total Marketing Solutions helps their client to gain competitive advantage by using focus strategy. This strategy deals with focusing on a few target markets (Frow and et.al., 2015). Introducing new products and setting prices are based on needs and demands of the selected segment. Marketing communication strategies Total Marketing Solutions can use this to make customer aware about the brand and product. Get top quality marketing assignment writing services in UK. Hurry Up! Order to avail best discount on marketing assignments.
Marketing communication strategy develops a plan to introduce a product in market. Apart from this, the strategy will started for focusing the customer. Analysing customer needs, preference and buying habits will help to introduce new product more effectively. It helps to disseminate company's ongoing message in one or more components. Apart from all this, it also helps to develop strategic vision to lookout for new opportunities within the market. This strategy works for expressing competitive advantage and improving its ways which help to become market leader of the business (The conceptual foundations of relationship marketing: Review and synthesis. 2015.). Total Marketing Solutions can also use this strategy for building a good image of the company. This can be done through publishing all activity such as charitable work of the organization. Company need to attract their clients continuously for this. Communication is a strategy that helps to attract new talent towards the company. Marketing strategies and how they can be implemented Specific targeting: For an effective marketing strategy specific customers should be targeted. By focusing on specific people and understanding their needs helps to achieve the organizational goals more quickly and efficiently (Grรถnroos, 2016). Company can use this technique as making strategy for targeting specific area. Social networking: Social networking sites are the most popular things which helps in advertising the features and quality of product or services. This will also reduce cost of marketing for company. As, most of people are interested in accessing social sites, this could be a great strategy for advertising the product in every social networking sites (Cohen and et.al., 2015). Electronic barcode technology: As, Barcode technology is becoming more and more popular as marketing strategy. In this strategy a logo type graphic is placed on a business card or other printed piece. A phone application is used to read the tag. This will help the company to making new marketing strategy with adopting new technology in it. New technology will always attract customer.
CONCLUSION The entire report is based on a marketing consultancy business which provide their services to their clients in developing their business. In this case, role of strategic marketing is explained which helps to identify its uses in an organization. Apart from this, a detail analysis of relationship between corporate strategy and marketing strategy is done. In addition to this, a marketing strategy is developed which helps Total Marketing Solution to help their clients. Other than this, effect of strategic decision are shown on marketing decisions of the company. Various approaches of positioning are described which helps to gain competitive advantage for the organization. The report also highlight the internal and external environmental factors which can affect overall business Get top quality marketing assignment writing services in UK. Hurry Up! Order to avail best discount on marketing assignments.
activity of organization. Apart from this, a range of strategies are elaborated which helps to gain competitive advantage across the market. In addition to this, marketing communication strategies are explained which helps to sale the product by introducing it to customer. At the end marketing strategies are explained that helps to market the product in the targeted area.
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REFERENCES Books and journals ⚫
Ashley, C. and Tuten, T., 2015. Creative strategies in social media marketing: An exploratory study of branded social content and consumer engagement. Psychology & Marketing. 32(1). pp.15-27.
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Bennett, R. J. and Chorley, R. J., 2015. Environmental systems: philosophy, analysis and control. Princeton University Press.
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Böttcher, C. F. and Müller, M., 2015. Drivers, Practices and Outcomes of Low‐carbon Operations: Approaches of German Automotive Suppliers to Cutting Carbon Emissions. Business Strategy and the Environment. 24(6). pp.477-498.
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Cohen, D. A. and et.al., 2015. Store impulse marketing strategies and body mass index. American journal of public health. 105(7). pp.1446-1452.
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De Massis, A. and et.al., 2015. Product innovation in family versus nonfamily firms: An exploratory analysis. Journal of Small Business Management. 53(1). pp.1-36.
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Frow, P. and et.al., 2015. Managing Co‐creation Design: A Strategic Approach to Innovation. British Journal of Management. 26(3). pp.463-483.
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Gonzalez-Brambila, C., Jenkins, M. and Lloret, A., 2016. Challenges for scholarly business research in Latin America. Journal of Business Research. 69(2). pp.383-387
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Grönroos, C., 2016. Internationalization strategies for services: a retrospective. Journal of Services Marketing. 30(2).
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Grönroos, C., 2016. Internationalization strategies for services: a retrospective. Journal of Services Marketing. 30(2).
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Hammond, J., Keeney, R. and Raiffa, H., 2015. Smart choices: A practical guide to making better decisions. Harvard Business Review Press.
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Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education.
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Kortmann, S., 2015. The Mediating Role of Strategic Orientations on the Relationship between Ambidexterity‐Oriented Decisions and Innovative Ambidexterity. Journal of Product Innovation Management. 32(5). pp.666-684.
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Krush, M. T., Sohi, R. S. and Saini, A., 2015. Dispersion of marketing capabilities: impact on marketing’s influence and business unit outcomes. Journal of the Academy of Marketing Science. 43(1). pp.32-51.
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Luxton, S., Reid, M. and Mavondo, F., 2015. Integrated marketing communication capability and brand performance. Journal of Advertising. 44(1). pp.37-46.
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Melnikas, B., 2015. Integration processes in the Baltic region: the new form of regional transformations in the European Union. Engineering economics. 60(5).
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Mena, J. A. and Chabowski, B. R., 2015. The role of organizational learning in stakeholder marketing. Journal of the Academy of Marketing Science. 43(4). pp.429-452.
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Morris, M. and et.al., 2015. Is the business model a useful strategic concept? Conceptual, theoretical, and empirical insights. Journal of Small Business Strategy. 17(1). pp.27-50.
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West, D., Ford, J. and Ibrahim, E., 2015. Strategic marketing: creating competitive advantage. Oxford University Press. Get top quality marketing assignment writing services in UK. Hurry Up! Order to avail best discount on marketing assignments.
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West, D., Ford, J. and Ibrahim, E., 2015. Strategic marketing: creating competitive advantage. Oxford University Press. Online The conceptual foundations of relationship marketing: Review and synthesis. 2015. [Online]. Available through: <https://ecsoc.hse.ru/data/2015/03/30/1095767324/ecsoc_t16_n2.pdf#page=119>. [Accessed on 13th April 2016].
A Sample Report on Strategic Marketing To Buy Complete Assignment From Us: Contact Us: Phone No.: +44 203 8681 670 Mail Us: help@assignmentdesk.co.uk Website: https://www.assignmentdesk.co.uk
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