Strategic Marketing
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What is Strategic Marketing? Marketing is delivering value to the consumers and capturing value in return. Marketing has become ‘The Business’ of today. The new marketing theory is that the whole company is marketing and it is a cultural change. This is where strategic marketing comes in. Strategy has three levels. Let us now discuss them briefly. 1. Corporate Strategy- this is a strategy for the overall company. When a company is a holding company and has subsidiaries, it has to have a corporate strategy. 2. Business Strategy- this is a strategy for individual business unit. 3. Functional Level Strategy- this is at the departmental level in the organization. Like Human resource would have a different strategy, and finance department would make a separate strategy. Marketing Vs Corporate Strategy Marketing Strategy is the corporate strategy. This is true as all businesses exist to make profits. Money can be made only by selling products/services. Corporate strategy is to make money and selling products/services comes under marketing strategy. So it’s a strategy within a strategy. Marketing Strategy helps management to:
Create a business strategy Change a business strategy Retain a business strategy Create a strategic vision
Why Strategic Marketing? Marketing is the primary driver of corporation and business strategy because marketing groups understand the customers, markets, competitors and environmental forces better.
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ďƒź Marketing is the owner of the customer value proposition; this is because marketing is the voice of the consumer in the business strategy development process. ďƒź Marketing is the growth driver of the business. Business growth is dependent on consumer and market insights and marketing is the custodian of all insights. Strategic Marketing Process 1. 2. 3. 4. 5.
Strategic situation analysis Analyzing the competitors, partners and the market. Designing marketing strategies Marketing program development Implementing and managing marketing strategy
Successful Marketing Characteristics Successful companies are market oriented, this means consumer is the focal point and companies are in process of constantly delivering value to the customer. Also successful companies have proactive strategies. Strategy should be flexible enough to accommodate any changes in the market conditions. Companies can have an edge over competition by investing in Information Technology (IT) knowledge. Building proper culture in the organization is a key factor for success as this is where the whole company talks about their brand. The brand is placed at the heart of the organization so it lives through the organization.
Reference http://www.researchomatic.com/strategic-marketing-62219.html
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