Posted at 05.10.2018
In order to pursue an effective strategic marketing management in organisation, it's important to grasp every one of the internal and exterior areas and domains that may lead to successful execution of the marketing initiatives. Realising the actual fact that proper marketing management is a significant broader field, today's marketing pros have to consider a number of those critical factors and aspects that turn the organisation into huge success, or a complete failure. The word 'strategic' is, itself, suggests scrupulous planning and policymaking, because these are the overall effects of tactical marketing management that play a significant role in long-term development of an company.
Strategic marketing takes on a simple role in any organisation. Proper marketing mainly helps in devising setting strategies with regards to the market being targeted, but beyond everything, strategic marketing, largely, helps in analysing the targeted market sections in view of the market competition with all well-established, mature and even immature products and services.
After segmenting the marketplace, a strategic marketing consultancy meticulously devises marriage strategies with those of the consumers or customers being targeted at. Proper marketing, then, creates effective and the most relevant circulation and costs strategies, accompanied by formation of exclusive strategies for advertising and promotional ideas and strategies.
Moreover, a proper professional, also, formulates business development and research strategies in a manner that, in the end, fosters long-term organisational progress and business sustainability. That is, again, the role of strategic marketing to go after a couple of strategies for marketing research too. 'Cosse and Swan (1983) found one major problem in marketing planning was that US product managers lacked the "strategic orientation" required by strategic planning'. (Piercy, & Morgan, 1990, 128) Usually there are three fundamental processes involved in strategic marketing, wherein planning is the leading & most significant process, accompanied by the execution and control appropriately.
Each of the elements is important not only for desired success of entire marketing strategies, but also for an all-inclusive organisational growth. Exclusively for the look process, organisation needs to execute a SWOT examination first keeping view both inner and exterior factors. 'A marketing audit can help identify goal market segments for your company. A marketing audit evaluates various inner and external components'. (Caragher, 2008, 59)
Objective and goal setting is also its main part, as it helps determine the market and consumer segmentation, as well as the role of strategic marketing management. Execution is the procedure that brings the look into action, and the control stage helps organisations in evaluating the look process.
As per their functions, strategic marketing and corporate strategies are interlinked with each other, and organisation can never achieve their role by coping with these elements individually. According to Tom Connora (2007), 'a corporate and business strategy is more than marketing together'. (Connora, 2007, 369)
A online marketing strategy needs to be aligned with the organization strategy of the organisations, while corporate and business strategies remain ineffective if its managers take the procedure of proper marketing for granted.
Corporate strategies mainly determine the way of the organisations, where marketing is supposed to follow the same way. 'Although marketing should be the principal channel of market knowledge this must be coupled with and well balanced by knowledge provided by the other business functions of the organisation. Thus a transcendent organisational view emerges which, it's advocated, is the true basis for corporate strategy'. (Connora, 2007, 369)
This is necessary to craft a thorough corporate technique for the organisational success, but this cannot be completed without creating a proper marketing plan. Knowing the actual fact that marketing has a lion's share in complete business development of an company, effective corporate and business strategy requires a flexible structure enabling marketing ways of freely perform in the market. The same goes for the marketing gurus in any company, as they can never achieve their goals and targets if their strategies aren't aligned with those of the features clarified in their main commercial strategies. Both of these factors go alongside each other.
Utilised in tactical marketing planning, various models offer numerous benefits and advantages to organisations. The first good thing about using models is that it enables strategic marketers to find out substitutes and alternatives, during strategic marketing planning. Subsequently, utilisation of the models enhances your choice making capacities for proper marketers, helping in making credited decisions without unnecessary delays.
Through these models, organisations get timely information as well, thus making them competent to perform market forecasting more accurately. This well-timed information is apparently an asset in strategic marketing planning, as these details is, always, accessible and far-reaching. Through the use of these models, organisations derive reap the benefits of overall flexibility in framing the control reports as well.
There is a strong link between utilizing tactical marketing and proper positioning. Theoretically, strategic positioning helps in product placement in a way that makes the merchandise easily available in the prospective market.
In a phrase, strategic positioning means the tactical convenience in strategic marketing management, because tactical marketing revolves around positioning.
'Marketing strategies should respond to the distinctive characteristics and wants of its marketplace. Strategic placement differentiates a small business from its competitors by uniquely serving its target market. A strategic marketing plan should position an enterprise so that its marketplace perceives that the business enterprise serves them and them exclusively'. (Kruger, 2011)
This is also the strategic positioning which assists with formulation of segmentation focusing on. Strategic placement also helps in multiplying the dividends on existing marketing ideas and strategies. Whole marketing strategies provides no positive results if the crucial aspect of proper positioning remains averted. It is because strategic positioning performs a significant role to advertise the proportion of customer commitment and success as well.
Merits of proper positioning regarding proper marketing development are includable. First of all, it helps determine the prospective audiences according to the demographics of the prospective market. It helps in determining the way an organisation needs to place its products or services in the market after meticulous categorisation and classifications.
'The career of placing strategies that causes creating a posture in the marketplace is undertaken as time passes through deployment of marketing techniques including advertising, pr, promotion, sales inducing work, publicity, etc. , brand management, firm image and reputation, product development, and cost settings'. (Blankson et. al. , 2008, 2)
Accurate projection of the sales can't ever be achieved by missing the inevitable element of strategic placement. As organisations are never likely to please just about anybody under sunlight, there has to be a smart positioning that may your products to customers within a predefined market. Product placement has surfaced as another field in the world of proper marketing management. Despite offering a highly enriched product to consumers, this is actually the meticulous placement of the merchandise which will make a decision its acceptability and penetration into the market.
There are various cases corroborating the significance of strategic placement of any brand or service e. g. Coca Cola, Nestle, Wal-Mart, McDonalds, and FedEx, and GE (Standard Electric), and so many more. Strategic placement, also, depicts the in-depth market understanding of organisation, as placement is, usually, done with the aid of market research, market brains and data gathering.
To ascertain growth opportunities in market to the maximum, I'd utilise a couple of appropriate marketing techniques that includes branding, offerings, product packaging and labelling, value improvements, and environmental scanning. In details, I'd, first, utilise the branding approach in order to differentiate the merchandise than those of the products being made available from the rivals in the same market. Then here comes the period of presentation and labelling that targets attractive display of the products through catchy designs and shade schemes etc. , which is, further, supplemented by the labelling tool.
'Successful marketing strategies have always been predicated on unique insights into consumer behavior, generalizations of successful practices, fantastic advertising ideas, and specialized inventions as well as market segmentation research'. (Gibson, 2001, 1)
The tool of 'offering' will be, also, utilised to determine the best solution responding to the customers' problems and concerns in comparison with other products available. Being a strategic marketing supervisor, I will, also, concentrate on 'value addition' in order to multiply the demand and recall of the merchandise in the real market by the targeted consumers and customers. On top of that, I am going to perform an important 'environmental scanning' by collecting the data in way that brings us exceptional expansion via tactical marketing.
In any market, a highly effective utilisation of market strategy options is used as the fundamental and crucial phase in entire tactical marketing management. 'As the fight for the wallet of the emerging-market consumer shifts into higher products, companies that think about growth opportunities at a more granular level have a much better chance of receiving'. (Atsmon, Kertesz & Vittal, 2011, 60)
Being a proper manager, I will use the same relative to the four P's model which includes 1-Product, 2-Price, 3-Position, ad 4-Campaign. This will likely be, accordingly, done in awareness of organisational strategies and its accessible resources such that it helps in retaining the percentage of profitability. The identical, also, fortifies the merchandise being sold on the market, thus facilitating standardisation to a big scale.
Most of the time, companies and company find it difficult to standardise their own marketing and setting standards and values. Particularly on the consumer aspect, this standardisation is essential, as this builds up the self-confidence of the prospective customers, and escalates the customer dedicated to a big extent.
Standardisation can be an on-going journey, where organisations need to perform the similar way to keep their existing customer bottom part. The main factors is that is, also, inescapable to standardise their marketing and positioning efforts, as not all companies can maintain their degree of standardisation on offer to their customers.
For a defined market, creation of appropriate tactical marketing objectives is recognized as a daunting task for the marketers. Actually, strategic marketing targets are formed in a manner that creates a continuous need of this product on the market, and this purpose can never be performed with flawless standardisation.
A marketing strategy is always centered upon various environmental factors. Starting from the political situation of the united states to its sluggish economic trends, these environmental factors assist in devising a win-win online marketing strategy that may effectively address many of these exterior environmental factors all at one time. 'The function of online marketing strategy deals with determining the nature, durability, direction, and conversation between marketing blend elements and environmentally friendly factors in a specific situation'. (Akinyele, Samuel Taiwo 2010, 24) Other than legislation and order situations, lack of competitor on the market influences the sales of a particular product, as well as existing purchasing vitality of the customer, also, establishes the product's penetration in the worried market. Organisations also need to keep up with those of the technology changes and up-gradations happening in the exterior word.
I, being truly a marketing supervisor, will conduct an interior analysis to be able to recognize current talents and weaknesses in a marketing strategy, and this will be achieved by analyzing the talents and weakness of the marketplace strategy. Durability of a market strategy depends upon evaluating the potency of the promotional mixture. That is, further, followed by knowing the current positing of product placement on the market, mostly relying after quality of the merchandise, effective branding, product packaging and labelling, as well as variety of offerings made for the target consumers and customers. 'The most significant components related to topic marketing include: Firm profile (Organisation charts, billing rates, financial assertions); Partner account (partners' personal and professional aims, firm's specialties, time and tenure with the company); and SWOT examination (Advantages, weaknesses, opportunities and threats)'. (Caragher, 2008, 59)
This is, also, important to knowing the weakness of the marketing strategies being put in place, and this is performed by analysing various factors critically and neutrally. This may pertain to having less innovation, inadequate or irregular communication, and wrong selection of marketing and advertising channels, along with imperfect or untimely circulation of the merchandise etc.
The penetration and attractiveness of the digital multimedia is one of the rising themes in the world of marketing. As per my response to this rapidly appearing marketing theme, I propose the tactical and well-planned utilisation of the interpersonal and digital marketing after detailed research and investigation. This response will be tinged with usage of latest technical tools and methods, as innovative marketing permits companies to churn out optimum results in form of overall business development and profitability.