An Analysis on Strategic Marketing Management to Develop a Base For Your Future

Utilizing Strategic Marketing Management for Business Success

by Sunita Rani*,

- Published in International Journal of Information Technology and Management, E-ISSN: 2249-4510

Volume 7, Issue No. 10, Nov 2014, Pages 0 - 0 (0)

Published by: Ignited Minds Journals


ABSTRACT

This paper is designed tohelp firms and individuals become more familiar with the implications of astrategic marketing management program for their businesses. The paper providesa basic introduction to marketing and strategic marketing management. Readerswill also learn the basics of a marketing plan and why they need one. Includedis a detailed introduction to performing an analysis of the customer, thecompany, the competition, and the industry as a whole. A major portion of thepaper is devoted to carrying out an effective Strengths, Weaknesses,Opportunities, and Threats analysis. This paper illustrates how analysis can beused to form an effective strategic marketing plan that could increaseefficiency and profitability.

KEYWORD

strategic marketing management, implications, marketing plan, analysis, customer, company, competition, industry, Strengths, Weaknesses, Opportunities, Threats analysis, strategic marketing plan, efficiency, profitability

Abstract – This paper is designed to help firms and individuals become more familiar with the implications of a strategic marketing management program for their businesses. The paper provides a basic introduction to marketing and strategic marketing management. Readers will also learn the basics of a marketing plan and why they need one. Included is a detailed introduction to performing an analysis of the customer, the company, the competition, and the industry as a whole. A major portion of the paper is devoted to carrying out an effective Strengths, Weaknesses, Opportunities, and Threats analysis. This paper illustrates how analysis can be used to form an effective strategic marketing plan that could increase efficiency and profitability.

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INTRODUCTION

To set the stage for this strategic marketing management, it is helpful to think about what as some of the main strategic management journalists have said in regards to nature in which we live and the requirement for strategic planning. It would be ideal if you consider the accompanying entries: "There is yet one assurance with respect to the times ahead, the times in which administrators must work and perform. This conviction is that they will be turbulent times. In turbulent times, the first errand of management is to verify the company's ability for survival; to verify its auxiliary quality and soundness; and to verify its ability to survive a blow, to adjust itself to sudden change, and to profit itself to sudden change and new open doors." In spite of the fact that this first Peter Drucker section is fitting, given the earth ahead of schedule in this, the twenty-first century, it is really over 20 years of age. Numerous makers in Florida would concur that these are for sure turbulent times that oblige firms to take supply of their qualities and capacity to seize opportunities. "There are no arrangements concerning what's to come. There are just decisions between option gameplans, each defective, every dangerous, every dubious, and every needing diverse endeavors and distinctive expenses. At the same time nothing could offer assistance the chief more than to acknowledge what options are accessible to him and what they suggest." The substance of this paper is to help makers distinguish their ranges of qualities and shortcomings. Once distinguished, the maker ought to utilize this data to settle on decisions between option gameplans. "Genuinely strategic directors can catch crucial messages that are always being conveyed by the greatly imperative, yet to a great extent wild outside strengths in the business sector and utilizing this data as the premise for changing the critical controllable inward components of the business to strategically and adequately position the firm for future achievement." Notwithstanding recognizing qualities and shortcomings, firms would do well to recognize figures outside the direct control of administrators. In this paper, these are alluded to as opportunities and dangers. Watchful investigation with respect to this mix of qualities, shortcomings, opportunities, and dangers will help administrators position the firm for future victory.

MARKETING AND MARKETING PLAN

Give us a chance to start with a meaning of marketing. There are numerous distinctive meanings of marketing. For our reasons, we characterize marketing as: The distinguishing proof of customer needs and needs, and including quality to items and administrations that fulfill those needs and needs, at a benefit. If its not too much trouble take note of this definition has three parts: (1) the recognizable proof of customer needs and needs, as the customer on the other hand end-client of your item or administration is maybe the most imperative

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customer for long, furthermore, (3) organizations must make a benefit to be supportable in the long-run. Marketing does not simply happen between reaping, pressing, also, utilization. Viable marketing in today's evolving nourishment framework requests that makers additionally tackle a "marketing" way to deal with generation and transportation. A marketing plan is a composed record containing the rules for the association's marketing projects and allotments over the planning period. Kindly note that a strategic marketing management plan is composed, not kept in the leader's head. Earlier triumphs or disappointments are fused into the marketing plan. That is, viable marketing directors gain from past slip-ups. A marketing plan obliges correspondence crosswise over distinctive utilitarian zones of the firm, for example, operations, human assets, deals, delivery, and organization. At last, marketing advances responsibility for attaining to results by a predefined date. Much the same as a viable goal, a successful marketing plan will be quantifiable, particular, and achievable.

THE GOAL OF STRATEGIC MARKETING

MANAGEMENT

There are no less than four goals of strategic marketing management that need to be seen by those wishing to use strategic marketing management to art productive methods: 1. To choose reality-based wanted achievements (e.g., goals and goals). 2. To all the more adequately create or change business systems. 3. To set needs for operational change. 4. To enhance an association's execution. Reality-based achievements are molded by the level of understanding leaders have with respect to the outer variables outside of their control and the inner components under their control. Legitimate utilization of this recently procured learning of inside and outside components will prompt more successful business techniques. Technique, by definition, implies leaders must settle on decisions, and that implies setting needs for operational change. Leading a strategic marketing management planning activity ought to be more than simply an activity. Accordingly, the goal of viable marketing management is to enhance an association's execution. Figure 1 outlines the strategic marketing management model as talked about in this workbook. This model is isolated into three levels: outside/self-investigation, carriage and business planning. Outside/self-investigation will get the lion's share of our consideration in this workbook, while strategic carriage and business sector planning will be given a brief diagram. Up and coming Food and Resource Financial aspects Extension reports will concentrate on strategic carriage furthermore, market planning.

Figure 1. The Strategic Marketing Management Model.

THREE CRITICAL MARKETING CONCEPTS

The strategic marketing plan is built around three critical marketing concepts. These concepts are represented by the following acronyms and are discussed briefly:

Think Like Customers -

“Think Like Customers” (TLC) is a plea for businesses to remember the customer in their decision making process. To think like a customer is consistent with the viewpoint that “marketing is the whole business as seen from the viewpoint of the customer.” Experience and research indicate that all firms have the opportunity to do better at TLC. We are sure you would be able to cite numerous examples from your own life when firms did not practice thinking like their customers. Can you list examples of firms that think like customers? Can you list examples of firms that do not think like customers?

Critical Marketing Strategy Question -

In its simplest form, the “critical marketing strategy question” (CMSQ) is: “Why should customers purchase your firm’s products/services over those of your competitors?” (Kepner, 2001). This may sound like a simple question. You may be surprised at how difficult it can be to come up with good reasons (reasons that differentiate you from your competition)

Sunita Rani

Segment, Target, and Position –

“Segment, Target, and Position” (STP) is one of the basic building blocks of modern marketing (U.S. Small Business Administration, 1980). STP strategies should complement a firm’s overall generic strategies, consisting of a primary competitive strategy, competitive role strategy, strategic initiative, and vertical coordination strategy. Market Segmentation is the basic recognition that every market is made up of distinguishable segments consisting of buyers with different needs, buying styles and responses. In essence, this is the process of identifying all possible markets to which your product or service could be offered.

CONCLUSION

We hope you have enjoyed the strategic marketing management process as identified in this paper. Please remember that the strategic marketing management process is not meant to be used once every five years, only to collect dust on some manager’s shelf. To be effective, this process requires the support of upper management and the involvement and commitment of the entire company.

REFERENCES

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  • Kepner, Karl W. Presentations made to extension audiences by this Distinguished Professor representing the University of Florida 1975-2001.
  • Lehmann, Donald R. and Russell S. Winer. Analysis for Marketing Planning, Third Edition. Burr Ridge, IL: Richard D. Irwin, Inc. 2004.
  • Peterson, H. Christopher and Allen F. Wysocki. “Strategic Choice Along the Vertical Coordination Continuum.” Staff Paper 98-16. Department of Agricultural Economics, Michigan State University, East Lansing, MI. 2008.
  • Stevens, Robert E., David L. Loudon, and William E. Warren. Marketing Planning Guide. Binghamton, NY: The Haworth Press, Inc. 2001.

McGraw-Hill. 1995.  Wedel, Michel and Wagner A. Kamakura. Market Segmentation: Conceptual and Methodological Foundations. Boston, MA: Kluwer Academic. 1998.