Strategic Marketing-A Five Step Process for Better Understanding

What is Strategic Marketing?

Strategic marketing is a type of marketing process in which strategies and plans are made to market a product or service. It gives way and direction to a marketing process which may establish the product or service in the market. There may be regular improvements in the plans for its betterment in implementation. Every business activity is structured according to strategic marketing processes. Similarly, every strategic marketing assignment should have structured elements of strategic marketing. These processes are important to communicate values of the product as well as the company to the customers in order to achieve the best-planned results. It has such a power in it that it can flourish market or even an ordinary or mediocre product. On the contrary, an established company may go down due to poor marketing strategies.

What are the Basic Steps in Strategic Marketing?

There are five basic steps in Strategic Marketing process. All these steps are essential in achieving desired goals and objectives set for the future and students can get best-certified coach also for essay writing help services. These five steps are as follows:

  • Identification of a mission: The mission of the organization is to tell the customers about its reason for presence in the market and how it can benefit the target customers in long-term market offerings. The mission is set for the future anticipation from the company about its products and services in the consumer market.
  • Analyzing the current situation: Usually, an organization analyzes its current position in the market by SWOT analysis. It includes four components such as Strengths, Weaknesses, Opportunities, and Threats. The strengths and weaknesses of a company are its internal factors which should be taken care of by a strategic marketing manager. He should also look into the opportunities available about the growth of the company and possible threats in achieving the said goals and objectives.
  • Setting the objectives of the strategic marketing: These are the objectives which are clear marketing goals which give a guideline to the decision-makers in the company for the growth and development of the company. These goals may be the targets for revenue generation, profit-making of the company, sales achieved an increase in the market share.
  • Development of the marketing strategy: The development of the marketing strategy involves selection of target market, target customers, marketing tactics applied, using marketing mixes like product promotion and its pricing and distribution. The quality of the strategy has a long-lasting effect on the implementation.
  • Planning for the evaluation: The evaluation of a strategy means that someone should monitor and assess the impact of these tactics over time. How and when these should be monitored and assessed must be the decision of the final decision makers from the top management. This is a healthy and critical analysis of what has to be improved and what has to appreciate in the future.

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