Marketing is a progressive approach which helps in getting enhanced consumer eyes. The process of marketing starts before the production where the company evaluates the market parameters to plan its operations. The field study is conducted by the company to assess the need and demand of the product and the competition in the market. Strategic marketing is the specific field in the marketing which actually fills up the gap between an organization and the customer. In strategic marketing, the marketing operations are conducted on three parameters which are as follows:
- Where the company stands now in the market?
- Where is the company moving towards?
- What actually the company wants to achieve?
Thus, in strategic marketing, marketing manager evaluates the market conditions and the potential competition to plan their internal strategies to project the different existence in the market. The main aim of strategic marketing is to create the differentiated brand image of the company in the market. The company evaluates its existence, and the SWOT analysis of the company will provide guidance to the company, about the strengths, weaknesses, opportunities and threats imposed. Thus, they have to plan the strategies according to all the factors, or which could be imposed upon them.
Phases of strategic marketing:
There are three phases in the implementation of strategic marketing in an organization which are as follows:
Planning phase: this is the first phase in the marketing strategy, in which the marketing manager has to plan the activities to be performed to differentiate the company from its competitors. In the planning phase, the manager is required to perform the following steps:
SWOT analysis: to differentiate the company from its competitors, the company must know about their strengths, weaknesses, potential opportunities and the potential threats to be imposed upon them. Only then, they can prepare themselves to achieve a better position in the market.
Marketing mix strategy: the marketing mix of the company will be decided after the SWOT analysis of the company. The company will plan the Product to be produced by the company. In which the need of the product, potential demand in the market will be analyzed. Thus, the features and design of the product will be decided accordingly. Place, where the outcome will be available, promotion the ways to advertise the product and the pricing decision, to decide the appropriate price of the product.
Setting up of goals: the company will plan the marketing mix and the aim will be ascertained to the mix. The company will set up the goals they want to achieve through its mix. The marketing will be done in such a way, that it will have a significant influence on the customers and the market position of the company.
Implementation phase: the implementation phase is the actual performance phase, where the manager has to ensure that all the planned activities and strategies to be performed effectively and efficiently. The implementation phase consists of four components which are as follows:
Resource collection: to develop the new product and launch it in the market. The company requires resources, capital, human resource, equipment’s etc. thus, the manager has to arrange all the resources.
Decide the hierarchy: the manager have to set the hierarchy, for the implementation of all steps of the strategic management for proper management.
Scheduling of activities: the manager will schedule all the activities so that they can be implemented at proper timing, as the proper timing is very significant in the implementation of the marketing plan.
Actual execution: The most crucial part is the execution of the plan in the proper manner to earn the edge over the competitors in the market.
Evaluation phase: in this phase the manager will compare the actual execution of the marketing process with the standards set in the planning phase that whether the company have achieved the determined aims or not and find the deviations. If the variations are positive, the work force must be rewarded. On the other hand, if the deviations are negative, the corrective measures have to be taken by the manager.
Importance of strategic management in an organization is as follows:
Evaluation of the business environment: the company evaluates the business environment. The factors affecting the environment will be studied by the company and how the factors will create new opportunities for the company and the potential threats could be imposed on the company. So, the company can prepare themselves to acquire the opportunity and face the threats to beat the competition.
Evaluation of internal management: the company will evaluate the internal strengths and weaknesses. With this, they can plan its strategies by using strengths, the high quality of the company which differentiate them from others and can be used to overcome the weaknesses.
Determine the objectives: the strategic marketing provides guidance to the management of the company to determine its objectives which will differentiate them from others. The goals determined will have the specific time frame and the measurability, which will encourage the company to achieve its mission and vision.
Product development: the strategic marketing helps the company to develop the products and services which will provide the edge to the company over its competitors, the customer base of the company will be increased due to the differentiation, and it will maximize the profits of the company.
Conclusion: the strategic marketing is the part of the marketing which deals with the core competencies of the company, which differentiate the company from its competitors and build the brand image of the company in the market.
Salesforce.com, 2019. [Online]. Available: https://www.salesforce.com/products/marketing-cloud/best-practices/marketing-management/.
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