The output form such marketing strategy analysis and choice or strategic marketing decision is a marketing strategy statement. Jan 25, 2020 a basic difference between strategic marketing and tactical marketing is that strategic marketing is the planning of how things will be whereas tactical marketing is the tactics you will implement to make things happen as per strategy. The nucleus concepts of marketing are customers desires related to products, exchanging things, communications and relationships. Essay on strategic marketing business essays essay sauce. It is recognised that the community itself will need to change in order to adopt this plan and those from other projects. Tactical marketing is a short term strategy but one which helps you achieve goals. Strategic marketing meaning in the cambridge english. From the early definitions of marketing by the american marketing association ama such as its 1935 definition. Traditional marketing is becoming less and less effective by the minute. Strategic marketing management definition bizfluent. Moreover, strategic planning differs from longrange planning. Strategic management is a broader term than strategy and is a process that includes top managements analysis of the environment in which the organization operates prior to formulat ing a strategy, as well as the plan for implementation and control of the strategy. A strategic business unit, popularly known as sbu, is a fullyfunctional unit of a business that has its own vision and direction.
A marketing strategy is a business overall game plan for reaching people and turning them into customers of the product or service that the business provides. Kotler on strategic marketing by john roberts, alvin silk, glen urban volume editor, and jerry wind 1. Cooperative game theory and marketing strategy expected value creation is largest when the following are chosen optimally product design allocation of manufacturing tasks seller efforts at information supply buyer efforts at information acquisition 15. Strategic market planning definition marketing dictionary.
Managers around the globe are recognizing the increasing importance for the firm to develop marketing strategies to compete effectively in worldwide markets. By implementing strategic marketing management tools, youll be able to make better decisions, create better strategy, and improve your business overall. Aug 01, 2008 strategic marketing management 7th edition offers a comprehensive framework for strategic planning and outlines a structured approach to identifying, understanding, and solving marketing problems. It requires individuals capable of strategic thinking, that is, individuals who can take information and offer insights on how that information can influence or impact the future organization. Overall, the strategic marketing planning process connects the production engine to consumption.
Building a foundation for your future 2 introduction this workbook is designed to help producers become more familiar with how to construct a strategic marketing management program for their business. To summarise then we can see that a simple definition of marketing would be, the right product. Thus, the goal of strategic marketing is to maximise a firms positive differentiation over its competitors in the minds of its target market. This broadening of the marketing concept, to include strategic as well as operational decisions, has resulted in an overlap between marketing and strategic management. Identification of one or more sustainable competitive advantages a firm has in the markets it serves or intends to serve, and allocation of resources to exploit them. In civilian terms, this amounts to the allocation of resources. Download free ebooks at strategic marketing 12 so what is marketing. For example selling sachin tshirts during cricket matches. The article discusses in detail about the meaning and purpose of marketing strategy. A marketing strategy defines how an organization reaches its predefined goals. Whats the difference between marketing and strategic marketing. Tactics is the companion term and it refers to ac tions formulated and executed after the enemy has been engaged in the heat of battle, as it were. By now, so much has been spoken and written about his.
Strong and strategic marketing plans may be built from this style of management. The marketing plan defines what work you will do to achieve the marketing strategy. The domain of strategic marketing is viewed as encompassing the study of. Strategic marketing management implements your companys mission through focused processes to get the most out of your existing marketing plan. In this article, we explore, 1 the definition and purpose of strategic marketing, 2 the three phases of the strategic marketing process, 3 guidelines for effective strategic marketing process, 4 problems to expect in the strategic marketing process, 5 p. Strategic marketing is the process of recognizing the various leads a company has in the market it serves or seeks to serve and allotting resources to exploit this leads. It is, therefore, inherently multidisciplinary as work in this area draws on literature from a wide array of other subfields, including public relations, marketing, advertising, and management. Strategic planning is more than a stepbystep exercise, however.
On the one hand, we have a part focused on the medium and long term, such as strategic marketing. Aug 28, 2012 what is the definition of strategic marketing. The commentary also provides a retrospective and prospective discussion of the domain of strategic marketing, definition of marketing strategy, issues. It also proposes a definition for marketing strategy, the. What is marketing strategy marketing strategy is a longterm course of action designed to optimize allocation of the scarce resources at the disposal of a firm in delivering superior customer experiences and promote the interests of other stakeholders. Strategic communication is a term used to denote the higherlevel concerns behind communicative efforts by organizations to advance organizational mission. This paper proposes a domain statement for strategic marketing as a field of study and delineates certain issues fundamental to the field. What is tactical marketing using marketing tactics to good. Target market is identified through comprehensive research. In this context, strategy is concerned with the deployment of resources. Jul 05, 2019 strategic marketing is that which takes to the process by which organizations, groups and individuals get what their desire and want by identifying value and delivering the thing to others. Sudharsan 1995 marketing strategy creates pathways to a desirable future. Strategic marketing is all about how a company identifies its strongholds in the market and exploits them. It also proposes a definition for marketing strategy, the focal organizational strategy construct of the field, and enumerates a number of foundational premises of marketing strategy.
Strategic marketing murads webworld of websites weebly. Here we define strategic marketing and explore some marketing degrees and careers. Typically, a strategic business unit operates as a separate unit, but it is also an important part of the company. Understand the essential components of marketing strategy formulation. This type of management may help discover other marketing opportunities. So, to understand strategic marketing, you need to understand the marketing plan. Originally used at the grapefruit economic workshop, this material was. The difference between marketing strategy and strategic marketing. Marketing strategy is a longterm, forwardlooking approach with the fundamental goal of achieving a sustainable competitive advantage.
Philip kotlers contributions to the field of marketing philip kotlers status as a major thought leader in marketing is widely recognized. What is strategy and strategic management to future managers. A marketing strategy is a business overall game plan for reaching people and turning them into customers of the product or. Aug 20, 2019 a sound marketing plan allows a corporate entity to grow its market share which results in more revenue and profits. Strategic marketing is incorporated in many different marketing and business careers to help organizations make the most profit by understanding what the consumer wants.
The creation of this strategic marketing plan by the communitys marketing project the project is part of this community development process. Domain, definition, fundamental issues and foundational premises. The basic elements of a marketing strategy consist of 1 the target market, and 2 the marketing mix variables of product, price, place and promotion that combine to satisfy the needs of the target market. Strategic marketing meaning in the cambridge english dictionary. Strategic market planning is an ongoing process through which the company creates marketing strategies and plans its implementations in the target market. Jan 30, 2017 strategic marketing functions and examples. The definition of a strategic marketing plan bizfluent.
Consequently, the literature offers many different definitions. In the same regard, the organization must also consider the barriers to exit, or the costs of leaving a particular business line. Pdf explanation of the strategic marketing management. The goal of marketing is to convert potential customers into actual, paying customers. Strategic marketing is the way a firm effectively differentiates itself from its competitors by capitalising on its strengths both current and potential to provide consistently better value to customers than its competitors.
Kotler 1997 the selection of target markets, the marketing mix and the marketing expenditure levels. Pdf strategic marketing, marketing strategy and market strategy. Strategy, by definition, means decision makers must make choices, and that means setting priorities for operational change. Oct 28, 2009 this paper proposes a domain statement for strategic marketing as a field of study and delineates certain issues fundamental to the field. This entails understanding the environment the business is operating in.
Strategic communication communication oxford bibliographies. Marketing is made up of two totally different but undoubtedly complementary aspects. Two important marketing concepts are tactical and strategic marketing. The difference between marketing and strategic marketing is sort of like the difference between a piece of cheese and using that piece of cheese to make some delicious lasagna while the former may be great on its own, its nothing when compared to its use as part of an overall plan that makes the best use possible of all the parts involved. For business students, the theory advanced in this book is an essential tool for understanding the logic and the key aspects of the marketing process. Strategic marketing builds off of market knowledge to develop a customercentered strategy, or plan and approach, to marketing campaigns with the ultimate goal of profitability for the organization. Marketing is the action a company takes to place a product in front of a potential customer. Jack trout and al ries defined the concept years ago in their landmark book positioning. A marketing strategy refers to the plans that a company comes up with on how best to address its consumers in the existence of a competitive business environment. Strategic surprisingly, here there is ready agreement. The strategic marketing plan also takes into consideration the current financial position of the company as well as trends in the marketplace.
At the same time, you also need to be able to back up and look at the market as a whole and get a big picture perspective. To answer this question, this study seeks to examine management student understanding as to the meaning of these two concepts. Content marketing is a strategic marketing approach focused on creating and distributing valuable, relevant, and consistent. What is strategic marketing functions and examples. In principle strategic marketing is that simple, but it means a lot more than getting. As a firm expands, it can enjoy large economies of scale and thus fewer operational costs. Scholars continue to debate the precise meaning of marketing strategy. Strong and strategic marketing plans may be built from. Strategic marketing management ufifas edis university of.
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