Marketing strategies are developed based on an understanding of internal and external marketing environmental situations.the reason you should find a modern way of creating profitable strategic marketing includes theories and practices which are anchored through self-knowledge, flexibility, leadership, creativity, uncertainty, and strength.
The reason you should find a modern way of creating profitable strategic marketing
Firms use pools of unique resources and opportunities created by interactions between the internal and external environments to ensure growth and survival. Firms form the basis of the firm’s strategic marketing orientation will help in modern way of creating profitable strategic marketing
The analysis involves an understanding of the firm’s internal organization situation and its competitive position as it relates to customers, competitors, partners, and the market. The goal of strategic analyses includes to make effective and profitable strategic marketing decisions and to generate knowledge on how to compete in the target market.
The outcome of strategic analysis is the strategy which then specifies the firm’s different activities of differentiating the firm’s offerings.
Marketing analysis has shown that firms suffer losses at the hands of nimble competitors not because they do not have strategic plans but because their strategic plans do not prepare them to anticipate and deal with competitive developments.
In present global economy filled with turbulence and change, new firms will continue to enter, and new products will be introduced into the market, consumers will continue to change their preferences for products and competitors will adapt to their marketing strategies to gain competitive advantage.
Marketing uncertainty is the inevitable outcome of various marketers making decisions about what to produce, how to produce, when to produce, where to produce, and for whom to produce.
Strategic plans are developed by firms to respond to the uncertain market situation such as the entrance of new firms and new products in the market, changes in consumer preferences, changes in competitors marketing strategies and changes in environmental condition.
Strategic planning and strategy development are the main success of a business. One of the goals of strategic planning is to anticipate competitive developments and develop strategic responses.
Three hierarchy of strategy
The three hierarchy of strategy developed by firms are explained
Corporate strategy is the topmost level management executives and the goal is to maximize the difference between the market value of the organization and the capital invested in the firm by the owners.
The corporate level strategy handles problems like the definition of the business of the organization to determine the mission, scope, shape, and structure of the firm.
The strategic decisions covered in the corporate levels are articulated in the mission and vision statements of the firm.
Mission and vision statement
The mission and vision specify the business of the company and gives managers, employees, and customers a sense of what the company is all about. It gives answers about what the company does and what it is, the company takes two major approaches to mission and vision statements.
- Internal approach by defining their mission with reference to their product or service.
- An external approach by focusing on consumer needs, their products satisfy in defiling their mission statement.
Strategic business unit strategy(SBU)
Strategic business units are organized around products, customer needs, and geographical locations. Operating under one root of those units are responsible for achieving their financial and marketing goals and operate independently of others.
The basis of SBU strategy Is to enable the unit to compete in the firm’s chosen business.
Functional level marketing strategy(FLM)
Marketing strategy involves decisions and activities to achieve and sustain a competitive advantage by creating a good fit between what customers expect and what the organization can deliver in the form of product, price, place, and promotion.
The specific marketing resources cover issues related to segmenting, targeting, and positioning in national, regional, and global markets. Marketing strategies are developed for a specific product-market.
What is a strategic marketing
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
Marketing is an organizational function and a set of processes for creating, communicating, and delivering values to customers and for managing customer relationship in a way that will benefit the organization and the stakeholders.
Statistically, strategic marketing is explained as segmenting and targeting customers and positioning marketing offerings to achieve a profitable competitive advantage by configuring products, price, place, and promotional activities.