Strategic Marketing Management
Table of Contents
1.1)Importance of Strategic Marketing2
1.2)Marketing Planning Process3
1.3)Links between strategic marketing and the corporate strategy5 2.1) Values of the models in the strategic marketing6
2.2) Positioning and marketing Tactics7
2.3) Relationship marketing7
3.1 ) Exploiting the Growth factors8
3.2) Response to a change9
3.3) Strategic marketing Objectives10
4.1) Changes to the external market11
4.2) Internal Analysis11
4.3) Marketing Responses11
Strategic marketing is an essential element in the process of making better plans for the future. Even though it is targeted at marketing, it will be the driving force of many companies to reach the organizational objectives. A strategy could give different divisions blended together and linked to the future. Therefor a better understanding is essential of how the strategies work and how they will be changed in the time to come and the changes one can do in relation to their functionality. The below assignment will provide the necessary details for those.
1 Importance of Strategic Marketing
A Marketing strategy is a long term oriented tool used to make sure that no deviations are done to the marketing and the marketing function of the organization will be maintained all throughout the organization as a philosophy. It will be the key to drive an organization to its peak as marketing brings the organization to its customer. So as a result, the ability of a company to maintain and penetrate the market would be through the marketing strategy. Therefor a marketing strategy is an essential element. Under the strategy the main elements would be the pricing, the distributions and the modifications to the marketing mix such as product ranges, after sales, and etc. A concept such as branding also goes along with the marketing strategy (Proctor, 2000).
For companies such as IKEA, the need for a proper marketing plan is much essential. Products such as home appliances, furniture and their innovative stuff would need to properly address the target market properly with their pros and cons. Elements such as folding chairs, folding tables would need to be to the customers’ attention or otherwise the customers won’t know about it. So the awareness advertisement campaigns are a must element for any company such as IKEA. Mass advertisements, public Relations are a must element for them. For IKEA the most suitable marketing strategy is to keep updating the innovative products and put the concept ‘Visit us because we have everything needed for your house’ into the mind of the customer (Blythe J. et alTop of Form , 2000). With the competition of Damro, Wal-Mart, the level of competition would be sky high and the level of innovation that those companies perform are much more equal and the pricing strategies used by Wall- Mart are a major threat. Therefor better pricing, product ranges and better market positioning are a must. Therefore a good marketing concept and a strategy are a must element for companies such as IKEA (CravensBottom: o. Form , 2009:p.71)
2 Marketing Planning Process
In strategic marketing the key concern should focus on the long term orientation. Therefore when maintaining connections with the strategy, the following should be concerned, (Donnelly and Harrison 2009), the first step involved in the strategic planning mode, is the situational analysis. Under that the main idea is the analysing the current situation and the current suitability of the company for such changes. Therefore in order to carry out the initial step, Marketing Audit must be carried out. Under the marketing main idea is to detect the possibilities of the current organizational marketing orientation to meet the desired outcome. Mainly the SWOT analysis and PEST...