Strategic Marketing
Running head: STRATEGIC MARKETING PROCESS
Strategic Marketing Process
Strategic Marketing Process In order for an organization to reach its target markets, it must use the strategic marketing process to allocate its marketing mix resources. The marketing mix is elements, such as price, product, place, and promotion (also known as the 4 “P”’s) used in the make up the marketing process (Bayne & Hardin, 2002). It is important for an organization to have a good understanding of the marketing mix. Each element is important when developing a marketing plan (Bayne & Hardin). It is equally important to understand that to accurately utilize the marketing process; the organization must follow another process which consists of three phases and are usually formalized in a marketing plan (Bayne & Hardin). The phases are planning, implementation and control. The planning phase consists of (a) a situation analysis of the organization 's strengths, weaknesses, opportunities, and threats; (also known as a SWOT analysis) (b) a market-product focus through market segmentation, points of difference analysis, and goal setting; and (c) a marketing program that specifies the budget and activities (marketing strategies and tactics) for each marketing mix element (Logman, 1997). The implementation phase carries out the marketing plan that emerges from the planning phase. It has four key elements: obtaining resources, designing the marketing organization, developing schedules, and executing the marketing program (Logman). The control phase compares the results from the implemented marketing program with the marketing plan 's goals to identify the "planning gaps" and take actions to exploit positive deviations or correct negative ones (Bayne & Hardin, 2002). As mentioned in paragraph one, there are elements, 4”P”’s, that make up the marketing mix and used in the marketing process. An explanation of price would be, “what is the highest amount that the customer will pay for the
Strategic Marketing Process
Strategic Marketing Process In order for an organization to reach its target markets, it must use the strategic marketing process to allocate its marketing mix resources. The marketing mix is elements, such as price, product, place, and promotion (also known as the 4 “P”’s) used in the make up the marketing process (Bayne & Hardin, 2002). It is important for an organization to have a good understanding of the marketing mix. Each element is important when developing a marketing plan (Bayne & Hardin). It is equally important to understand that to accurately utilize the marketing process; the organization must follow another process which consists of three phases and are usually formalized in a marketing plan (Bayne & Hardin). The phases are planning, implementation and control. The planning phase consists of (a) a situation analysis of the organization 's strengths, weaknesses, opportunities, and threats; (also known as a SWOT analysis) (b) a market-product focus through market segmentation, points of difference analysis, and goal setting; and (c) a marketing program that specifies the budget and activities (marketing strategies and tactics) for each marketing mix element (Logman, 1997). The implementation phase carries out the marketing plan that emerges from the planning phase. It has four key elements: obtaining resources, designing the marketing organization, developing schedules, and executing the marketing program (Logman). The control phase compares the results from the implemented marketing program with the marketing plan 's goals to identify the "planning gaps" and take actions to exploit positive deviations or correct negative ones (Bayne & Hardin, 2002). As mentioned in paragraph one, there are elements, 4”P”’s, that make up the marketing mix and used in the marketing process. An explanation of price would be, “what is the highest amount that the customer will pay for the
References: American Marketing Association (2003). Managing Customer Loyalty. Retrieved October 3, 2009, from http://www.marketingpower.com/Calendar/Pages/2010%20TS%20ManagingCustomerLoyaltyPhiladelphia,PA.aspx Bayne, K., & Hardin, T. (2002). Marketing trends and targets (Doctoral dissertation, Michigan State University, 2002). Retrieved from https://www.msu.edu/course/prr/47/oldstuff/Marketing.htm BusinessTown.com (2003). Strategize for Customer Loyalty. Retrieved October 3, 2009, from http://www.businesstown.com/marketing/customer.asp Kyle, B. (2001). 7 Ways to Improve Profit Through Both Long- and Short-Term Strategies. Retrieved October 4, 2009, from http://www.websitemarketingplan.com/small_business/marketingmix.htm Logman, M. (1997). Marketing mix customization and customizability. Business Horizons. Retrieved from http://findarticles.com/p/articles/mi_m1038/is_n6_v40/ai_20149728/