Strategic Marketing is an important marketing discipline that emerges from the integration of the disciplines of strategy and marketing. Given this integration, this work examines and defines the concept of strategic marketing. This work was done by developing two social theory frameworks that gives a comprehensive review and overview of the meaning of strategy on the one hand and the meaning of marketing, on the other. The point of linkage will be identified within these frameworks and then draw on these points of linkages to conceptualize or suggest a new definition that further binds the concepts of strategy and marketing into a cohesive discipline – strategic marketing. In addition, this study goes a step further to develop a theoretical framework that benchmarks the new definition against existing definitions of strategic marketing. This was done by situating the proposed definition within the context of a review of existing definitions. The conceptual review states whether or not the suggested definition supports or challenges the literature concerning the meaning of strategic marketing.
1. Introduction – Strategic Marketing
This is an integral part of the marketing profession that was given birth to by the fusion of two distinct disciplines - strategy and marketing. With this fusion, an attempt to define and explain the concept of strategic marketing is put to fore in this work. An attempt to define this concept will be made through the development of two social theory frameworks that give a comprehensive analysis of the meaning of strategy on one hand, and the meaning of marketing on the other. A link is further made to put forward a new definition that further binds the concepts of strategy and marketing into one discipline – strategic marketing. Additionally, this study goes further to develop a theoretical framework that benchmarks the new definition against existing definitions of strategic marketing. 2. Literature Review
2.1 Marketing Literature
Different authors over time have seen the marketing principle from varying perspectives. An overview of the marketing literature reveals premises which are as varied as the authors, namely: customer quality, evolving lifecycles, stakeholder value, business activity performance, environmental impact, management decision, promise fulfilment, stimulation of customer, programme formulation, customer equity, customer service, management process, critical process, human need, strategy, academic discipline, customer retention, supplier-customer relationship, management activity, pervasive societal activity, enhancement of profitable relationship, customer quality, strategy, customer value delivery process, values and benefits, firm-customer exchange, process of planning and execution, critical process, tactics, customer-based and marketing mix. Worthy of note is the fact that these categorizations are not exactly opposite or negating one another. In other words, they are therefore arranged into categories according to their similarities. The major categories are promotion, profit maximisation, value creation, relationship marketing, strategic management process and competitive strategy.
2.2 Strategy Literature
The analysis and review of literatures in strategy show discussions which brings to prominence varying dimensions from which the concept of strategy has been examined. The elements which feature in the discussions include performance, environmental analysis, corporate objectives, organizational ideas, manager function, business policy function, policy perspective, strategic positioning, performance, management field mix, combination of marketing sub-fields, competitive advantage, system of shared meanings among stakeholders, rational techniques, market segmentation, future projection, innovation, environmental advantage, service provision patterns, awareness of needs, consistency of decisions, leaders’ vision, resource allocation,...
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