Explain your understanding of the principles of strategic marketing management
You will need to:
* Discuss the role of strategic marketing in an organization
Strategic Marketing is a process whereby it allows the organizations to come up with a marketing plan. Within this marketing plan the organizations can analyze as to how they should satisfy their customers and make profit in return. Strategic Marketing Planning is handled from the upper management and is a very important part of the organization (Elliot, Rundle & Waller 2012)
There are three different levels within an organization. First is the corporate level, which is the highest level. The managers are responsible for the issues that concern the overall organization hence their decisions will have an impact on the overall organization. The second level is the business level whereby there are units within the overall organization that are normally handled and managed by self-contained businesses that act as independent businesses. From a marketing point of view at this level competition comes into play as the business units typically compare itself with the other business units, for instance Blockbuster. Then there is the functional level where there are various functional areas within a business unit. The work performed is by different functions therefore they are split into and referred to as functional departments (Elliot, Rundle & Waller 2012). The organization that I work for adopts the exact same format as mentioned above. When it comes to the marketing plan, it is formulated by the management at the different business levels but approved by the upper management only that are at the corporate level.
* Explain the processes involved in strategic marketing
There are several processes that are involved in Strategic Marketing and can be categorized into stages; understand, strategize, create and evaluate. Understand is where the organizations need to understand