The Importance Of Strategic Marketing

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By definition, strategic marketing is a firm’s ability to concentrate a limited amount of resource on an opportunity that has deemed to have the highest potential to increase sales, thereby creating a sustainable competitive edge over rivals (Brooksbank & Taylor 2007). Fundamentally, each aspect of marketing has the potential to improve or affect the performance of other marketing facets. Hence, creating a proper coordination of a firm’s activities makes it possible to eliminate unnecessary activities that interfere with efficient profit maximization processes. Strategic marketing explores ways that each of the marketing processes will reinforce each other for the best output. More importantly, strategic marketing makes each department to work …show more content…

Primarily, strategic marketing initiates its process through market research, thereby inculcating the optimal target customers throughout the development phase of the product or service. Market research enables the firm to identify trends from the horizon, especially by studying major competitors in the market that eventually informs the firm’s product designs and development. Strategic marketing does thus enable the company to use to researched information to differentiate products for individual client niches, which provides the firm with a competitive …show more content…

Market research assists a company to determine the best media outlets to place their advertisements. For instance, a youth-based market may prefer an online advertisement while older customers may opt for radio stations and television adverts. 1.2. Explain the processes involved in strategic marketing Strategic marketing involves five crucial processes. The first step in strategic marketing involves identification of the mission of the strategic marketing approach (Bryan 2015). The firm needs to determine the reason it exists in the market in the first place. A succinct definition and description of the firm’s future desires and anticipated achievements that are influenced by current steps. Each product and service offered by the organization must contribute towards the achievement of the company’s mission. The second strategic marketing process involves developing a situation process analysis (Bryan 2015). Situation process analysis involves evaluation of a firm’s strengths and weaknesses. Specifically, situational analysis may involve carrying out SWOT analysis, PESTEL analysis, or Porter’s Five Forces analysis. The emergent outcome from these analyses are then used by the organization to build on the strengths while minimizing

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