In the same regard, the organization must also consider the barriers to exit, or the costs of leaving a particular business line. Strategic management is a broader term than strategy and is a process that includes top managements analysis of the environment in which the organization operates prior to formulat ing a strategy, as well as the plan for implementation and control of the strategy. The difference between marketing and strategic marketing is sort of like the difference between a piece of cheese and using that piece of cheese to make some delicious lasagna while the former may be great on its own, its nothing when compared to its use as part of an overall plan that makes the best use possible of all the parts involved. Aug 28, 2012 what is the definition of strategic marketing. Strategic marketing is all about how a company identifies its strongholds in the market and exploits them. What is marketing strategy marketing strategy is a longterm course of action designed to optimize allocation of the scarce resources at the disposal of a firm in delivering superior customer experiences and promote the interests of other stakeholders. Originally used at the grapefruit economic workshop, this material was. The commentary also provides a retrospective and prospective discussion of the domain of strategic marketing, definition of marketing strategy, issues. What is strategy and strategic management to future managers. A marketing strategy is a business overall game plan for reaching people and turning them into customers of the product or service that the business provides. Kotler 1997 the selection of target markets, the marketing mix and the marketing expenditure levels. Building a foundation for your future 2 introduction this workbook is designed to help producers become more familiar with how to construct a strategic marketing management program for their business.
The definition of a strategic marketing plan bizfluent. To answer this question, this study seeks to examine management student understanding as to the meaning of these two concepts. By now, so much has been spoken and written about his. The marketing plan defines what work you will do to achieve the marketing strategy. Oct 28, 2009 this paper proposes a domain statement for strategic marketing as a field of study and delineates certain issues fundamental to the field. Identification of one or more sustainable competitive advantages a firm has in the markets it serves or intends to serve, and allocation of resources to exploit them. Here we define strategic marketing and explore some marketing degrees and careers. The basic elements of a marketing strategy consist of 1 the target market, and 2 the marketing mix variables of product, price, place and promotion that combine to satisfy the needs of the target market. Download free ebooks at strategic marketing 12 so what is marketing. Managers around the globe are recognizing the increasing importance for the firm to develop marketing strategies to compete effectively in worldwide markets.
Marketing is made up of two totally different but undoubtedly complementary aspects. A marketing strategy defines how an organization reaches its predefined goals. Strategic marketing management ufifas edis university of. Kotler on strategic marketing by john roberts, alvin silk, glen urban volume editor, and jerry wind 1. A strategic business unit, popularly known as sbu, is a fullyfunctional unit of a business that has its own vision and direction. It is recognised that the community itself will need to change in order to adopt this plan and those from other projects. Domain, definition, fundamental issues and foundational premises. Thus, the goal of strategic marketing is to maximise a firms positive differentiation over its competitors in the minds of its target market. Strategic marketing meaning in the cambridge english.
Strategic communication is a term used to denote the higherlevel concerns behind communicative efforts by organizations to advance organizational mission. What is strategic marketing functions and examples. Strategic marketing management definition bizfluent. It also proposes a definition for marketing strategy, the focal organizational strategy construct of the field, and enumerates a number of foundational premises of marketing strategy. Strategic marketing is the way a firm effectively differentiates itself from its competitors by capitalising on its strengths both current and potential to provide consistently better value to customers than its competitors. For business students, the theory advanced in this book is an essential tool for understanding the logic and the key aspects of the marketing process. Cooperative game theory and marketing strategy expected value creation is largest when the following are chosen optimally product design allocation of manufacturing tasks seller efforts at information supply buyer efforts at information acquisition 15. This entails understanding the environment the business is operating in. In civilian terms, this amounts to the allocation of resources. By implementing strategic marketing management tools, youll be able to make better decisions, create better strategy, and improve your business overall. In health care, many services require a large commitment of fixed assets or specialized personnel.
Browse the definition and meaning of more terms similar to strategic marketing. The goal of marketing is to convert potential customers into actual, paying customers. In this context, strategy is concerned with the deployment of resources. Strategic marketing is incorporated in many different marketing and business careers to help organizations make the most profit by understanding what the consumer wants. For example selling sachin tshirts during cricket matches. Moreover, strategic planning differs from longrange planning. A marketing strategy is a business overall game plan for reaching people and turning them into customers of the product or. What is tactical marketing using marketing tactics to good. Strategic marketing is the process of recognizing the various leads a company has in the market it serves or seeks to serve and allotting resources to exploit this leads. To summarise then we can see that a simple definition of marketing would be, the right product.
Strategy, by definition, means decision makers must make choices, and that means setting priorities for operational change. Understand the essential components of marketing strategy formulation. Pdf this paper proposes a domain statement for strategic marketing as a field of study and delineates certain issues fundamental to the field. Strategic planning is more than a stepbystep exercise, however. Overall, the strategic marketing planning process connects the production engine to consumption.
Aug 01, 2008 strategic marketing management 7th edition offers a comprehensive framework for strategic planning and outlines a structured approach to identifying, understanding, and solving marketing problems. It also proposes a definition for marketing strategy, the. Strategic surprisingly, here there is ready agreement. From the early definitions of marketing by the american marketing association ama such as its 1935 definition. In this article, we explore, 1 the definition and purpose of strategic marketing, 2 the three phases of the strategic marketing process, 3 guidelines for effective strategic marketing process, 4 problems to expect in the strategic marketing process, 5 p. Whats the difference between marketing and strategic marketing.
The nucleus concepts of marketing are customers desires related to products, exchanging things, communications and relationships. This broadening of the marketing concept, to include strategic as well as operational decisions, has resulted in an overlap between marketing and strategic management. It reports to the headquarters about its operational status. This type of management may help discover other marketing opportunities. Strategic market planning is an ongoing process through which the company creates marketing strategies and plans its implementations in the target market. Jul 05, 2019 strategic marketing is that which takes to the process by which organizations, groups and individuals get what their desire and want by identifying value and delivering the thing to others. Philip kotlers contributions to the field of marketing philip kotlers status as a major thought leader in marketing is widely recognized. The difference between marketing strategy and strategic marketing. Pdf explanation of the strategic marketing management. Sudharsan 1995 marketing strategy creates pathways to a desirable future.
At the same time, you also need to be able to back up and look at the market as a whole and get a big picture perspective. Essay on strategic marketing business essays essay sauce. Tactical marketing is a short term strategy but one which helps you achieve goals. In principle strategic marketing is that simple, but it means a lot more than getting. Pdf strategic marketing, marketing strategy and market strategy. Jack trout and al ries defined the concept years ago in their landmark book positioning. Strong and strategic marketing plans may be built from this style of management. Jan 25, 2020 a basic difference between strategic marketing and tactical marketing is that strategic marketing is the planning of how things will be whereas tactical marketing is the tactics you will implement to make things happen as per strategy. Content marketing is a strategic marketing approach focused on creating and distributing valuable, relevant, and consistent. Strategic marketing builds off of market knowledge to develop a customercentered strategy, or plan and approach, to marketing campaigns with the ultimate goal of profitability for the organization. Marketing strategy is a longterm, forwardlooking approach with the fundamental goal of achieving a sustainable competitive advantage. Strong and strategic marketing plans may be built from. Typically, a strategic business unit operates as a separate unit, but it is also an important part of the company. Two important marketing concepts are tactical and strategic marketing.
Consequently, the literature offers many different definitions. Strategic market planning definition marketing dictionary. So, to understand strategic marketing, you need to understand the marketing plan. It is, therefore, inherently multidisciplinary as work in this area draws on literature from a wide array of other subfields, including public relations, marketing, advertising, and management. Marketing is the action a company takes to place a product in front of a potential customer. This paper proposes a domain statement for strategic marketing as a field of study and delineates certain issues fundamental to the field. The article discusses in detail about the meaning and purpose of marketing strategy. Tactics is the companion term and it refers to ac tions formulated and executed after the enemy has been engaged in the heat of battle, as it were.
On the one hand, we have a part focused on the medium and long term, such as strategic marketing. It requires individuals capable of strategic thinking, that is, individuals who can take information and offer insights on how that information can influence or impact the future organization. Strategic communication communication oxford bibliographies. Scholars continue to debate the precise meaning of marketing strategy. Jan 30, 2017 strategic marketing functions and examples. The strategic marketing plan also takes into consideration the current financial position of the company as well as trends in the marketplace.
Target market is identified through comprehensive research. Strategic marketing management implements your companys mission through focused processes to get the most out of your existing marketing plan. Strategic marketing murads webworld of websites weebly. As a firm expands, it can enjoy large economies of scale and thus fewer operational costs. The domain of strategic marketing is viewed as encompassing the study of. The creation of this strategic marketing plan by the communitys marketing project the project is part of this community development process. Strategic marketing meaning in the cambridge english dictionary. The output form such marketing strategy analysis and choice or strategic marketing decision is a marketing strategy statement. A marketing strategy refers to the plans that a company comes up with on how best to address its consumers in the existence of a competitive business environment. Traditional marketing is becoming less and less effective by the minute.
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