Strategic Marketing

Learning Objectives n Recognize the three strategic “C”. n Understand the importance of Strategic Marketing n Determine the characteristics of Strategic Marketing n Visualize the future of Strategic Marketing n Comprehend the process of Strategic Marketing

Concept of strategic marketing n Within a given environment, marketing strategy deals essentially with the interplay of three forces known as the strategic three Cs: the consumer, the competition, and the corporation. n Marketing strategies focus on ways in which the corporation can differentiate itself effectively from its competitors, capitalizing on its distinctive strengths to deliver better value to its customers.

Characteristics of Marketing Strategy n a clear market definition; n a good match between corporate strengths and the needs of the market; n and superior performance, relative to the competition.

Importance of Strategic Marketing n Marketing plays a vital role in the strategic management process of the firm. n The experience of companies well versed in strategic planning indicates that failure in marketing can block the way to goals established by strategic planning.

Characteristics of Strategic Marketing n Emphasis on Long-Term Implications. –Strategic marketing is a commitment, not an act. n Varying Roles for different products /Markets. –Strategic marketing starts from the premise that different products have varying roles in the company. n Organizational Level. –Strategic marketing is conducted primarily at the business unit level in the organization.

Characteristics of Strategic Marketing n Corporate Inputs: –Corporate culture ~ refers to the style, whims, traits, taboos, customs, and rituals of top management. –Corporate publics ~ are the various stakeholders with governments and society constitute and organization’s stakeholders. –Corporate resources ~ include the human, financial, physical, and technological assets/experience of the company.

Characteristics of Strategic Marketing n Relationship to Finance. –Strategic marketing decision making is closely related to the finance function. –Its very important of maintaining a close relationship between marketing and finance, and, with other functional areas of a business. –In recent years, frameworks have been developed that make it convenient to simultaneously relate marketing to finance in making strategic decisions.

Future of Strategic Marketing n The battle for marketing share is intensifying in many industries as a result of declining growth rates. n Deregulation in many industries is mandating a move to strategic marketing. n Many companies in hitherto nonmarketing- oriented industries are attempting to gain market share through strategic marketing.

Future of Strategic Marketing n Shifts in the channel structure of many industries have posed new problems. n More and more countries around the world are developing the capacity to compete aggressively in world markets. n The fragmentation of markets - the result of higher per capita incomes and more sophisticated consumers.

Future of Strategic Marketing n In planning an early entry in the marketplace, strategic marketing achieves significance. n To successfully develop corporate imagination and expeditionary policies, companies need strategic marketing.

The Process of Strategic Marketing