STRATEGIC MARKETING The Need of the Hour.

Strategic Planning …is the managerial process of developing and maintaining a strategic fit between the organization's objectives and resources and its changing market opportunities. Org ObjectivesResources Strategic Fit Changing Environment

The Role of Strategy Corporate Mission & Objectives Strategy: Corporate Business Functional Marketing Vendor Dvlpmt. Operating Plans

Sun Tzu on Strategy “Know your enemy, know yourself, and your victory will not be threatened. Know the terrain, know the weather, and your victory will be complete.”

Strategic Marketing “ Marketing Strategy is a series of integrated actions leading to a Sustainable Competitive Advantage.” John Scully

The Role of Strategy Corporate Mission & Objectives Strategy: Corporate Business Functional Marketing Vendor Dvlpmt. Operating Plans Competition Environmental Factors Industry Growth Future Growth Etc.

Strategic Marketing Strategic Marketing requires – Detailed understanding of market needs, and – Proactive use of competitive intelligence at the corporate as well as SBU levels Strategic Marketing – Focuses on what the firm does best. – To secure and maintain a sustainable competitive advantage

What is Competitive Advantage? “Competitive advantage is a company’s ability to perform in one or more ways that competitors cannot or will not match.” Philip Kotler “If you don’t have a competitive advantage, don’t compete.” Jack Welch, GE

Other Characteristics of Competitive Advantage Substantiality – Is it substantial enough to make a difference? Sustainability – Can it be neutralized by competitors quickly? Ability to be leveraged into visible business attributes that will influence customers (Source: Strategic Marketing Management, Aakers)

Seeking Competitive Advantages Positions of advantage – Superior customer value (perceived) – Lower relative total cost Performance advantages – Customer satisfaction, Loyalty, Market Share, Profit Sources of advantages – Superior skills & knowledge, Superior resources, Superior business process

Developing Strategic Marketing plans Research customer attitudes toward your company, your product category, and your competition. Evaluate the attractiveness of potential target markets Determine the competitive strengths and weaknesses of your company and your competitors Develop marketing communications and sales development strategies for each target market Design the metrics to measure performance

Based on the overall Strategic Marketing Strategy, we need to develop strategies to convert, attract, increase, retain and reconvert customers leading to increased sales, market share and profits.

Without a Strategic Marketing Plan a company could waste resources or miss an opportunity.

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