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Concept of Strategic Management | Report
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Added on 2020-02-14
Concept of Strategic Management | Report
Added on 2020-02-14
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Strategic Marketing
TABLE OF CONTENTINTRODUCTION...........................................................................................................................3Activity 1.........................................................................................................................................31.1 Role of strategic marketing in TMS......................................................................................31.2 Relationship between corporate strategy and marketing strategy.........................................41.3 Development of marketing strategy......................................................................................53.1 Decisions and choices made at a corporate level..................................................................73.2 Assessment of the decisions influencing marketing at business unit or functional level.....73.3 Approaches to competitive positioning of TMS...................................................................8Activity 2.........................................................................................................................................92.1 Approaches to internal environmental analysis....................................................................92.2 Approaches to external environmental analysis....................................................................92.3 Integrating internal and external analysis...........................................................................10Activity 3.......................................................................................................................................104.1 A range of strategies to contribute to the competitive advantage of business....................104.2 Marketing communication strategies for TMS...................................................................124.3 Enforcing the strategies of marketing including the implication of resource andmanagement..............................................................................................................................13CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................15
INTRODUCTIONA rising pace of globalisation in the market is continually urging the businessestablishments to operate within a strategic context of work. In relevance to which, a strategicmanagement is hereby referred to a prior preparation of varied business related goals to combatthe arising state of competition in the market (Andreasen, 2012). It is however with a primeintercession of the top administrative bodies of the enterprise to implement the formulated plansfor the business. It together involves other upper managerial bodies along with the proprietor's ofthe business who together tend to make a prompt analysis of their accessible resources.It is with a fundamental consideration of making an optimum utilisation of the availableresources with another assessment of certain prevalent forces in the market. These driving forcesare basically with reference to depict the extrinsic and intrinsic factors of the environment thatgreatly impacts upon the undertaken decisions of the ventures (Brodie and et.al., 2013). Thepresent report is together based upon a similar concept of strategic management with regard tooutline the marketing objectives of a specialist marketing consultants business named TotalMarketing Solutions (TMS). Into which, it has referred to align the marketing strategies of thebusiness with that to their stipulated targets to evaluate the factual effectiveness of theirundertaken plans. Activity 11.1 Role of strategic marketing in TMSMarketing is referred as one of the most eminent consideration of almost each and everyorganisation where they are hereby required to undertake certain effective strategies tocommercialise their proposed goods and services (Foxall, 2014). This will in turn refer toenhance their sales prospective where they will hereby prefer to initiate with a planned approachfor the same. It is however with a need base concern of following the stipulated principles ofstrategic marketing that are as referred below-Target market-It is the foremost principle of marketing in which the cited entity ishereby required to refer their targeted set of market for building some prompt strategiesof marketing their offered commodities. It is basically done by segmenting the market asper a chosen strategy that are usually based on the demographic and geographical traits ofa particular marketplace.
Testing-It is yet another tactful mean of opting for a strategic consent of marketingwhere TMS should also refer to test their concentrated ideas with their consumers beforelaunching them in the market (Homburg, Stierl and Bornemann, 2013). A focussed groupinterrogation is referred to be a beneficial mean for the same in which the quoted firm canrefer to target a selected base of customers. Advertisement and distribution-A majority of organisations tend to launch theirrespective products and services on an elementary basis before, i.e., either at local orregional basis before opting for an expanded set of market. It is basically done to discoverwhether their introduced commodities are meeting an expected level of sales or not. It ishowever important for the marketeers of TMS to ensure an optimum channel ofdistribution to outreach all their targeted set of customers. This can be identified byexploring the distribution means of the contenders with a similar consideration ofacknowledging some precise measures of promotion and publications, etc. Managing product life cycle-It is where all proposed products and services of acompany is required to surpass four principle stages of life cycle. This involvesintroduction, growth, maturity and decline where after acquiring a well recognisedposition in the market, growth is referred to be the most prominent stage for TMS. Intowhich, they will hereby refer to create their preferential brands in order to increase theirmarket shares (Kotler and et.al., 2015). However, the strategies that are required to becreated for marketing tends to become more intensified during the next two stages ofmaturity and decline. The stage of maturity exists where large number of customers willstart using certain commodities of TMS on whose basis they can also refer to differentiatetheir offered products and services. It is basically as a mean of attaining a contendingbenefit in the market with a newer evolution in their existent technical means. It shouldbe however with some other sort of developments in their proposals that will in turnassist them to enter in a state of decline. It is where they are hereby required to get a clearperception about their reinforced measures of differentiation, etc. 1.2 Relationship between corporate strategy and marketing strategyBoth these strategical perspectives are often referred to collide with one another where amarketing strategy is directly in reflection to focus upon such action plans that are related to thedecisions of product pricing, distribution and development, etc. This deviate the perpetual
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