Strategic Marketing - Assignment
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Added on 2019-12-03
Strategic Marketing - Assignment
Added on 2019-12-03
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Table of ContentsINTRODUCTION......................................................................................................................1TASK 1......................................................................................................................................11.1 Role of strategic marketing in an organisation.................................................................11.2 Processes involved in strategic marketing........................................................................21.3 Links between strategic marketing and corporate strategy..............................................3TASK 2......................................................................................................................................42.1 Value of models used in strategic marketing planning....................................................42.2 Links between strategic positioning and marketing tactics..............................................52.3 Merits of relationship marketing in a given strategic marketing strategy........................6CONCLUSION..........................................................................................................................7REFERENCES...........................................................................................................................8
INTRODUCTION With rising competition in all sphere of business, the process of marketing is becomingmore complicated. Now organizations not only concentrate their marketing activities oncustomer awareness development but also creating a long term sustainable competitive edge.In the year 2009, Blankson, et.al., quoted that strategic marketing supports the organizationsin developing competitive edge for long term by adequate allocation of resources. It is hasbeen given by Moriarty and Duncan (2007) that strategic marketing supports in aligningcorporate goals with market condition. Here, the report is focusing on Burberry’s strategicmarketing process. Burberry Group plc is a luxury fashion house of British, distributingfashion accessories, outerwear, sunglasses, cosmetics and fragrances.The marketing processof company is based on stimulating and engaging customers with the business for developingits brand equity as well as survive in tough market competition. The paper will focus onevaluation of strategic marketing importance and the procedure of strategic marketing plandevelopment for Burberry. TASK 11.1 Role of strategic marketing in an organisationIn an organization, a strategic marketing plan are designed for achieving its financialobjectives to grow the business. The strategic marketing activities execution of a company isconnected with equipped procedure for enabling business to create the supply and demandforces as well as challenge the necessities of market. The most significant role of strategicmarketing is that it supports the corporation in analysing customers’ requirements along withthe variables that must be incorporated for improving services and products. The procedure ofBurberry strategic marketing is aimed towards market responsiveness expansion and supportin its brand equity promotion (Baker, 2014). In Burberry, the marketing analysis and planningis concentrated on evaluation of strategies used by rivals and current position of organizationamong its stakeholders. Hence, it can be said that strategic marketing supports in analysingfirm’s weaknesses and strengths as well as reduces the market uncertainties or threats. Animportant role is played by strategic marketing in Burberry’s strategic planning. It definedactivities of marketing that has great influence on corporate, marketing and business strategicplan. These activities are classified into three main functions:1
First: Marketers work as a third party in between customers and organization. They areresponsible for supporting in implementation of productive ideas in the whole procedure ofstrategic marketing (Boykin, 2015). Second: Marketers collect and analyse information of current business environment andmarketing trends along with their influence on company’s activities. Such information is actlike a main input for corporate, marketing and business strategic plan. Third: The marketer of firm always dedicate towards development works of organization’smarketing, corporate and business strategic plans. The marketing philosophy has greatinfluence on strategic planning of Burberry that drives the business towards the attainment ofits objectives. Besides above, in the present dynamic market, different services and products aredeveloped by varied companies for offering best services to customers. In this regards, thestrategic marketing assists the firm in developing services or products on the basis of presentchanges in the market. Due to varied external and internal factors, business environmentalters overtime by changing demand of customers. In such case, strategic marketing isconcerned with best performance in the altering situations rather than improving figures ofsales and revenue for attaining long term customer loyalty in the marketplace (Doyle andStern, 2006). 1.2 Processes involved in strategic marketingThe formulation of marketing strategy is the procedure of defining marketing objectivesof organization. On the basis of this, the marketer create a guide. They first examine thewhole market and then utilize the collected information in determination of approach to reachthe target audience plus encourage them to buy a commodity (Kokemuller, 2015).The first step in the process should be in relation to identification of what actuallycompany desire to attain in terms of marketing that means its marketing goals. Some basicpoints in this might be to let buyers know about what the organization is offering and howthey will be benefit by utilizing them. The second step is to analyse current internal andexternal trends. For instance, the launch of new colours and design in sunglasses can be aninternal trend for Burberry. While the external trend is to examine the way in which newversion will be able to compete in market where many similar products are available. It is likeanalysing how the new sunglasses will beat the competition of Ray Ban and Reebok (Kotlerand Armstrong, 2010). Third step is to assign a value to strategic outcomes that is to calculate2
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