Strategic Marketing Assignment

Added on -2020-02-12

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STRATEGICMARKETING
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3LO1..................................................................................................................................................31.1 Assessment of role of strategic marketing........................................................................31.2 Analysing the relationship between corporate strategy and marketing strategy..............41.3 Analysis of how marketing strategy is developed............................................................5LO2 .................................................................................................................................................62.1Evaluating approaches to internal environmental analysis...............................................62.2 Evaluating approaches to external environmental analysis..............................................72.3 Explaining how internal and external analysis are integrated..........................................8LO3..................................................................................................................................................93.1 Analysing decisions and choices to be made at corporate level.......................................93.2 Assessment of how these decisions affect marketing at business unit and functional level..............................................................................................................................................103.3 Analysing approaches to competitive positioning of organisation.................................10LO4................................................................................................................................................114.1 Identification of range of strategies which contributes to competitive strategies..........114.2 Analysis of marketing communication strategies...........................................................124.3 Analysing marketing strategies, their application and execution ..................................13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONStrategic marketing requires high level of skills, critical consciousness of the currentissues and challenges and capability to react towards fast changing markets. Businessorganisation makes use of strategic marketing for developing plans to reach and satisfy theircustomers by increasing productivity, performance and profitability. Usually, organisation makewritten strategic marketing plan which depicts what kind of programs are going to be used formarketing within a time limit and how they are going to be executed (Smith, 2011). It also helpsthe business enterprises to become more innovative and penetrate the markets through a betterway. Firm can consider ways such as newsletters, podcasts, and mails in their strategicmarketing planning. In simple terms, it is means that through this the companies differentiatesthemselves from their rival firms by capitalising strengths for providing constantly better valueto the customers against its rivals (Nijssen and Frambach, 2013). The present study is focusingon assessing the role of strategic marketing in Marks and Spencer Company which is one of theleading multinational retail firms in UK. The report is going to highlight relationship betweencorporate strategy and marketing strategy. Along with this, it will also cover the approaches forinternal analysis of the company and integration of internal and external analysis. LO11.1 Assessment of role of strategic marketingStrategic marketing plays an essential role in the retail company Marks and Spencerbecause it helps in accomplishing goals through utilisation of scarce resources in an effectivemanner. Allocating and utilising scarce resources effectively helps the cited organisation toincrease its sales and competitiveness. This supports the firm in increasing its abilities andeffectiveness as compared to its competitor. Strategic marketing affirms that correct materials areselected for producing of goods and services in the company (Quinton and Fennemore, 2013). Italso assures that production is done according to the needs of customers. If the cited firmunderstands how to make an integrated marketing strategy, then it will support its individualdecision in terms of particular marketing tactics. The overall importance of strategic marketing inthe stated retail company is highlighted in the below headings:Helps in determination of optimal prices: One of the important components of strategicmarketing is to set right price for products and services on the basis of their market
research. If the firm realises that its customers desire for high end goods, then its pricingstrategies may need to sell products at the prices which make a high end sensed value.Aids with marketing communication: The market research will support the organisationin developing its brand or image which it desires to establish. In absence of marketresearch and a strategic marketing plan, the company can react to requests which do notget along with its brand identity which it has made on the basis of its efforts put inproduct development (Michael, 2016).Streamlines development of product: Strategic marketing helps the mentioned firm indeveloping products and services which has best possibilities of making profit. This isdue to the fact that strategic marketing begins with research of market which considersoptimal target customer, activities of rivals and current trends.1.2 Analysing the relationship between corporate strategy and marketing strategyCorporate strategies and marketing strategies often coexists or flap over each other,opposite to the popular beliefs, the key attention of marketing consists of strategic plan's featuresof development, pricing and distributing product and services. Both these terms differs whencorporate strategy does not focus on development of product or services and sales. Rather itfocuses more on initiatives of profitability. The top management of Marks and Spencer have tokeep closer eye on their marketing department for determining if corporate strategies they desireto take further align with its marketing strategies or not (Line and Runyan, 2014). For instance, acorporate cost containment strategy which involves use of cheap material for making productswhich can harm its brand which depends on supporting its prices, brand strategies anddistribution.Corporate strategies and marketing strategies both are equally essential for the statedretail company. The firm is made up of several departments like finance, human resources,information technology etc. so, all departments have to perform collaboratively foraccomplishing targets of the corporate strategy. Therefore, corporate strategy should not neglectstrategic goals of departments or desires and preferences of customers. They must be alignedwith strategies of the departments. Same is for the marketing strategies also. For instance, thecited organisation can make plans to reduce cost through corporate strategy. For this motive, itcannot compromise on quality of its offerings by making use of cheap raw material andunskilful labour. So, it can be concluded that corporate strategies must be given due importance

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