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Strategic marketing TABLE OF CONTENTS

   

Added on  2019-12-04

14 Pages5433 Words284 Views
STRATEGIC MARKETING

TABLE OF CONTENTSStrategic marketing...............................................................................................................................1Introduction...........................................................................................................................................3Activity 1..............................................................................................................................................3Role of strategic marketing..............................................................................................................3Relationship between corporate strategy ad marketing strategy......................................................3Development of marketing strategies..............................................................................................4Decision and choices made at corporate level.................................................................................5Impact of decisions on influencing marketing at business unit and functional level.......................5Approaches to competitive positioning............................................................................................5Activity 2..............................................................................................................................................6Approaches to internal environmental analysis:..............................................................................6Approaches to external environmental analysis...............................................................................6Integration of external and internal analysis....................................................................................6Activity 3..............................................................................................................................................7Range of strategies contribute to their business competitive advantage..........................................7Marketing communication strategies...............................................................................................7Marketing strategies and how they can be implemented.................................................................8Conclusion ...........................................................................................................................................8REFERENCES.....................................................................................................................................9

INTRODUCTIONStrategic marketing refers to designing marketing plans according to needs and demands ofcustomer. It helps an organization to achieve their goals with more consumer satisfaction. Apartfrom all this it also improved performance of company which results in increasing profits. In hisreport, the entire case is based on marketing consultancy business Total Marketing Solutions Ltd. Itwas found in 2004 for providing high quality marketing plans to their customer which can helpthem to improve their organizational performance (Aboutus. 2016). The report highlights principles of strategic marketing under which plans and ideas aredeveloped. Apart from this, a detailed explanation of role of strategic marketing and its relationshipwith corporate strategy is elaborated which helps in assessing its use in developing marketing plans.In addition to this, analysis of external and internal environmental are evaluated which affectsdecision making capacity of managers. Other than this, the report explains a range of strategieswhich helps to manage competitive advantage within the organization. Apart from this various plansare highlighted in the report through which marketing strategies are implemented on anorganization.LO 1: UNDERSTAND THE PRINCIPLES OF STRATEGIC MARKETING1.1) Role of strategic marketingMarketing strategy: Marketing strategy refers to the development of fundamental goals through which it can bepossible to increase the sales of company and achieve competitive advantage in the market place. Itdeals with all short term and long term goals of company in the field of achieving its target withinmarket place.Role of marketing strategy: Developing marketing plans: Marketing plans gives an idea to accomplish the taskeffectively. Apart from this, starting a work with planning that will give better results than doing itwithout any specific plan. It includes identifying marketing tools through which the customers aretargeted and also analyse sources of advertisement which help customer to know about the featuresof services or product (West, Ford and Ibrahim, 2015). Total Marketing solutions should developmarketing plans that will help them to make good strategic marketing plans.Developing financial goals: Financial goals can be anything, it may be related to budgets orearning profits. Specific plans are developed to control their cost of introducing services or productwhich will results in getting more profit within the predetermined time period (Mena andChabowski, 2015.). Forecasting: Apart from this, strategic marketing helps to forecast needs and demands of

costumer which helps in developing marketing plan accordingly. It has the tools and techniquesthrough which proper analyses is done to identify all the future conditions of market. Financedepartment helps to find needs of funds for creating budgets while human resource managementlooks go forecast sales to make appropriate plans for employees (Kortmann, 2015).Use of resources and implementation: Marketing strategy also helps the organization to usetheir resources in an efficient way so that it will be easy for TMS to use their major resources as thestrengths of business. At the time of implementation, it is easier for the organization to implementthe strategies easily with the help of resources. Monitoring and control: Developing marketing strategy also helps to monitor and controlthe business activities through which it will be easy to watch the progress of company in theorganization. 1.2) Relationship between corporate strategy and marketing strategy Corporate strategy helps to create value of organization across different business whilemarketing strategy deals with combining all then plans which are used in achieving marketing goalsof the company. Corporate strategy evaluate plans to aid an organization in carrying out visions andmissions of company while achieving its organizational goals and Marketing strategy helps toattract the customers which are targeted in their visions and missions. Corporate strategies identifiescompetitor analysis through using SWOT and Five force model across the market and Marketingstrategies find effective ways and tools which help to face the market competition and gaincompetitive advantage (Ashley and Tuten, 2015). Corporate strategy has main focus on profitabilityof business and Marketing strategy develop plans how to achieve the profits from the market.Corporate strategies identifies the market and people who have to be targeted and Marketingstrategies develop plans on how to attract the targeted market for consuming the services (Gonzalez-Brambila, Jenkins and Lloret, 2016). Both Corporate strategy and Marketing strategies areimportant for Total Marketing Solutions. For example, corporate strategy and marketing strategy ofMcDonald both have positive relationship as they are operating in different countries which are apart of their marketing strategy and this will also give direction to their entire organization. Otherthan this, it will also help the organization to get their goals achieved within a limited period oftime. Their marketing strategy will give support to their overall corporate strategy by increasing theprofit of company. 1.3) Development of marketing strategiesSuccess of marketing strategies are always depends on reaction of customer. Marketingstrategies should be built according to attitude, culture and environment under which the servicesand products are introduced.

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