Strategic Marketing Plan: Analysis, Strategies, and Implementation

This report, prepared for a marketing consultancy, analyzes strategic marketing principles and strategies for achieving competitive advantage. It begins by identifying key strategies such as segmentation, targeting, positioning, branding, and relationship strategies. The report then delves into marketing communication strategies, differentiating between broadcast and narrowcast approaches. Furthermore, it examines various marketing strategies, including undifferentiated, differentiated, and concentrated strategies, and discusses their implementation using the McKinsey model. The report emphasizes the importance of resource allocation, organizational structure, and employee skills. Overall, the report provides a comprehensive overview of strategic marketing, offering insights into analysis, implementation, and communication strategies for businesses aiming to gain a competitive edge.

Strategic Marketing

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
ACTIVITY 3....................................................................................................................................3
4.1 Identifying a range of
strategies that can contribute
to their businesses
competitive advantage................................................................................................................3
4.2 Analysis of
marketing communication
strategies for the business...........................................................................................................4
4.3 Analyzing marketing
strategies and how they can
be implemented
by the organization,
including resource and
management implications...........................................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7
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INTRODUCTION
Following activity is based on the scenario, where the consultancy firm Total Marketing
Solutions is developing marketing strategy for organisation. The following report will include
various marketing strategies that helps the organization in achieving competitive advantage over
its competitors in the market (Kortmann, 2015). Also will analyze various market
communication strategies in the context of organisation. Later will also analyze various
strategies and process of implications by the organization including resource as well as
management applications.
ACTIVITY 3
4.1 Identifying a range of strategies that can contribute to their businesses competitive advantage
There are various strategies that cab be applied by organisation to attain competitive advantage
over its rivals in the automobile industry. Those are:
1. Segmenting- Under this organisation is required to divide entire market into different
segment. It can be done on the basis of luxury as well as premium products. It can go on
for producing different products for the different segments of group people. For example-
Should produce a classic and luxury car for the high societal customers. Whereas, is
required to manufacture suitable, comfortable as well as affordable car for premium
range customers.
2. Targeting- Under this the chosen automobile organization is required to evaluate each
market segments attractiveness as well as select one or more segment to enter in. It
cannot place one single strategy on entire segments and so is required to focus on
particular segmented target. It can target more on luxury societal people as they are fond
of luxury cars (Krush, Sohi and Saini, 2015).
3. Positioning-Positioning involves process of arranging a product to occupy a distinctive,
desirable as well as clear to the competing products for enhancing the sales of the
products.
4. Branding-Brand is a name, term, sign, symbol design or a combination of them intended
to identify the products of the organisation and to differentiate them from other
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competitors.' organisation can use its brand name to exploit its opportunities. It can be the
best brand among the luxury lifestyle people by being more attractive.
5. Relationship Strategies: It is the strategy to foster loyalty of customer, interaction with
them and maintain the long-term engagement. It focuses on customer acquisition,
retention as well as extension. Since acquisition of high class people as customer is easy
because they are curious and can afford luxury cars. Such kind of customers are required
to be retained by choosing the premium pricing as they have enough money to afford
such high class and luxury cars (Luxton, Reid and Mavondo, 2015) .
6. Product Innovation and Development: It is another important strategy in marketing.
High class people can be attracted towards the product by developing more attractive and
modified deigned cars. organisation can introduce new high and luxury cars with more
attractive features for its customers.
7. Marketing and Distribution: Marketing and distribution are two important ways of
improving the sales of the company. Marketing can be done by organisation through
television and through hoarding boards, Magazines, radios etc. Following will help in
increasing consumer base and loyalty along with its will also helps organisation in
attaining competitive advantage over its rivals I the market.
4.2 Analysis of marketing communication strategies for the business
Marcomms strategies in terms of broadcast
It is a form of communication strategy which uses various medium to communication
information about companies products and services. In other words it is form of advertisement
used by the company to promote its services and products into the targeted markets Broadcast
marketing includes radio, television. This helps the organization such as organisation in attaining
or increasing listeners as well as viewers. It is different form print advertisements and other
marketing tactics though internet or mails. Broadcasting advertisement techniques not only
includes traditional commercials but also includes product placement through shows and
endorsements by help of radio etc (Melnikas, 2015).
Marcomms strategies in terms of narrow cast
/ niche cast
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Under this communication strategy dissemination of information takes place to a narrow
audience which include radio, newspaper, television etc. Narrow cast communication strategy is
also known as niche marketing or target marketing strategy. Narrow casting communication
strategy involves aiming media messages at specific segments of the public defined by values,
preferences, demographic attributes, and subscription. Narrow casting is based on the post
modern idea that mass audiences do not exist. While the first uses of the term appeared within
the context of subscription radio programs in the late 1940s, the term first entered the common
lexicon due to computer scientist and public broadcasting.
4.3 Analyzing marketing strategies and how they can be implemented by the organization,
including resource and management implications
There are various types of marketing strategies:
Undifferentiated marketing strategy- Under this the company has its entire focus on
the target market segments. Undifferentiated marketing treats all buyers as a homogeneous
group. Another term for undifferentiated marketing is mass marketing. Rather than producing
different marketing strategies for different segments of society, or even different products for
different groups, undifferentiated marketing attempts to reach all potential buyers using one
marketing strategy. In this way, undifferentiated marketing treats all segments of the population
the same, and the strategy is to use one approach that aims to appeal to as many people as
possible (What Is Undifferentiated Marketing, 2016).
Differentiated Strategies- Under this firms such as organisation aim at developing
differentiated products from that of their competitors for different set of consumers. This helps
the company in attaining competitive advantage as well as to attain maximum customer
satisfaction and loyalty. With the help of expensive advertising campaign.
Concentrated strategies- Under this the company such as organisation is required to
focus on single market target. Such as it concentrate ob luxury cars for its high profile customers.
In such types of strategies the company gets advantage of investing more of the resources into
single production line. Which result in increasing the supply for the concentrate markets.
Following strategy carries risk of significant losses in the event of a drop in demand or to
increasing the level of competition (West, Ford and Ibrahim, 2015).
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While implementing above strategy the organisation is requited to consider various elements of
McKinsey model.
While implementing marketing strategy the organisation is required to prepare or pre plan
strategy. So that it will help it in pre analyzing various requirements of resources etc. Also a
proper structure is required to be maintained within the organization so that proper directions can
be give to employees working within the organization. System is another important element that
is to be tale care of while preparing strategic marketing plans. As it helps employee in
understanding the work as well as it helps in maintaining discipline among the employees as
well as other stakeholders of the company following were the hard S that is the hand of top level
management of the company. Whereas, soft factors includes following which are related to the
lower or middle level management. Before making plans or setting objectives the organization is
required to identify required number of staff. Also if in case the company is main strategy on
going bass then its is required to estimate the umber of employees required for the performing
task as well as of what qualities and qualifications (Morris, and et.al., 2015). Skills is the another
important fact which influence the function of the company as because task assigned to
employee as per there skills will helps them in understanding task much better.
CONCLUSION
Segmenting, targeting, positioning, branding etc are the range of strategies that helps the
business enterprises in achieving competitive advantages. Marketing communication in terms of
broadcast as well as narrow cast and niches have been analyzed. Along with it also had analyzed
various marketing strategies such as differentiated, undifferentiated as well as concentrated.
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REFERENCES
Books and Journals
Kortmann, S., 2015. The Mediating Role of Strategic Orientations on the Relationship between
Ambidexterity‐Oriented Decisions and Innovative Ambidexterity. Journal of Product
Innovation Management. 32(5). pp.666-684.
Krush, M. T., Sohi, R. S. and Saini, A., 2015. Dispersion of marketing capabilities: impact on
marketing’s influence and business unit outcomes. Journal of the Academy of Marketing
Science. 43(1). pp.32-51.
Luxton, S., Reid, M. and Mavondo, F., 2015. Integrated marketing communication capability
and brand performance. Journal of Advertising. 44(1). pp.37-46.
Melnikas, B., 2015. Integration processes in the Baltic region: the new form of regional
transformations in the European Union. Engineering economics. 60(5).
Mena, J. A. and Chabowski, B. R., 2015. The role of organizational learning in stakeholder
marketing. Journal of the Academy of Marketing Science. 43(4). pp.429-452.
Morris, M. and et.al., 2015. Is the business model a useful strategic concept? Conceptual,
theoretical, and empirical insights. Journal of Small Business Strategy. 17(1). pp.27-50.
West, D., Ford, J. and Ibrahim, E., 2015. Strategic marketing: creating competitive advantage.
Oxford University Press.
Online
What Is Undifferentiated Marketing?. 2016. [Online]. Available
Through:<http://smallbusiness.chron.com/undifferentiated-marketing-20797.html>.
[Accessed on 30th June 2016].
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