An Analysis of Strategic Marketing Management Theories and Practices

This report delves into the realm of strategic marketing management, elucidating the core theories and practices employed by businesses to effectively launch products and maximize consumer value. It explores the strategic marketing management theory, emphasizing the identification, provision, and communication of value to consumers. The report examines organizational strategies, highlighting the importance of aligning strategies with the company's mission and vision, as well as resource allocation. It discusses the significance of marketing research, product development, and promotional activities. The report also focuses on maximizing customer value through strategic marketing approaches, including advertisement, promotional strategies, and the importance of adapting to current market trends. The report concludes by emphasizing the role of strategic marketing in achieving long-term business objectives and gaining a competitive advantage.

GLOBAL STRATEGIC
OPERATIONS, MARKETS
AND RESOURCES
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TABLE OF CONTENTS
INTRODUCTION ..........................................................................................................................3
DISCUSSION .................................................................................................................................3
CONCLUSION ...............................................................................................................................6
REFERENCES ...............................................................................................................................6
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INTRODUCTION
Strategic marketing management theory defines about the techniques and action plans
that are used for successfully launching the products in market and selling large amount of
product. Consumers values can be maximized by making the marketing activities for producing
sustainable, competitive and strategic advantage (Brooksbank, 2013). Present report describes
about the Strategic marketing theories.
DISCUSSION
1- Strategic marketing management theory :- Strategic marketing theory describes about the
practices and procedures that are used by an firm for identifying values, providing values and
communicating the values to the consumers. Major objective of marketing is for delivering
products as per the needs and requirements of buyers and on the basis of that customers
requirement values and preferences are satisfied (Li and Li, 2013).
Strategic marketing is about directing all the efforts of the firm towards accomplishing
the long term objectives and targets that are set by the management. It has become vital that in
this competitive business environment efforts should be made for identifying more effective
ways and methods so that target market area could be identified and evaluated. Any business
organization that is seeking long term participation in the market should make efforts for
designing an effective marketing strategy so that required objectives should be meet
successfully. It is a complex and critical task that is being by entity and making marketing
strategies require a systematic approach (Drucker, 2014).
All the marketing activities of the company needs to be aligned so that all the practices
and procedures that required to be completed should be met successfully. Importance of
marketing strategy is more and for that it is required that action plans should be formulated for
meeting with the required marketing objectives. Along with this it is essential that involvement
of all the major stakeholders of the business should be taken so that all the required marketing
objectives of the firm could be successfully achieved (Armstrong, Adam and Kotler, 2014).
Strategic marketing is about tools and techniques that could be used for identifying necessity of
the consumers and anticipating and satisfying their requirement. Other than this, these strategies
supports for carrying out research, designing the product, developing the goods and services as
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per the needs and requirement of buyers and it will help for planning and implementing the sales
promotional activities of the firm.
With this, strategic marketing also supports for doing advertising and maintaining public
relations and designing distribution channels for the business. Strategic marketing supports for
defining about the organization's business and it aids for solving the problems of buyers and
gaining benefit for the consumers. Overall action plan is formed that includes all the major
elements of marketing mix for undertaking all the goals and objectives of the entity in successful
way. Returns to the stakeholders can also be provided and on the basis of that competitive
advantage can be gained for the business (Majaro, 2013).
Along with this, it is required that all the marketing plans should be communicated to the
stakeholders and with this, they will be made aware about the diverse range of products and
services that are being offered by the business. It becomes easier through this for delivering
values to the buyers and on the basis of that maximizing of profits and revenues is done.
2- Organizational strategy :- Action plan and strategies are formed under this in light of market
and resource position. It is vital that all the strategies should be formulated considering the
mission and vision set by the management of the firm. Needs and requirement of buyers also
required to be considered so that organization strategy could be formed for meeting the
requirements of buyers. It is also that form should have sufficient amount of resources so that
implementation of strategies could be done (Ritchie and et.al., 2013).
Resources comprise of physical, human and financial resources and due to that it
becomes vital that allocation of resources should be done in appropriate manner so that all the
strategies could be successfully implemented. Resource position of the venture needs to be
identified and evaluated so that on the basis of that action plans should be formed. Strategic
marketing management theory helps for identifying ways that could be used for gaining
competitive advantage for the business and ensuring long term success for the venture. It is
imperative that analysis of marketing opportunities for the business should be done so that needs
and requirement of buyers should be identified (Shani and Chalasani, 2013).
Data and information required to be analyzed so that appropriate details should be
collected and on the basis of that needs and requirement of buyers can be identified in successful
manner. Major five elements that inevitably be included under the marketing strategy defines
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about the major objective of the company, methods and techniques about how the plan will be
delivered, plan for how the products will be delivered in the market. It also defines about overall
plan for the organization about how they are going to achieve it. Major focus is given on the
targeted consumers and with this they are made aware about the diverse range of products and
services that are being offered by the firm. Marketing tools supports for making the consumers
aware about the quality of products and services that are being offered by the company. With this
marketing functions render direction for achieving mission, objectives and targets that are set by
the marketing division of the organization (Slowikowski and Jarratt, 2013). Marketing
management theories defines about the practices and procedures that could be used by an
organization for making improvements in their existing strategies that are used by the firm.
Marketing mix elements that comprise of products, place, price and promotions are
determined and on the basis of that strategies are formed for accomplishing the goals and
objectives that have been determined by the marketing divisions of the firm. Best marketing mix
can be developed and on the basis action plans and strategies are formed by the marketing
division of the firm. Moreover, it is essential that the marketing objectives for the firm should be
planned successfully and on the basis of that action plans should be made for meeting the needs
and requirements of the buyers. Marketing strategy define about the consistent set of actions that
needs to be taken for meeting with the needs and requirement of buyers.
3- Maximizing of customer values :- Marketing strategies supports for maximizing the
customer values and it also helps for providing better values to money spent by the consumers.
Along with this needs and requirement of buyers can be fulfilled. Strategic marketing approaches
helps for identifying the requirement of consumers and on the basis of that consumers values can
be maximized (Sigala, Christou and Gretzel, 2012). Advertisement and promotional strategies
can be designed for targeting the specific buyer segment and on the basis of that researches could
be done so that data and information could be collected and on the basis of that attractive
attributes and features could be added in the existing product range that is offered by the
business.
Better and effective products that are offers by the business helps for retaining the
consumers and encouraging them for repurchasing the products and services that are offered by
the firm. Satisfied and contended buyer is more likely to repurchase the products that are being
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offered by the firm and it will help for retaining the existing buyers and attracting new ones for
selling the products and services that are offered by the business. Current trends and critical
issues that are pertinent to successful strategic alignment of the sustainable value to markets and
organization (Brooksbank, 2013). It is critical that current trends and issues that are existing
product ranges that are available for the entity.
It is vital that current trends and issues that are faced in market should be identified and
evaluated so that new attributes and features could be added in the existing product range that is
offers by the firm. Social and cultural trends keep changing and on the basis of that preferences
of buyers also changes and it is critical that all the services and products should be redesigned so
that better values could be delivered to the buyers (Various Elements of the Marketing Process.
2016). One more approach is to carry out the marketing research so that data and information
could be collected for meeting the needs and requirements shown by buyers and on the basis of
that research and development department of the firm can make positive changes in the features
and attributes in the existing product ranges. It is vital that focus should be placed on identifying
the exact requirement and preferences of buyer so that on the basis of that action plan could be
formed for achieving the marketing objectives of the firm in successful manner. One more
approach is for making use of conducting online and offline survey so that needs and
requirement of buyers could be identified and on the basis of that a firm could take approaches
for adding new attributes and features in the existing product range.
CONCLUSION
Summing up the above report it can be concluded that strategic marketing management
helps for direction all the marketing activities of the firm in a particular manner. It aids for
achieving long term and short term marketing objectives of the company and on the basis of that
competitive advantage can be gained for the business.
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REFERENCES
Books and journals
Armstrong, G., Adam, S. and Kotler, P., 2014 Compliance to Islamic marketing practices among
businesses in Malaysia. Journal of Islamic Marketing. 1(3). pp.286-297.
Brooksbank, R.W., 2013. Successful marketing practice: a literature review and checklist for
marketing practitioners. International Journal of Wine Marketing.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Li, Y.M. and Li, T.Y., 2013. Deriving market intelligence from microblogs. Decision Support
Systems. 55(1). pp.206-217.
Majaro, S., 2013. International Marketing (RLE International Business): A Strategic Approach
to World Markets. Routledge.
Ritchie, J. and et.al., 2013. Qualitative research practice: A guide for social science students
and researchers. Sage.
Shani, D. and Chalasani, S., 2013. Exploiting niches using relationship marketing. Journal of
Services Marketing.
Sigala, M., Christou, E. and Gretzel, U., 2012. Social media in travel, tourism and hospitality:
Theory, practice and cases. Ashgate Publishing, Ltd..
Slowikowski, S. and Jarratt, D.G., 2013. The impact of culture on the adoption of high
technology products. Marketing Intelligence & Planning.
Online
Various Elements of the Marketing Process. 2016. [Online]. Available through:
<http://www.cheapassignmenthelp.co.uk/various-elements-of-the-marketing-process/>.
[Accessed on 15th June, 2017].
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