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what is strategic marketing and what are its Goals?

what is strategic marketing and what are its Goals?

Definition of marketing (strategic marketing)

Marketing is defined as the collection of strategies used to market a product and stimulate demand for it.

Marketing encompasses a set of principles and practices that seek to increase business profits.

According to some of the subject’s greatest experts and researchers:

Marketing is a social and managerial process by which organizations and individuals obtain what they need and want through the generation, display and exchange of valuable products with their peers, Philip Kotler.

Marketing is the fulfillment of those matters aimed at achieving the objectives of the enterprise, by anticipating the requirements of the consumer or the customer and directing the flow of goods appropriate to the needs and services provided by the product to the consumer or customer, Jerome McCarthy.

Marketing is a holistic system of business activities designed to plan products that meet needs, allocate prices, promote and distribute them to target markets, in order to achieve enterprise goals, Itzl – Walker Stanton.

Marketing is a process that includes: 1) identifying consumer needs, 2) visualizing these needs according to the company’s production capacity, 3) communicating this concept to those who have the power to make decisions in the company. 4) Conceptualizing the obtained production according to pre-defined consumer needs, 5) Communicating the said concept to the consumer, John Howard.

Marketing is the activity and work of organizations to create, present and exchange offers that have value for customers, partners and society in general. American Marketing Association.

Definition of strategy

A strategy is a set of rules that ensure the best decision is taken at all times.

According to some of the subject’s greatest experts and researchers:

In 1944, the concept of strategy appeared in the academic and economic world. Strategy has been defined as a series of actions carried out by the company, chosen according to a specific situation.

Peter Drucker stated in his 1954 book “Management Practice” that strategy requires agents to analyze their current situation and change it if they deem it necessary.

Alfred Chandler, in 1962, defined the concept of business strategy in his work “Strategy as an element that defines the core objectives of the company in the long run, as well as adopting courses of action and allocating the necessary resources to achieve these goals.

During those same years, Kenneth Andrews introduced a new definition although very similar to the previous one: “Strategy represents a pattern of goals or objectives, as well as the main policies and plans to achieve these goals, and present them in a way that contributes to defining the activity to which the company devotes its resources.

In 1965, Igor Ansoff introduced a new definition in which he viewed strategy as the common thread between a company’s activities and products or markets. Thus strategy becomes the basis for decision-making, and a common thread with several components: product and market scope, growth, and competitive advantage.

In 1975, Tabaturni and Garnio defined strategy as: “a set of decisions that determine the coherence of a company’s initiatives and reactions to its environment”.

Now that we have all these concepts, I’m going to put my own definition of strategic marketing:

Strategic Marketing is “the art of analyzing the company and the market to identify weaknesses, strengths, threats and opportunities, as well as developing action plans necessary to achieve marketing goals in an ideal manner.”

The aim of strategic marketing is to satisfy unmet needs which provide profitable economic opportunities for the company. When working in the strategic part of marketing, a marketing expert must discover new markets to address and analyze the attractiveness of these markets, evaluate the life cycle of the products in which you will work, study its competitors, and find a competitive advantage that will last over time and of course it is difficult to imitate it through competition.

Strategic marketing goals

The strategic dimension of marketing is part of the overall strategy of the company, as well as an essential part of any marketing plan.

Before formulating the company’s marketing strategy, we must have a solid base of work and obtain information through research and market studies, to be clear about where we are and where we want to be, and the company and its values ​​must be analyzed, in order to know our strengths and weaknesses, in addition to the threats and opportunities. Available in the market.

It is imperative to obtain information and undertake a comprehensive situation analysis to subsequently strategize in an effective manner. The main tasks of strategic marketing are:

Analyzing consumer habits and new trends.

Study of competitors.

Monitor demand development.

Detecting new customer needs.

Study market opportunities and threats.

Create a sustainable competitive advantage.

Study our capabilities to adapt the company to the market.

Determine the marketing strategy that allows achieving the goals set by the company.

Examples of strategic marketing

The watch industry in Switzerland

Since World War II, Switzerland has always been a pioneer in the manufacture of high-quality watches. But at the beginning of the 1980s, one of the biggest crises in Swiss watchmaking history occurred, experiencing a decline in sales of luxury watches.

One of the main factors influencing the industry were aspects of new customer buying habits and the emergence of low-cost, good-quality Asia-made watches (Japan and Hong Kong) that achieved commercial success.

Concerned about losing market share, Swiss watch manufacturers analyzed what was happening in the watch market and what were the expectations of customers. Thanks to strategic marketing, they devised a new marketing strategy to adapt to a new need they discovered.

Asian digital watches were inexpensive but had a traditional design, they were all black, dark and all the same. The new marketing strategy was to continue producing high-quality luxury watches of excellence in Switzerland. But on the other hand, they followed a strategy to launch new products to compete with Asian watches. These new Swiss watches will have an affordable price for customers and are characterized by innovative designs, attractive and bright colors to compete with the traditional image of Asian watches. They have created a new category of products within the market. And so a new brand, Swatch, was born.

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