Strategic Marketing Definition
Strategic marketing is the process of recognizing the various leads a company has in the market it serves or seeks to serve and allotting resources to exploit this leads. Strategic marketing has a very simple concept; all a company has to do is identify its strong points in the market and seek to exploit them so as to benefit from high returns.
The Difference Between Marketing Strategy And Strategic Marketing
A marketing strategy refers to the plans that a company comes up with on how best to address it’s consumers in the existence of a competitive business environment. Strategic marketing is all about how a company identifies its strongholds in the market and exploits them.
Is Strategic Marketing Important?
Business has for long seemed to have a particular code of conduct which has made many entrepreneurs look at opportunities from the same point of view. With the soaring levels of competition amongst companies, creativity has emerged as the defining input.
The basic business fundamentals are still being observed, the incorporation of creativity has enabled many companies to looking at business opportunities from many different angles. A couple of years back, most companies didn’t focus on their strengths relatively, their main focus was always on how to improve their shortcomings.
Since the introduction of strategic marketing, business operations have changed. More and more businesses are choosing to identify their strongholds in the market and capitalize on them. It is often much easier for a company to get huge benefits over a short time by focusing on their strengths rather than their shortcomings.
The Major Aspects Of Strategic Marketing
Aspect of analysis: This is where the company carries out analysis on a number of areas; the business, the consumers, its competitors and the external environment it operates in.
Aspect of planning: In this aspect, the business seeks to match between the environment of the business and its core values and mission. The main aim is to design attractive brands and to come up with products and services that have a prolonging competitive advantage.
Aspect of implementation: Upon completion of the two prior aspects, the business may seek to look into what seems to be the most challenging aspect of all. This aspect tends to focus more on how best to communicate to the market and convince customers that your products are the best.
Key Eye-Catching Areas Of Strategic Marketing
Market research: In this area, the main activity is all about researching the market to find out which product is most urgently required or whether the market is ready for your product.
A strategy on competitors: This looks into all the possible techniques that might win the market.
Product preparation: This focuses on how best the product can end up meeting the consumers’ needs.
Pricing strategy: This seeks on how best to convey the quality of the product by its price and at the same time consider the purchasing power of consumers.
Acquisition of consumers: This is a very integral area and it seeks to capture the customers in the market and earn their loyalty.
Messaging strategy: This looks into the best means of communication to be used so that the consumers can be well informed of the existence and performance of the product.